Bitcoin-based non-fungible tokens (NFTs) known as Inscriptions are gaining attention as the network halving event approaches.

Data from CryptoSlam shows that Bitcoin NFTs have dominated the market, accounting for 55% of total NFT trades in the past week, surpassing Ethereum and Solana combined.

In the last week, Bitcoin NFT sales surged by 96%, reaching $176.8 million. Four out of the top five best-selling NFT collections were based on Bitcoin Ordinals. Ethereum had $62.2 million in sales, while Solana recorded $41.9 million.

Top trading Bitcoin NFTs

Uncategorized Ordinals were the top sellers, with over $55 million worth of digital assets sold in more than 53,000 transactions. Users can embed files into satoshis (sats), the smallest unit of Bitcoin.

PUPS, a meme coin, came in second with sales exceeding $44 million. NodeMonkes and WZRD BRC-20 secured the third and fourth spots, each with over $10 million in trades.

Driving Factors

DWF Ventures attributed the rise in Ordinals volume to the approaching Bitcoin halving event and the upcoming launch of the Runes Protocol. Prominent NFTs like NodeMonkes, BitcoinPuppets, and QuantumCatsXYZ are driving the surge in Bitcoin NFTs volume.

The Bitcoin halving event scheduled for April 20 will reduce miners’ rewards to 3.25 BTC. The Runes Protocol aims to be the fungible counterpart of Ordinals, facilitating the creation and transfer of digital commodities exclusively within the Bitcoin network.

Despite Binance’s decision to end Bitcoin NFT support, traders have moved to platforms like Magic Eden, where Bitcoin NFTs contribute significantly to the cross-chain volume.

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