The total market capitalization of the top 10 Bitcoin-based non-fungible tokens (NFTs), consisting of Ordinals and Runes, has risen to $1.03 billion, with a daily average trading volume of $2.25 million in May 2024, according to Coin gecko. This increase underlines their growing influence within the Web3 ecosystem.
Market leaders: NodeMonkes, Bitcoin Puppets and Runestone
Leaders are collections such as NodeMonkes, with a market capitalization of $198.25 million (2,880 BTC), Bitcoin Puppets with $144.12 million (1,815 BTC) and Runestone with $87.85 million (1,124 BTC). These collections have shown significant sales volumes, with NodeMonkes and Bitcoin Puppets seeing average daily volumes of $0.52 million and $0.51 million respectively as of May 2024.
User adoption trends
In terms of user adoption, Bitcoin Puppets experienced 15.3% month-over-month growth in the number of unique holders from January to May 2024, rising from 3.8k to 6.7k holders. Similarly, NodeMonkes grew by 10.1% over the same period, from 3.8 thousand to 5.6 thousand unique holders. Runestone also had a substantial number of unique holders, totaling 77 thousand as of May 2024, the largest among the top collections.
Global interest and financial profits
Interest in Ordinals has soared globally, with Google searches for ‘Ordinals’ peaking in April 2024, a 58% increase since January 2024. Searches for ‘Bitcoin NFTs’ also reached an all-time high in March 2024. Despite lagging behind Ethereum, Solana, and Ronin in sales volume, the growing interest from buyers suggests potential for greater user adoption on the Bitcoin network.
Early adopters have made significant financial gains. For example, participants in the Dutch auction style for NodeMonkes could earn a return of 426% if they compare the starting price of 0.21 BTC to the project’s all-time high of 0.895 BTC, or 38% if compared to the average retail price of 0.29 BTC. BTC.
A brief history of ordinal numbers and runes
Launched by engineer Casey Rodarmor in January 2023, Ordinals differ from traditional NFTs in that all data is inscribed directly onto the chain, making them similar to digital artifacts. As Ordinals gained traction, an anonymous developer created the BRC-20 token standard, which was later refined into Runes by Rodarmor. Runes address the problem of excessive unused transaction outputs (UTXOs) by optimizing and reusing these dormant UTXOs, improving efficiency and reducing network congestion.
Runes offer new opportunities for scalability and user experience on the Bitcoin network, potentially leading to innovative decentralized applications (DApps) and tokenized assets.
Getting started with ordinal numbers and runes
For those interested in exploring Ordinals and Runes, CoinGecko offers detailed guides and lists of popular NFT projects built on the Bitcoin network.
Methodology
The study analyzed data for the top 10 Bitcoin-based NFT collections as of May 26, 2024 on CoinGecko, along with data from Google Trends as of May 31, 2024. The top collections include NodeMonkes, Bitcoin Puppets, Rune Pups, Ordinal Maxi Biz, RSIC Metaprotocol, Bitcoin Frogs, Runestone, Prometheans, Natcats and Pizza Ninjas.
Image source: Shutterstock
. . .
Labels