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The non-fungible token market has yet to recover from a brutal crisis that saw many nfts lose their lowest price values in recent months. bitcoin ordinals, which used to be a hot topic several months ago, are a perfect example, as they have seen an increase of over 90% in trading sales volume in the past three months. In this article, we will assess what went wrong with these bitcoin-based non-fungible token collections.
bitcoin nfts have dropped 90% in the last 90 days
Data collected by Tiexo.coma multi-chain non-fungible token explorer and on-chain analytics hub, indicates that bitcoin-based nfts have dropped dramatically in commercial sales volume. Over the past three months, bitcoin-based nfts, including Runes, Ordinals, and BRC-20 nfts, have seen a commercial sales volume of $189 million, representing a 90% drop from Q2 2024.
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During this time, Magic Eden, a cross-chain nft marketplace, has been the most traded nft marketplace with 2,083 btc, accounting for 92% of the total market share. Unisat, Ordinals wallets, Ordinals marketplaces, and Gamma have followed closely behind Magic Eden, with 206 btc, 19.25 btc, 1.62 btc, and 1.42 btc. Below we list the top five most traded bitcoin-based nft collections:
1. NodeMonkes nft Collection
Over the past three months, NodeMonkes, a non-fungible token collection that includes a limited set of 10,000 nfts, has been the top-selling nft collection on the bitcoin network. During this period, the NodeMonkes nft collection has accumulated a commercial sales volume of $25 million, down 54% from Q2 2024. The NodeMonkes nft collection has a minimum price of $5,059.
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2. Runestone nft Collection
Runestone, a non-fungible token collection that includes a limited set of 112,400 nfts created using Runes, a new protocol launched by Ordinals founder Casey Rodarmor to issue fungible tokens, is the second best-selling token over the past three months. During this time, the Runestones nft collection has raised a commercial sales volume of $21 million, which represents an 87% drop from Q2 2024. The Runestones nft collection has a minimum price of $389.
3. bitcoin Puppet nft Collection
bitcoin Puppets, a collection of 10,001 unique profile photos hand-drawn in MS Paint by a 12-year-old boy, has been the third best-selling nft collection on the bitcoin nft marketplace over the past three months. During this time, the bitcoin Puppets nft collection has accumulated a commercial sales volume of $16 million, down 74% from the previous Q2 of 2024. The bitcoin Puppets nft collection has a minimum price of $9,073.
4. Quantum Cats nft Collection
Quantum Cats, a non-fungible token collection from wizard Taproot that includes a limited set of 3,333 ordinals, has been the fourth most traded nft collection on the bitcoin nft marketplace over the past three months. During this time, the Quantum Cats nft collection has recorded a trade sales volume of $12.2 million. The Quantum Cats nft collection has a minimum price of $14,058.
5. Ordinal Maxi Biz nft Collection
Ordinal Maxi Biz, a collection of ZK Shark and Tafuro ordinals featuring a limited edition of 5,141 unique, hand-drawn nfts inscribed on the bitcoin network, each with distinctive eye color traits based on the specific block they were created on, is the fifth best-selling nft collection in Q3 2024. Ordinals Maxi Biz has garnered a commercial sales volume of $6.04 million in the past three months, down 72% from Q2 2024.
What went wrong?
bitcoin Ordinals have seen a rapid decline over the past few months, moving from being one of the hottest topics to the subject of cautious speculation. bitcoin Ordinal began to fall after the market hype that fueled its resurgence in November 2023 was overshadowed by the recent meme coin craze. This recent drop in the nft space is not an isolated event, but part of a broader turmoil in the digital asset market.
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