Bitcoin NFTs Are Down 90% In Q3,2024 - What Went Wrong?

Bitcoin NFTs Are Down 90% In Q3,2024 – What Went Wrong?

Updated: 19 September 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

The non-fungible token market has yet to heal after a brutal meltdown that resulted in many NFTs losing their floor price values in the past several months. Bitcoin ordinals, which used to be a hot topic several months ago, are a perfect example, having flipped more than 90% in trading sales volume in the past three months. In this article, we shall assess what went wrong with these Bitcoin-based non-fungible token collections.

Bitcoin NFTs Are Down 90% In The Past 90 Days

Data compiled by Tiexo.com, an on-chain multi-chain non-fungible token explorer and analytic hub, indicates that Bitcoin-based NFTs have drastically fallen in trading sales volume. In the past three months, Bitcoin-based NFTs, which include Runes, Ordinals, and BRC-20 NFTs, have recorded a trading sales volume of $189 million, representing a 90% plunge from Q2 2024.

During this time, Magic Eden, a cross-chain NFT marketplace, has been the most-traded NFT marketplace with 2,083 BTC, taking 92% of the total market share. Unisat, Ordinals wallets, Ordinals markets and Gamma have distantly followed Magic Eden, with 206 BTC, 19.25 BTC, 1.62 BTC and 1.42 BTC. Below, we have listed five top-selling Bitcoin-based NFT collections:

1. NodeMonkes NFT Collection

In the past three months, NodeMonkes, a non-fungible token collection featuring a limited set of 10,000 NFTs, has been the top-selling NFT collection on the Bitcoin network. During this period, the NodeMonkes NFT collection has amassed a trading sales volume of $25 million, down 54% from Q2 2024. The NodeMonkes NFT collection has a floor price of $5,059.

2. Runestone NFT Collection

Runestone, a non-fungible token collection featuring a limited set of 112,400 NFTs created using Runes, a new protocol launched by Ordinals founder Casey Rodarmor for issuing fungible tokens, is the second most selling in the past three months. During this time, the Runestones NFT collection has raised a trading sales volume of $21 million, representing an 87% plunge from Q2 2024. The Runestones NFT collection has a floor price of $389.

3. Bitcoin Puppets NFT Collection

Bitcoin Puppets, a collection of 10,001 unique profile pictures hand-drawn in MS Paint by a 12-year-old kid, has been the third most-selling NFT collection in the Bitcoin NFT market in the past three months. During this time, the Bitcoin Puppets NFT collection has amassed a trading sales volume of $16 million, down 74% from the previous Q2,2024. The Bitcoin Puppets NFT collection has a floor price of $9,073.

4. Quantum Cats NFT Collection

Quantum Cats, a non-fungible token collection from the Taproot wizard featuring a limited set of 3333 Ordinals, has been the fourth most traded NFT collection on the Bitcoin NFT market in the past three months. During this time, Quantum Cats NFT collection has recorded a trading sales volume of $12.2 million. The Quantum Cats NFT collection has a floor price of $14,058.

5. Ordinal Maxi Biz NFT Collection

Ordinal Maxi Biz, an ordinals collection from ZK Shark and Tafuro featuring a limited edition of 5,141 unique, hand-drawn NFTs inscribed on the Bitcoin network, each featuring distinctive eye colour traits based on the specific block they were created, is the fifth most-selling NFT collection in the Q3, 2024. Ordinals Maxi Biz has garnered a trading sales volume of $6.04 million in the past three months, down 72% from Q2, 2024.

What Went Wrong?

Bitcoin Ordinals have experienced a rapid decline in the past several months, moving from one of the hottest topics to subjects of wary speculation. Bitcoin Ordinal began dropping after the market hype that fueled its resurgence in November 2023 was outshined by the recent meme coins crazy. This recent downturn in the NFT space is not an isolated event but part of broader turmoil in the digital asset market.