Bitcoin NFT Market Down 90% in 90 Days

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Current State of the Bitcoin NFT Market
  2. Top 5 Selling Bitcoin NFT Collections
  3. Reasons for the Decline


    4. The non-fungible token (NFT) market based on Bitcoin has faced a severe downturn, losing 90% of its trading volume over the past three months. In this article, we shall assess what went wrong with these Bitcoin-based NFT collections.

    Current State of the Bitcoin NFT Market

    Data compiled by Tiexo.com indicates that Bitcoin-based NFTs have drastically fallen in trading sales volume. In the past three months, Bitcoin NFTs, including Runes, Ordinals, and BRC-20 NFTs, have recorded a trading sales volume of $189 million, representing a 90% plunge from Q2 2024.

    Top 5 Selling Bitcoin NFT Collections

    Magic Eden has been the most-traded NFT marketplace with 2,083 BTC, capturing 92% of the total market share. Following distantly are Unisat, Ordinals wallets, Ordinals markets, and Gamma.

    1. NodeMonkes NFT Collection: Trading volume was $25 million, a 54% drop from Q2 2024.

    2. Runestone NFT Collection: Trading volume was $21 million, an 87% drop from Q2 2024.

    3. Bitcoin Puppets NFT Collection: Trading volume was $16 million, a 74% drop from the previous Q2 2024.

    4. Quantum Cats NFT Collection: Trading volume was $12.2 million.

    5. Ordinal Maxi Biz NFT Collection: Trading volume was $6.04 million, a 72% drop from Q2 2024.

    Reasons for the Decline

    Bitcoin Ordinals have experienced a rapid decline in the past several months, moving from a hot topic to a subject of wary speculation. The decline began after the market hype that fueled its resurgence in November 2023 was outshined by the recent meme coins trend. This downturn is part of broader turmoil in the digital asset market.

    The Bitcoin-based NFT market is facing tough times, with a significant drop in trading volume. The future of these tokens remains uncertain, but it is crucial to note that this is just part of wider changes in the digital asset market.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Operational Challenges in Tokenized Asset Settlements Highlighted

Ongoing trials of tokenized assets in Hong Kong reveal significant operational challenges, including the need for consistent collateral and payment processes, as well as complexities in handling redemption requests.

user avatarTando Nkube

T7X Aims to Boost Market Liquidity with Native Digital Securities

T7X aims to revolutionize trading for Reg A and Reg D holdings by introducing native digital securities for secondary market trading, enhancing liquidity for investors.

user avatarZainab Kamara

T7X Introduces Innovative Native Issuance Model for Tokenized Stocks

T7X introduces an innovative native issuance model for tokenized stocks, integrating compliance and ownership verification into the token issuance process.

user avatarJacob Williams

Bitbase Unveils Major Brand Upgrade with New Mascot BENIE

Bitbase announces the launch of Bitbase 20, featuring a new brand identity and mascot, BENIE.

user avatarSon Min-ho

Hong Kong Monetary Authority Announces 24/7 Settlement Support

The Hong Kong Monetary Authority announces that EnsembleTX now supports 24/7 real-value settlement and reports successful trials of tokenized Exchange Fund Bills.

user avatarAyman Ben Youssef

Strategy's Financial Moves Include Share Repurchase and Dividend Changes

Strategy repurchased 2,092,035 shares of its preferred stock for $208.2 million and announced a new dividend schedule for shareholders.

user avatarKofi Adjeman

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.