The non-fungible token (NFT) market has been dormant during the crypto winter, but the introduction of Bitcoin ordinals has injected new life. Today, Bitcoin NFTs account for over 50% of weekly NFT volume for the first time in 2024.
In the week ending April 14, Bitcoin NFTs saw a weekly trading volume of almost $180 million out of a total NFT volume of $308 million across all chains, according to CryptoSlam data. This suggests a dominance level of 58.4% – the second-highest on record and the first time when it breaks above 50% this year.
Ethereum came second with only $60 million, and Solana was third with over $40 million worth of NFTs changing hands during the week.
Bitcoin NFTs Driven by Surging Interest in Ordinals
The surge in Bitcoin NFT activity coincides with an increased interest in ordinals, with BRC-20 tokens performing great as well. One explanation could be the upcoming halving event, which is about to happen in a few days.
Today, the three most traded Bitcoin NFT collections are Bitcoin Puppets, Rune Pups, and Quantum Cats, as per CoinGecko.
Quantum Cats is currently one of the biggest winners among the top Bitcoin NFTs, with 24-hour volume surging over 20%.
Launched earlier this year by Taproot Wizards, the collection has seen its floor price increase from about $10,000 in February to $25,000 today.
Binance Stops Support for BTC NFTs
As Bitcoin NFTs activity grows, Binance decided to stop supporting these starting with April 18. Users will no longer be able to list, bid, purchase or deposit Bitcoin NFTs on the Binance marketplace. The company said that its decision is meant to “streamline product offerings,” although no precise reason was cited.
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