The non-fungible token market witnessed a dramatic power shift on April 15, 2024, as Bitcoin-based NFTs commanded over 58% of total weekly trading volume across all blockchains. The surge in Bitcoin NFT dominance, fueled by the ordinals and BRC-20 token craze, coincided with major partnership announcements from established Web3 platforms, including a landmark collaboration between move-and-earn app STEPN and sportswear giant adidas.
TL;DR
- Bitcoin NFTs captured 58.4% of all weekly NFT trading volume, the highest share in 2024
- Bitcoin NFT weekly volume reached approximately $180 million out of $308 million total
- STEPN and adidas announced a limited-edition NFT sneaker collection of 1,000 unique items on Solana
- Binance announced it would stop supporting Bitcoin NFTs on its marketplace starting April 18
- Quantum Cats became one of the top Bitcoin NFT collections with floor prices reaching $25,000
Bitcoin Ordinals Drive Unprecedented NFT Volume
Bitcoin NFTs achieved a record-breaking 58.4% dominance of the global NFT market in the week ending April 14, 2024. According to data from CryptoSlam, Bitcoin-based NFTs generated approximately $180 million in weekly trading volume out of a total $308 million across all blockchains. This marks the first time in 2024 that Bitcoin NFTs have surpassed the 50% threshold and represents the second-highest dominance level ever recorded.
Ethereum, long the dominant force in NFT trading, settled for second place with $60 million in weekly volume. Solana claimed the third spot with over $40 million in NFT trades. The dramatic shift underscores how the introduction of ordinals has fundamentally altered the competitive dynamics of the NFT landscape.
The surge in Bitcoin NFT activity aligns with heightened market excitement ahead of the Bitcoin halving, which was only days away at the time. Ordinals and BRC-20 tokens on the Bitcoin network have been experiencing massive trading interest, with collectors and speculators alike drawn to the novelty of digital artifacts on the original blockchain.
Top Bitcoin NFT Collections Lead the Charge
Three collections dominated the Bitcoin NFT trading landscape: Bitcoin Puppets, Rune Pups, and Quantum Cats. Quantum Cats, launched earlier in 2024 by Taproot Wizards, emerged as one of the standout performers. The collection saw its floor price surge from approximately $10,000 in February to $25,000 by mid-April, with 24-hour trading volume increasing over 20% on April 15 alone.
The success of these collections demonstrates that Bitcoin is no longer just a store of value or medium of exchange in the eyes of the crypto community. It has become a viable platform for digital collectibles, with Ordinals enabling the inscription of arbitrary data directly onto individual satoshis on the Bitcoin blockchain.
STEPN and adidas Partner for Exclusive NFT Sneakers
In one of the most significant Web3 brand partnerships of 2024, STEPN announced on April 15 a collaboration with adidas to launch the STEPN x adidas Genesis Sneakers collection. The Solana-based generative NFT collection features 1,000 unique digital sneakers inspired by the brand most iconic running silhouettes. The collection was scheduled to drop on April 17 on MOOAR, STEPN sister NFT marketplace.
The partnership represents a one-year agreement between the two brands, with additional NFT drops and physical wearable items planned for the roadmap. For STEPN, which boasts 5 million registered users and bills itself as Web3 biggest lifestyle app, the collaboration validates the move-to-earn concept as a legitimate bridge between traditional consumer brands and blockchain technology.
The move also highlights the growing interest from mainstream sportswear and fashion brands in leveraging NFTs for customer engagement. Unlike earlier NFT collaborations that focused primarily on digital art, the STEPN x adidas partnership integrates NFTs into an active lifestyle application where digital sneakers have functional utility within the game ecosystem.
Binance Retreats From Bitcoin NFTs
In a surprising move that sent ripples through the NFT community, Binance announced it would cease supporting Bitcoin NFTs on its marketplace starting April 18. Users would no longer be able to list, bid on, purchase, or deposit Bitcoin NFTs on the Binance NFT platform. The exchange characterized the decision as an effort to streamline product offerings, though no specific reason was provided.
The timing raised eyebrows given that Bitcoin NFTs were experiencing record trading volumes and growing mainstream interest. The decision forces Bitcoin NFT traders to seek alternative platforms, potentially benefiting specialized marketplaces and decentralized exchanges that support ordinals trading. It also raises questions about whether centralized platforms can adequately adapt to the rapidly evolving Bitcoin NFT ecosystem.
Floki Enters the NFT Marketplace Space
Adding to the day NFT market activity, the Floki project launched its own NFT marketplace on April 15, allowing users to buy, sell, and trade Floki-themed NFTs. The launch represents the growing trend of meme coin communities expanding their ecosystems beyond simple token trading into broader Web3 applications, including digital collectibles and marketplace infrastructure.
Why This Matters
The events of April 15, 2024, signal a structural transformation in the NFT market. Bitcoin emergence as the dominant NFT blockchain challenges Ethereum long-held position and validates the ordinals protocol as a genuine innovation rather than a passing novelty. The fact that Bitcoin NFTs are commanding nearly 60% of total market volume suggests that the network effect and cultural cachet of the Bitcoin brand extend powerfully into the digital collectibles space.
Meanwhile, the STEPN x adidas partnership demonstrates that NFTs are evolving beyond speculative art assets into functional digital goods integrated into mainstream consumer experiences. As major brands continue to explore blockchain-based engagement models, the NFT market appears to be transitioning from its early speculative phase into a more utility-driven era with real-world brand partnerships and functional applications.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. NFT investments carry significant risk, and market conditions can change rapidly. Always conduct your own research before making investment decisions.
BTC doing $180M in NFT volume in one week, more than ETH and Solana combined. Nobody in 2022 would have believed this.
STEPN x adidas dropping 1000 NFT sneakers on Solana while Binance stopped supporting BTC NFTs. The NFT market is getting weird and I am here for it.
quantum cats at $25K floor is insane for a BTC NFT collection. ordinals mania was peak degen