Since the launch of Ordinals in early last year, the market for digital collectibles on the Bitcoin blockchain has been steadily growing. Data from NFT Pulse shows that the trading revenue of collectibles on the Bitcoin chain currently accounts for about three-quarters of the overall NFT market revenue.
The market share of NFT trading revenue on various blockchains, source: NFT Pulse
Among the top ten NFTs in terms of market capitalization, three are based on Bitcoin, with the Bitcoin-based collectible project Runestones recently surpassing the Bored Ape Yacht Club (BAYC) NFT series on the Ethereum chain with a market value of nearly $700 million, second only to CryptoPunks. The current floor price of Runestones is 0.092 BTC (approximately $6,510).
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The market value of NodeMonkes and Bitcoin Puppets has increased by 200% and 450% respectively in the past 30 days, surpassing the highest market value NFT collectible Mad Lads on Solana.
The top ten NFTs by market capitalization, source: CoinGecko
Magic Eden’s revenue soaring
The multi-chain NFT market Magic Eden is a major beneficiary of the Ordinals craze, with its market trading revenue in the past 30 days exceeding $13 million, of which 78% comes from the Bitcoin market. Currently, Magic Eden’s trading volume also leads its main competitors OpenSea and Blur.
NFT market trading revenue from various platforms, source: NFT Pulse
Currently, Bitcoin NFT traders mainly trade on Magic Eden and OKX markets (OpenSea and Blur do not yet support it), Solana users mainly use Tensor and Magic Eden, while OpenSea is still favored by Ethereum users and also has the highest number of independent collectibles.
The user distribution of different NFT markets on various blockchains, source: NFT Pulse
In terms of user numbers, the Bitcoin NFT market ranks first, with nearly 28,000 active traders in the past 24 hours, while the Ethereum Layer 2 network Base has seen the most growth in active NFT users recently.
The growth of NFT user numbers on various blockchains, source: NFT Pulse
Data source