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