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At Extreme Investor Network, we bring you the latest trends and developments in the world of cryptocurrency, blockchain, and NFTs. Today, we’re excited to dive into the booming market of Bitcoin-based non-fungible tokens (NFTs), specifically focusing on the Ordinals and Runes collections.
The Rise of Bitcoin-Based NFTs
In May 2024, the total market cap of the top 10 Bitcoin-based NFTs, including Ordinals and Runes, reached a staggering $1.03 billion, with a daily average trading volume of $2.25 million. These numbers, reported by CoinGecko, underscore the growing influence of Bitcoin NFTs within the Web3 ecosystem.
Exploring Market Leaders
Leading the pack are collections like NodeMonkes, Bitcoin Puppets, and Runestone, with market caps ranging from $87.85 million to $198.25 million. These collections have seen significant sales volumes, with NodeMonkes and Bitcoin Puppets boasting average daily volumes exceeding $0.5 million.
Adoption Trends and Global Interest
Bitcoin Puppets and NodeMonkes have witnessed impressive month-on-month growth in unique holders, signaling increasing user adoption. Global interest in Ordinals has also surged, with Google searches peaking in April 2024. Despite facing competition from other blockchain networks, Bitcoin NFTs are gaining traction among buyers worldwide.
The Innovations of Ordinals and Runes
Ordinals and Runes bring a unique twist to the NFT space. Ordinals, launched in 2023, feature on-chain data storage, making them akin to digital artifacts. Runes, a refinement of the BRC-20 token standard, optimize UTXOs on the Bitcoin network, paving the way for enhanced scalability and user experience.
Your Gateway to NFT Exploration
Ready to delve into the world of Ordinals and Runes? Extreme Investor Network provides comprehensive guides and listings of popular NFT projects built on the Bitcoin network. Stay ahead of the curve with our expert insights and analysis!
Source: CoinGecko, Google Trends, Shutterstock
Tags: NFTs, Bitcoin, Ordinals, Runes, Crypto
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