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A new study from CoinGecko.com, an independent on-chain crypto marketplace and multi-chain non-fungible token explorer, has revealed that non-fungible token collections hosted on the bitcoin blockchain network, including Ordinals and Runes, have increased their sales. volume and popularity this year.
bitcoin Ordinals and Runes Reach $1 Billion Market Cap
The total market capitalization of the top 10 bitcoin nft collections such as NodeMonkes, bitcoin Puppet, and Runestones has risen to $1.03 billion, with average daily trading volume of $2.25 million in May 2024 , which demonstrates its growing popularity in the world at large. from Web3.
based on twitter&utm_medium=social”>CoinGecko DataNodeMonkes nft collection recorded a market capitalization of $198.25 million in the month of May 2024, while bitcoin Puppets and Runestones reached a market capitalization of $144.12 million and $87.85 million , respectively.
In terms of user adoption, bitcoin Puppets has seen its unique holders grow from 3,800 to 6,700, representing a monthly growth of 15.3% from January to May 2024. On the other hand, NodeMonkes unique holders have grown from 3,800 to 5,600, representing a month-on-month growth of 10.1%, demonstrating its rise in popularity.
How popular will bitcoin nfts be in 2024?
bitcoin nfts came into the spotlight in January 2023 after Casey Rodarmor, a renowned bitcoin engineer, enrolled the data into the bitcoin network using Satoshi Nakamoto's theory of ordinals. This successful data inscription generated great appeal for Ordinals as PFP projects and art collections. Since all data is stored on-chain, inscription allows an nft to exist virtually indefinitely.
Within the first three months, bitcoin Ordinals gained significant traction among traders and collectors. As Ordinals usage grew, an anonymous community developer named Domo eventually created a token standard called BRC-20, which took the crypto community by storm in November 2023.
Earlier this year, Rodarmor further refined the BRC-20 protocol for creating Rune collections. Runes were created to solve the problem of excess unspent transaction results, introducing incredible new possibilities for scalability and improved user experience. Runestones and BRC-20s have received widespread adoption.
Cryptoanalysis firm CoinGecko has conducted a brief study to examine the extent to which bitcoin Ordinals and Runes have gained popularity this year. The study examined data from the top 10 bitcoin-based nft collections on CoinGecko.com as of May 26, 2024, as well as Google Trends data as of May 31, 2024.
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How popular are nfts and bitcoin ordinals?
Our study shows that Google searches for “ordinals” reached an all-time high in April 2024, while searches for “bitcoin nft” reached an all-time high in March 2024.
Read the full study: https://t.co/YK3W6DqlkW pic.twitter.com/w8SaCohmaS
– CoinGecko (@coingecko) twitter.com/coingecko/status/1798643526038966634?ref_src=twsrc%5Etfw”>June 6, 2024
The study revealed that Google searches for “Ordinals” reached an all-time high in April 2024, an increase of 58% from January 2024, while Google searches for “bitcoin nft” reached an all-time high in March 2024 , indicating growing interest and adoption. in the bitcoin nft ecosystem this year.
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