Since the launch of Ordinals in early last year, the market for digital collectibles on the Bitcoin blockchain has been steadily growing. According to data from NFT Pulse, the trading revenue of collectibles on the Bitcoin chain currently accounts for about three-quarters of the overall NFT market revenue.
Among the top ten NFTs by market value, three of them are based on Bitcoin. The Rune project, based on Bitcoin, recently surpassed the Bored Ape Yacht Club (BAYC) on the Ethereum chain with a market value of nearly $700 million, second only to CryptoPunks. The floor price of Runestones is currently 0.092 BTC, approximately $6,510.
NodeMonkes and Bitcoin Puppets have seen growth of 200% and 450% respectively in market value over the past 30 days, surpassing the highest-valued NFT collectibles on Solana, Mad Lads.
Magic Eden, a multi-chain NFT marketplace, is the main beneficiary of the Ordinals trend, with its market trading revenue exceeding $13 million in the past 30 days, of which 78% comes from the Bitcoin market. Currently, Magic Eden’s trading volume is also leading its main competitors, OpenSea and Blur.
Currently, Bitcoin NFT traders mainly conduct transactions on Magic Eden and OKX markets (OpenSea and Blur do not yet support Bitcoin). Solana users mainly use Tensor and Magic Eden, while OpenSea is still favored by Ethereum users. OpenSea also has the largest number of independent collectibles on the market.
In terms of user numbers, the Bitcoin NFT market ranks first, with nearly 28,000 active traders in the past 24 hours. The Ethereum Layer 2 network, Base, has seen the highest growth in active NFT users among blockchains recently.
Data source:
– NFT Pulse for market share of NFT trading revenue on various blockchains
– CoinGecko for the top ten NFT market values
– NFT Pulse for market share of NFT users on different blockchains
