Runestone Airdrop Begins, Sparks Trading Frenzy on Magic Eden

On Mar 15, 2024

Source: Magic Eden

Distribution Dynamics and Market Reactions

Only 45 minutes after initiating the distribution, Leonidas announced the successful dispatch of four clusters and noted that operations were running smoothly.

Following on, 24 hours post-launch, the airdrop was only 38.6% complete. Still, it rapidly surpassed over $3 million (equivalent to 50 BTC) during this time in secondary market volume, making it the top-performing NFT collection across all blockchains over the past day.

Bitcoin storage account holders now have less than 24 hours to secure one of these sought-after assets before time runs out, provided they pass the requirements: hold at least three inscriptions from block 826,600 onwards (excluding text or JSON types). ‘Cursed inscriptions’ also qualify.

Further spotlighting the weight of these collectibles, earlier this month, a Runestone auction took place of the most substantial Bitcoin Ordinals inscription by data size, at 3.97 MB. At the time, it achieved a sale figure of $572,973 (8 BTC).

As the airdrop reaches completion and the inscriptions start circulating more widely, the significant impact of this hefty distribution on the overall NFT and web3 spheres is expected to draw continued interest.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.