- Current State of the Bitcoin NFT Market
- Top 5 Selling Bitcoin NFT Collections
- Reasons for the Decline
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.
