In a new report, independent crypto market analyzer and NFT tracker, CoinGecko.com, detailed the exponential growth in sales and popularity of Bitcoin blockchain NFT collections such as the all-new Ordinals and longtime favourites, like Runes, during the year.
Their top 10 collections have increased to a current total of $1.03 billion, of which the projects that have primarily propelled this growth include NodeMonkes, Bitcoin Puppet, and Runestones, among others. All in all, for May 2024, these figures amounted to $2.25 million daily, registering the growth in popular interest throughout Web3.
The market value of the NodeMonkes NFT collection is $198.25 million, which follows the Bitcoin Puppets at $144.12 million and the Runestones at $87.85 million in May 2024.
In fact, in the case of user adoption, Bitcoin Puppets unique holders rose from 3,800 to 6,700, with a 15.3% month-over-month surge between January and May 2024, while for NodeMonkes, the unique holders of the chain rose from 3,800 to 5,600, with a 10.1% month-over-month increase. That said, the rate at which the two are growing expresses a growth in 'popularity'.
The Bitcoin NFTs hit the market in January 2023, when Casey Rodarmor, one of the most famous Bitcoin engineers, used Satoshi Nakamoto's Ordinals theory for data inscription inside the Bitcoin network, making the method an appealing value proposition. This would permit NFTs of PFP projects and art collections to exist forever on-chain—a great deal for everyone.
Within the initial three months, Bitcoin Ordinals started to be recognised by traders and collectors. As Ordinals were getting noticed, by November 2023, another mysterious developer by the name of Domo created another token standard, BRC-20, which became the word on the crypto street.
Earlier this year, Rodarmor rebooted BRC-20 into Runes collections, addressing the issue of too many unspent transaction outputs, which unlocks new potentials for scalability and better user experiences. Great adoption.
This is the richest, nitty-gritty information source about everything: Google searches for "Ordinals" reached an all-time high this month, showing consumers were 58% more interested than in January 2024. Last month, Google searches for "Bitcoin NFTs" reached all-time highs, hinting at elevated interest and adoption of Bitcoin NFTs a year into the future.
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