Bitcoin NFTs outperform ETH and SOL combined in trading volume ahead of halving
The Bitcoin network is experiencing a surge in NFT activity, with Ordinals leading the charge. As the Bitcoin halving event approaches, trading volume for Bitcoin NFTs has surpassed that of Ethereum and Solana combined, highlighting the growing interest and potential of this emerging sector.

As the Bitcoin network approaches its halving event, Bitcoin-based non-fungible tokens (NFTs), particularly in the form of Inscriptions, are gaining significant attention. Recent data from CryptoSlam reveals that Bitcoin NFTs accounted for an impressive 55% of total NFT trades over the past week, outpacing the combined trading volume of Ethereum and Solana.
In the last week, Bitcoin NFT sales skyrocketed by 96%, reaching a total of $176.8 million. Notably, four of the top five best-selling NFT collections were based on Bitcoin Ordinals, while Ethereum and Solana reported sales of $62.2 million and $41.9 million, respectively.
Leading Bitcoin NFT Collections
The sales of Uncategorized Ordinals led the charge, generating over $55 million from more than 53,000 transactions. Ordinals allow users to embed files, including images, into satoshis (sats), the smallest unit of Bitcoin. Since their introduction in January 2023, over 65 million inscriptions have been recorded on the network.
Following in second place is the meme coin PUPS, which saw sales exceeding $44 million, driven by excitement surrounding the upcoming Runes Protocol. Additionally, NodeMonkes and WZRD BRC-20 secured the third and fourth positions, each surpassing $10 million in trades.
Factors Driving Volume Growth
DWF Ventures, a venture capital firm, attributes the significant rise in Ordinals trading volume to the impending Bitcoin halving event and the upcoming launch of the Runes Protocol. This halving, scheduled for April 20, will reduce miners’ rewards to 3.25 BTC.
The Runes Protocol aims to complement Ordinals by providing a fungible counterpart, utilizing the Unspent Transaction Output (UTXO) model for creating, naming, and transferring digital assets exclusively on the Bitcoin network.
This surge in activity coincides with Binance's unexpected decision to withdraw support for Bitcoin NFTs on its platform. However, NFT traders have quickly transitioned to other marketplaces like Magic Eden, where Bitcoin NFTs now represent over half of the total cross-chain volume, according to a Dune Analytics dashboard curated by Sealaunch.
Frequently Asked Questions (FAQ) about Bitcoin NFTs and Trading Volume
1. What recent trend has been observed in Bitcoin NFTs?
Bitcoin NFTs, particularly those created through Inscriptions, have significantly outperformed Ethereum and Solana in trading volume. They accounted for 55% of total NFT trades over the past week.
2. How much did Bitcoin NFT sales increase recently?
In the last week, Bitcoin NFT sales surged by 96%, reaching approximately $176.8 million in total sales.
3. Which platforms are leading in Bitcoin NFT sales?
The top-selling NFT collections were primarily based on Bitcoin Ordinals, with four out of the five best-selling collections originating from this platform.
4. How do Bitcoin Ordinals work?
Bitcoin Ordinals allow users to embed files, such as images, into satoshis (sats), the smallest unit of Bitcoin. This capability has led to over 65 million inscriptions since the feature was introduced in January 2023.
5. What are the top Bitcoin NFT collections by sales volume?
The leading collections include:
- Uncategorized Ordinals: Over $55 million in sales.
- PUPS: Exceeded $44 million in sales, driven by interest in the upcoming Runes Protocol.
- NodeMonkes and WZRD BRC-20: Each surpassed $10 million in trades.
6. What is the significance of the upcoming Bitcoin halving event?
The Bitcoin halving event, scheduled for April 20, will reduce miners' rewards from 6.25 BTC to 3.25 BTC. This event often leads to increased market activity and speculation, contributing to the current surge in NFT trading.
7. What is the Runes Protocol?
The Runes Protocol is designed to complement Bitcoin Ordinals by providing a fungible counterpart for creating, naming, and transferring digital assets using the Unspent Transaction Output (UTXO) model on the Bitcoin network.
8. How has Binance's decision affected Bitcoin NFT trading?
Binance's unexpected withdrawal of support for Bitcoin NFTs prompted many traders to shift to other marketplaces, such as Magic Eden, which now sees Bitcoin NFTs representing over half of the total cross-chain volume.
9. Why are Bitcoin NFTs gaining popularity compared to Ethereum and Solana?
The surge in Bitcoin NFTs can be attributed to the upcoming halving event, increased interest in Ordinals, and the launch of new protocols like Runes, which enhance the utility and appeal of Bitcoin-based digital assets.
10. Where can I find more information about Bitcoin NFTs and trading?
For more details on Bitcoin NFTs, trading volumes, and market trends, users can refer to platforms like CryptoSlam, Dune Analytics, and various NFT marketplaces such as Magic Eden.
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