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.
58% of NFT volume on Bitcoin and Binance decided to stop supporting them the same week. timing couldn’t be worse for their users
Morten H. 58% market share and Binance exits the same week. exchange timing on BTC NFTs couldnt have been worse for their users
Quantum Cats at $25k floors on BTC while Binance exits NFTs entirely. says everything about where the market confidence actually lives
Quantum Cats floor at $25k while regular NFT projects were dumping 80%. ordinals money was built different
STEPN x adidas doing 1000 sneakers on Solana not Bitcoin tells you everything. BTC got the volume but Solana got the actual utility
Kemal A. STEPN picked Solana over Bitcoin for the adidas drop because Solana had actual NFT tooling. BTC got the speculative volume, SOL got the real utility
180M in BTC NFT volume and Binance delisted them 3 days later. if that is not a top signal nothing is
Quantum Cats at 25K floor while STEPN dropped adidas sneakers on Solana for a fraction of that. the market was screaming which chain had actual product market fit
58.4% of all NFT volume on Bitcoin. let that sink in. ETH maxis in shambles
the ETH maximalists went real quiet when btc started eating their nft volume. still remember the takes about btc being too limited for anything beyond transfers
meanwhile Binance is delisting Bitcoin NFTs from their marketplace on April 18. they see the writing on the wall for their centralized approach
$180M Bitcoin NFT volume in one week. BRC-20 tokens broke everything people thought they knew about BTC utility
BRC-20 showed btc can do more than store value. the question is whether ordinals sustain volume or fade like every other nft cycle
STEPPN x adidas 1000 sneakers on Solana is cool but the real story is Quantum Cats hitting $25k floors on BTC
Quantum Cats floor at 25k was absolutely unhinged. BTC NFTs doing 180M in a week and then Binance delisting them 3 days later. perfect summary of the ordinals cycle lol
inscriber_42 STEPN x adidas dropping 1000 NFT sneakers on Solana the same week BTC NFTs peaked was not coincidence. the market was rotating hard. Binance delisting BTC NFTs was just the exit signal
58.4% market share for BTC NFTs and then crash to single digits within a month. if you minted ordinals at the peak you got destroyed. classic blow off top
frog_economy_ 58 percent to single digits in a month was the most ordinals thing possible. blow off top energy was obvious to anyone who traded the 2021 NFT cycle
ordinal_sink_ 58 percent to single digits in 30 days was textbook blow off top. anyone who traded 2021 NFTs saw the pattern immediately
Quantum Cats at 25k floors while Binance delisted BTC NFTs 3 days later. if you need proof the market has zero memory thats it
Quantum Cats floor at $25K while Binance delisted Bitcoin NFTs. the infrastructure couldn’t even hold up on the exchange side
STEPN doing a collab with adidas for 1,000 sneakers on Solana while Bitcoin NFTs hit 58% market share tells you the market was completely fragmented. nobody knew which chain to build on
58pct market share to single digits within a month. if you minted ordinals at the peak you got annihilated
ordinal_grave_ Quantum Cats floor at 25K while Binance delisted BTC NFTs 3 days later. the market has zero memory
STEPN dropping 1000 NFT sneakers on Solana while BTC NFTs peaked. the chain rotation was happening in real time