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NFT floor price

Bitcoin NFTs Roaring: This Collection Flipped BAYC, Is CryptoPunks Next?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

While Bitcoin prices reject bear pressure, another historic shift is happening in the non-fungible tokens (NFTs) world. According to one analyst on X, Runestone, an NFT collection minted on Bitcoin, has recently gained popularity.

The Rise And Rise Of Runestone: A Bitcoin NFT Collection

The observer now notes that its value is halfway from flipping one of the most valuable collections on Ethereum, the CryptoPunks. This emerging trend, the “orange wave,” signifies a potential shift in the NFT landscape that will likely cement Bitcoin’s position.

Bitcoin NFT collection rising | Analyst on X
Bitcoin NFT collection rising | Analyst on X

Bitcoin is the most valuable coin by market cap, ahead of Ethereum. However, despite its mega valuation, the coin has lagged in other spheres because of its inherent lack of capability for smart contracts.

This is where Ethereum shines, as seen in the multiple innovations launched over the years, such as decentralized finance (DeFi), gaming, NFTs, and more.

Related Reading: XRP Best Positioned For A US ETF After Bitcoin, Ripple CEO Reiterates

The success of DeFi protocols like Uniswap or Maker, for instance, and the wild popularity of NFT collections like CryptoPunks and Bored Ape Yacht Club (BAYC), among others, are testaments to Bitcoin’s role in the sphere. However, this is about to change as innovators look to tap into Bitcoin’s security and broad base to launch DeFi protocols and even NFT collections.

According to the analyst, Runestone currently commands a total value locked (TVL) of over $731 million, roughly double that of BAYC. It is half that of CryptoPunks, but given its fast-rising popularity, it could narrow the gap with the most valuable collection in Ethereum. 

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

Runestone is an open-source protocol. The collection was minted to reward participants who participated in the first year of the Ordinals protocol. 

So far, CoinGecko data shows that 112,400 NFTs have been minted and distributed to 76,972 addresses. Runestone NFTs have a floor price of around $6,500 at spot rates. However, as demand increases, prices will likely increase even further, pushing the total TVL to $1 billion.

Runes Incoming: Will It Be A Game Changer?

Given the success of Runestone NFTs, it is likely that more collections will be launched on Bitcoin following the anticipated launch of Runes in the next few days. 

Runes, a new standard, will aim to improve the current BRC-20 standard by allowing the issuance of fungible tokens on Bitcoin. This development could open up more opportunities for developers to launch new solutions, leveraging Bitcoin’s superior security.

Since the surge of crypto assets in 2021, the value of NFT collections has been depressed over the last two years. BAYC, CryptoPunks, and other high-value collections on NFTs slumped by over 50%, which was made worse by the relatively high cost of minting on Ethereum. 

Related Reading: Bitcoin Bulls Unite: Cathie Wood’s $2.3 Million Forecast Gains Support from Robert Kiyosaki

Additionally, the rise of meme coins shifted attention from NFT trading as traders scrambled to catch the next big meme coin wave launching on Solana, Ethereum, Avalanche, and even Ethereum layer-2 protocols.  

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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