Google searches for Bitcoin NFTs soar to record high – CoinGecko

adminJune 10, 2024

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New research from CoinGecko.com, an on-chain independent cryptocurrency marketplace and multi-chain non-fungible token explorer, shows a surge in sales of a collection of non-fungible tokens hosted on the Bitcoin blockchain network, including Ordinals and Runes. Volume and popularity of the year.

Bitcoin Ordinal and Runes Reach $1 Billion Market Capitalization

The overall market capitalization of the top 10 Bitcoin NFT collections, including NodeMonkes, Bitcoin Puppet, and Runestones, has surged to $1.03 billion, with average daily trading volume hitting $2.25 million in May 2024, an increasingly high figure in the general world. It is proving popular. web3

market capitalization

According to CoinGecko data, the NodeMonkes NFT collection recorded a market capitalization of $198.25 million during the month of May 2024, while Bitcoin Puppets and Runestones recorded market capitalizations of $144.12 million and $87.85 million, respectively.

In terms of user adoption, the number of unique holders of Bitcoin Puppets increased from 3,800 to 6,700, a 15.3% month-on-month increase from January to May 2024. Meanwhile, NodeMonkes’ unique holders increased from 3,800 to 6,700. The number of cases increased by 10.1% from the previous month to 5,600, proving a rapid increase in popularity.

How popular will Bitcoin NFTs be in 2024?

Bitcoin NFTs gained attention in January 2023 after famed Bitcoin engineer Casey Rodarmor inscribed data onto the Bitcoin network using Satoshi Nakamoto’s ordinal theory. . This successful data inscription brought much attraction to Ordinals as a PFP project and art collection. Because all data is stored on-chain, inscriptions allow NFTs to exist virtually indefinitely.

In the first three months, Bitcoin Ordinals attracted tremendous interest among traders and collectors. As the use of Ordinals grew, an anonymous developer within the community called Domo eventually created a token standard called BRC-20, which took the cryptocurrency community by storm in November 2023.

Earlier this year, Rodarmor further improved the BRC-20 protocol to create a collection of runes. Loon was created to solve the problem of excessive unused transaction output and opens up incredible new possibilities for scalability and improved user experience. Runestone and BRC-20 were widely adopted.

Cryptocurrency analytics firm CoinGecko conducted a short study to examine to what extent the popularity of Bitcoin ordinal numbers and runes has increased this year. The study examined data on the top 10 Bitcoin-based NFT collections from CoinGecko.com as of May 26, 2024, and data from Google Trends as of May 31, 2024.

How popular are Bitcoin NFTs and ordinal numbers?
Our research shows that searches for “Ordinals” on Google reached an all-time high in April 2024, and searches for “Bitcoin NFT” reached an all-time high in March 2024.
View the full study: https://t.co/YK3W6DqlkW pic.twitter.com/w8SaCohmaS
— CoinGecko (@coingecko) June 6, 2024

According to the study, searches for ‘Ordinals’ on Google hit an all-time high in April 2024, up 58% since January 2024, while searches for ‘Bitcoin NFT’ on Google hit an all-time high in March 2024, increasing interest and This indicates that adoption is increasing. In the Bitcoin NFT ecosystem this year.