Defying the NFT Downturn: Bitcoin NFTs Soar 26% to $142M, While Fidenza, Genuine Undead, and BAYC Gain

2023/06/16 08:15:28

Date: June 9 - June 16, 2023

The NFT market has recently experienced a rollercoaster ride of ups and downs. Amidst the turmoil of crypto price drops and investor panic, a select few NFT collections have managed to defy the odds and maintain their buoyancy. In this blog, we'll delve into the fascinating world of Bitcoin NFTs, where trading volume has surged 26% month-over-month to an impressive $142 million. Despite the overall NFT market downturn, Fidenza, Genuine Undead, and BAYC have emerged as the shining stars, registering remarkable gains and capturing the attention of collectors and investors alike.

But it's not all doom and gloom in the world of NFTs. Despite the trading volume remaining at 12k ETH, the number of unique traders has surged to its highest level in two months, with over 14,000 individuals actively transacting. This signals a growing interest and engagement in the NFT space, even amidst challenging market conditions.

📈Market Overview

🔑Key Takeaways

  • Amidst widespread downturn in the NFT market due to crypto price drops and investor panic, only a select few collections remain buoyant. Fidenza notably maintains strength, despite hot NFT collections Pudgy Penguins and Azuki experiencing a 10% retraction.
  • Over the past seven days, the NFT market has seen declines across all sectors, with Art down 0.1%, Blue-Chip down 1.6%, PFPs experiencing a 4.4% drop, while Metaverse and Game sectors faced the most significant losses of 9.7% and 9.9% respectively.
  • While the trading volume stayed at 12k ETH, the number of unique traders increased significantly, hitting its highest level in two months with over 14,000 individuals actively transacting.
  • Fidenza, Genuine Undead, and BAYC emerged as the top gainers, with an impressive 26.0%, 16.0%, and 1.7% increase in floor prices, respectively. On the flip side, BEANZ, CloneX, and Fluf endured losses of 14.0%, 18.0%, and 19.0%, respectively, making them the biggest losers this week.

🗞️Major NFT Headlines

  • Limit Break Launches Payment Processor, the First Full ERC721-C Compatible NFT Marketplace with Programmable Royalties
  • FEWOCiOUS Partners with Adidas Originals to Launch Limited-Edition NFTs Redeemable for Custom Sneakers, Exclusively on OpenSea
  • Mocaverse Teams Up with Rarible to Launch a Custom Marketplace for its Community
  • Otherside Releases StarMap Update and New Gameplay Details
  • Blur to Unlock 196 Million Tokens this Friday, Increasing Circulating Supply by 40%
  • Force 1 Box Reveal Scheduled for June 15: Offers Pre and Post-2007 Inspired Forces, with Irreversible Unlocking.

🚀Update: BTC NFTs Take a Heat Wave

The month has seen Bitcoin NFTs' trading volume ramp up to a blistering $142M, marking a remarkable increase of 26% MoM. Now a close second to Ethereum's $414M, Bitcoin's trading volume is more than triple that of the third-place contender, Polygon.

Here are some of the significant updates that have driven this trend:

Magic Eden BTC Domain Inscription

The Magic Eden marketplace has been a pivotal driver in boosting BTC NFT trading volumes. It's enabling users to inscribe their own domains, adding to the fervor. Domains like .sats, .magic, .btc, .xbt, .gm, etc., are now available. However, traders should tread cautiously as the same domain can be inscribed by multiple users, potentially leading to confusion.

Sqordinals Launch

Despite the noticeable similarities with Squiggles, Sqordinals made waves with their launch on BTC. Touting itself as "100% onchain deterministically infinite art", Sqordinals sold out its supply of 256. With a floor price of 0.25 BTC and a volume of over 3.66 BTC, it has shown potential, although some are critical of its overt copying of Squiggles.

Recursive Inscriptions and the Emergence of Purcasive Ordinals

Implementing recursive inscriptions promises to transform how files are inscribed onto Bitcoin, unlocking new possibilities on platforms like Ordinals.com and Ord.io. This update enables inscriptions to reference other inscriptions, leading to more cost-effective art creation and enabling on-chain code packages to function as public goods. Furthermore, it moves Bitcoin closer to a dynamic environment where files can communicate, paving the way for a fully functional Bitcoin Internet.

BTC NFT Market Trends

The past weeks have seen BTC DeGods, Abstraordinals, and ZK Shark's Ordinal Maxi Bix hitting significant floors, with BTC DeGods at 1.69 BTC, Abstraordinals at 1 BTC, and OMB at a hefty 4.08 BTC. Additionally, low supply, influencers' roles, and "rare" sats' premiums have been observed as key trends shaping the Bitcoin NFT market.

Bitcoin NFTs are gaining momentum, offering new opportunities for savvy traders. However, due diligence is recommended before diving into this market. The potential is vast, but the risks inherent to nascent markets remain. Recursive inscriptions are a prime example of how rapidly the BTC NFT landscape evolves, marking a significant step forward for the Bitcoin Ordinals protocol.

Further Reading

  1. Demystifying BRC-20: KuCoin’s Deep Dive into the Memecoin Machine
  2. Bitcoin Ordinals and BRC-20 Steal the Show in NFT Market Over the Past Week
  3. NFT Market in Recovery Mode, Bitcoin NFTs Take Off

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