As Bitcoin prices hold firm against downward trends, an significant change is unfolding in the realm of non-fungible tokens (NFTs). A notable analyst, Runestone, reports that a specific NFT collection created on the Bitcoin blockchain has recently attracted much attention.
The Rise And Rise Of Runestone: A Bitcoin NFT Collection
The observer currently remarks that the value of this collection on Ethereum, specifically CryptoPunks, is halfway to becoming one of the most valuable. This new development, referred to as the “orange wave,” suggests a possible change in the NFT market that could solidify Bitcoin’s role.
Bitcoin currently holds the largest market value among all cryptocurrencies, surpassing Ethereum. Yet, despite its significant worth, Bitcoin falls behind in certain areas due to its intrinsic inability to support smart contracts.
Ethereum stands out with its numerous groundbreaking developments. Witness the introduction of decentralized finance (DeFi), gaming platforms, non-fungible tokens (NFTs), and other inventions over the years.
Bitcoin’s significance in the Decentralized Finance (DeFi) world and Non-Fungible Tokens (NFT) market is evident through the thriving success of platforms like Uniswap, Maker, CryptoPunks, and Bored Ape Yacht Club. However, this scenario is on the verge of evolving as pioneers explore Bitcoin’s robust security and extensive user base to introduce new DeFi projects and even NFT collections.
Based on the assessment of the analyst, Runestone’s total value locked (TVL) presently exceeds $731 million, which is nearly twice as much as BAYC. However, it falls short of CryptoPunks by half. With its growing recognition, though, Runestone might bridge the difference and approach the most esteemed collection in Ethereum.
Open-source protocol called Runestone: Rewards were given out, in the form of minted collections, to those who took part in the inaugural year of Ordinals protocol.
To date, the data from CoinGecko reveals that a total of 112,400 Runestone NFTs have been created and sent to 76,972 unique wallet addresses. Currently, these NFTs are priced at approximately $6,500 each in the market. Yet, as demand continues to grow, it’s expected that prices will rise significantly, potentially elevating the total value locked (TVL) to an impressive $1 billion.
Runes Incoming: Will It Be A Game Changer?
Based on the achievement of Runestone NFTs, it’s reasonable to expect that additional collections will emerge on Bitcoin once Runes are introduced in the coming days.
Runes represent a fresh approach, intending to enhance the existing BRC-20 standard by enabling the creation of interchangeable tokens directly on the Bitcoin network. This advancement could pave the way for innovative developers to introduce new projects, taking advantage of Bitcoin’s robust security features.
In the past two years, the worth of popular NFT collections like BAYC and CryptoPunks has significantly decreased due to the surge in crypto assets during 2021. This decline was further aggravated by the expensive process of minting on Ethereum, resulting in these high-value NFTs losing more than half of their value.
The surge of meme coins gained popularity, causing a diversion from NFT trading as investors rushed to be part of the next big launch in the meme coin marketplace, which included platforms like Solana, Ethereum, Avalanche, and even Ethereum’s layer-2 solutions.
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2024-04-11 23:11