jakiro
Author: Shaun Paul Lee, Coingecko; Compiled by: Tao Zhu, Bitchain Vision
What are the market value and trading volume of Ordinals and Runes?
The total market value of the top 10 Bitcoin-based non-fungible tokens (NFTs) including Ordinals and Runes has soared to $1.03 billion, the average daily trading volume in May 2024 was $2.25 million, demonstrating their growing position in the Web3 world.This transaction volume is driven primarily by the most popular projects on the chain, such as NodeMonkes (with a market cap of US$198.25 million or 2,880 BTC in May 2024), Bitcoin Puppets (with a market cap of US$144.12 million) and Runestone (with a market cap of US$1,815 BTC)) and$87.85 million 1,124 BTC).
These collections, along with many others, also performed well in sales, which further proves their popularity.As of May 2024, NodeMonkes had an average daily trading volume of $520,000, while Bitcoin Puppets had an average daily trading volume of $510,000.
In terms of user adoption, the number of independent holders of Bitcoin Puppets increased by 15.3% from January to May 2024 (from 38,000 to 67,000), while the number of independent holders of NodeMonkes increased by 10.1% from 2024 (from 2024 (from 2024).38000 users grew to 56000).The increase in the number of independent holders shows that interest in the most popular projects in the Ordinals ecosystem is indeed increasing.For example, Runestone, the project distributes fragments from collections into wallets with three or more Ordinals inscriptions.In May 2024, the average number of independent holders was 77,000, the largest of the most popular projects in the ecosystem.
How popular are Bitcoin NFT and Ordinals?
While individual NFT sales are still relatively low compared to the Ethereum ecosystem, global interest in Ordinals is rising rapidly.Google’s searches for “Ordinals” hit record highs in April 2024, up 58% since January 2024, while Google’s searches for “Bitcoin NFT” hit record highs in March 2024, indicating this yearThere is growing interest and adoption of the Bitcoin NFT ecosystem.
While Bitcoin-based NFTs still lag behind Ethereum, Solana and Ronin in terms of sales, statistics show that the number of NFT buyers on Bitcoin is significantly lower than other chains, which means there may be room for growth in user adoption.
Early adopters of Bitcoin-based NFTs also gained considerable economic gains if they were invested at the right time and price.For example, the coiners participating in the Dutch auction coin of NodeMonkes (starting at 0.21 BTC, down 0.005 per 6 blocks), up 426% from the project’s all-time high of 0.895 BTC, an average of the time of writing this articleThe selling price (0.29 BTC) rose 38% compared to the price.
A brief history of Ordinals, BRC-20 and Runes
Now that we have looked at the numbers behind Bitcoin-based NFTs, let’s dive into the history behind Ordinals and runes.Ordinals was launched in January 2023 by engineer Casey Rodarmor.The main difference between it and NFT is that all the data of Ordinal (whether it is text, images, or smart contracts) is directly “burned” on the chain.So, in the words of its creator, Ordinals are more like digital artifacts than NFTs.This creates a lot of appeal for Ordinals as PFP projects and art collections, as all data is stored on the chain, allowing NFTs to exist almost indefinitely.
As Ordinals usage continues to grow, an anonymous developer in the community named Domo eventually created a token standard called BRC-20, which Rodarmor then refined further and created runes.Runes were originally created to improve efficiency and solve the problem of excessive unused transaction output (UTXO).UTXO is essentially an unused output of past transactions on the Bitcoin blockchain, which users can use in new transactions.Due to the underlying approach of the protocol, the widespread adoption of BRC-20 tokens has led to a significant increase in UTXO, resulting in blockchain expansion.Runes optimize this process by identifying and reusing these hibernating UTXOs for new transactions, thereby increasing efficiency and alleviating network congestion.This offers amazing new possibilities for scalability and improved user experience.
The Rune Protocol has just been launched, and there may be many potential projects and use cases for using Rune Protocol in the future.With its ability to optimize transactions on the Bitcoin network and achieve new levels of efficiency, Runes offers exciting possibilities for developers to conceive new decentralized applications (DApps), tokenized assets and other novel ones.Solution.
