During the depths of the 2022-23 NFT bear market, few would have believed that the sector’s resurgence would be fueled by Bitcoin.

But since the advent of Ordinals early last year, the market for digital collectibles on the world’s most valuable blockchain has grown steadily and is now responsible for roughly three-quarters of NFT marketplace revenue, according to NFT Pulse.

Bitcoin-based collections comprise three of the top 10 NFT collections by market capitalization, with Runestones recently surpassing Bored Apes to take second place with $640 million.

NodeMonkes and Bitcoin Puppets have soared 200% and 450%, respectively, in the past 30 days - putting them ahead of Mad Lads, the top NFT collection on Solana.

Magic Eden Revenue Spikes

A major beneficiary of the Ordinals boom is NFT marketplace Magic Eden, which was quick to integrate the Bitcoin blockchain — something OpenSea and Blur are yet to do.

As the preferred venue for Ordinals trading, Magic Eden is raking in cash, with $13 million collected in the past month alone. This represents nearly three-quarters of the sector’s revenue.

In terms of users, Bitcoin tops the charts with nearly 25,000 active traders in the past 24 hours. However, it’s yet to catch up to Solana on longer timeframes. Ethereum and Polygon round out the top four chains for NFT activity.

Source : DeFi News / Apr 10, 2024