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Bitcoin Inscriptions capture 55% of market trades amid upcoming halving.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin-based non-fungible tokens (NFTs) in the form of Inscriptions are in the spotlight as the network halving event looms closer.
Data from CryptoSlam indicates that Bitcoin NFTs have dominated the market, representing 55% of total NFT trades observed over the past week. The trading volume of Bitcoin NFTs in the past week has outstripped that of Ethereum and Solana combined.
Bitcoin NFT sales surged by 96% during this period, reaching $176.8 million. Notably, four out of the top five best-selling NFT collections for the week were based on Bitcoin Ordinals. Ethereum trailed with $62.2 million in sales, while Solana recorded $41.9 million.
Uncategorized Ordinals led the sales, with over $55 million worth of digital assets sold in more than 53,000 transactions.
Ordinals enable users to embed files, such as images, into satoshis (sats), the smallest Bitcoin unit. Since its launch in January 2023, over 65 million inscriptions have been made on the network.
The meme coin PUPS is second, with sales exceeding $44 million, thanks to the anticipation of the upcoming Runes Protocol.
Furthermore, NodeMonkes and WZRD BRC-20 secured the third and fourth spots, each with over $10 million worth of trades.
DWF Ventures, a venture capital firm, attributed the exponential rise in Ordinals volume to the approaching Bitcoin halving event and the impending launch of the Runes Protocol.
The firm further explained that prominent NFTs such as NodeMonkes, BitcoinPuppets, and QuantumCatsXYZ drive this surge in Bitcoin NFTs volume.
The Bitcoin halving event, scheduled for April 20, will reduce miners’ rewards to 3.25 BTC.
On the other hand, the Runes Protocol aims to be the fungible counterpart of Ordinals. It utilizes the Unspent Transaction Output (UTXO) model to facilitate the creation, naming, and transfer of digital commodities exclusively within the Bitcoin network.
Meanwhile, this growth coincides with Binance’s unexpected decision to cease support for Bitcoin NFTs on its platform.
However, NFT traders have swiftly migrated to other platforms like Magic Eden, where Bitcoin NFTs account for more than half of the total cross-chain volume, as reported by a Dune Analytics dashboard curated by Sealaunch.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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The reported ETF approvals further propel Hong Kong into crypto leadership in Asia.
A kleptocracy lurks everywhere, and the only way to counter their greed is with Bitcoin.
U.S. approval of spot Bitcoin ETFs triggers trading frenzy, setting the stage for Asia’s rising institutional interest.
The company introduced over 5,000 devices in two locations.
CryptoSlate’s latest market report dives deep into the Bitcoin halvings, exploring its technical underpinnings, the historical context of previous halvings, and their long-term impacts on the network.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Magic Eden is a multi-Chain NFT marketplace, pushing boundaries on Solana, Ethereum, and Polygon and driving the next billion users to Web3.
Early investors jump on the BlastUP bandwagon as the presale collects $4.5 million in weeks.
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