Google Searches For Bitcoin NFTs Spike To Record Highs – CoinGecko

On Jun 10, 2024

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A new study from CoinGecko.com, an on-chain independent crypto market and a multi-chain non-fungible token explorer, has revealed that non-fungible token collections hosted on the Bitcoin blockchain network, including Ordinals and Runes, have surged in sales volume and popularity this year.

Bitcoin Ordinals And Runes Hit $1B Market Cap

The total market cap of the top 10 Bitcoin NFT collections, such as NodeMonkes, Bitcoin Puppet, and Runestones, has surged to $1.03 billion, with a daily average trading sales volume of $2.25 million in May 2024, proving their increasing popularity in the general world of Web3.

Based on CoinGecko data, the NodeMonkes NFT collection recorded a market capitalization of $198.25 million in the month of May 2024, while the Bitcoin Puppets and Runestones reached a market capitalization of $144.12 million and $87.85 million, respectively.

In terms of user adoption, Bitcoin Puppets has seen its unique holders grow from 3,800 to 6,700, representing a 15.3% month-on-month growth from January to May 2024. On the other hand, the NodeMonkes’ unique holders have grown from 3,800 to 5,600, representing a 10.1% month-on-month growth, adding proof to their popularity surge.

How Fame Are Bitcoin NFTs In 2024?

Bitcoin NFTs came into the spotlight in January 2023 after Casey Rodarmor, a renowned Bitcoin engineer, inscribed the data in the Bitcoin network using Satoshi Nakamoto’s Ordinals theory. This successful data inscription created a lot of appeal for Ordinals as PFP projects and art collections. Since all the data is stored on-chain, inscription allows an NFT to exist virtually indefinitely.

For the first three months, Bitcoin Ordinals gained massive traction among traders and collectors. As the usage of Ordinals grew, an anonymous developer from within the community called Domo eventually created a token standard called BRC-20, which took the crypto community by storm in November 2023.

Earlier this year, Rodarmor further refined the BRC-20 protocol to create Runes collections. Runes were created to solve the issue of excessive unspent transaction outputs, presenting amazing new possibilities for scalability and improved user experience. Runestones and BRC-20s have received widespread adoption.

The crypto analytic firm CoinGecko has conducted a short study to examine to what extent Bitcoin Ordinals and Runes have grown in popularity this year. The study examined the data for the top 10 Bitcoin-based NFT collections on CoinGecko.com as of May 26, 2024, as well as data from Google Trends as of May 31, 2024.

How popular are Bitcoin NFTs & ordinals?
Our study shows that Google searches for “Ordinals” hit an all-time high in April 2024, while searches for “Bitcoin NFTs” hit an all-time high in March 2024.
Read the full study: https://t.co/YK3W6DqlkW pic.twitter.com/w8SaCohmaS
— CoinGecko (@coingecko) June 6, 2024

The study revealed that Google searches for “Ordinals” hit an all-time high in April 2024, up 58% since January 2024, while Google searches for “Bitcoin NFTs” hit an all-time high in March 2024, indicating growing interest and adoption in the Bitcoin NFT ecosystem this year.