Bitcoin NFTs Are Down 90% In The Past 90 Days

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.

The non-fungible token (NFT) market has yet to fully recover from a brutal sell-off that saw many NFTs lose their floor price values over the past several months. Bitcoin NFTs, which were a hot topic several months ago, are a prime example, having dropped more than 90% in trading sales volume over the past three months. In this article, we shall examine what went wrong with these Bitcoin-based NFT collections.

Bitcoin NFTs Are Down 90% In The Past 90 Days

Data compiled by Tiexo.com, an on-chain multi-chain NFT explorer and analytic hub, reveals that Bitcoin-based NFTs have drastically decreased in trading sales volume. Over the past three months, Bitcoin-based NFTs, which include Runes, Ordinals, and BRC-20 NFTs, have recorded a trading sales volume of $189 million, a 90% drop from Q2 2024.

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

1. NodeMonkes NFT Collection

Over the past three months, NodeMonkes, a non-fungible token collection with a limited set of 10,000 NFTs, was the top-selling NFT collection on the Bitcoin network. In total, the NodeMonkes NFT collection generated a trading sales volume of $25 million, a 54% decrease from Q2 2024. The NodeMonkes NFT collection has a floor price of $5,059.

2. Runestone NFT Collection

Runestone, a non-fungible token collection with 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 NFT collection in the past three months. In total, the Runestones NFT collection generated a trading sales volume of $21 million, an 87% decrease 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, was the third most-selling NFT collection in the Bitcoin NFT market in the past three months. During this period, the Bitcoin Puppets NFT collection generated a trading sales volume of $16 million, a 74% decrease from 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, was the fourth most traded NFT collection on the Bitcoin NFT market in the past three months. In total, Quantum Cats NFT collection 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 NFT collection garnered a trading sales volume of $6.04 million in the past three months, a 72% decrease from Q2, 2024.

What Went Wrong?

Bitcoin NFTs, also known as Ordinals, have experienced a rapid decline in the past several months, going from one of the hottest topics to subjects of wary speculation. Bitcoin Ordinals 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.