Bitcoin Runes Hits 15.6M NFT Transactions, Weekly Volumes Shift to Positive

In the latest update, Bitcoin Runes has achieved a remarkable milestone by reaching 15.6 million transactions and accumulating an impressive $162.4 million in fees within just four months.

Source: www.ekoturk.com

Bitcoin Runes Achieves 15.6 Million NFT Transactions In Just Four Months

Runes, a Bitcoin-based NFT protocol, has generated $162.4 million in fees across more than 15.6 million transactions in just four months. According to Dune Analytics, the protocol frequently surpassed 300,000 daily transactions during its first two months.

On April 23, Runes users accounted for 81.3% of the total Bitcoin network bandwidth, with over one million transactions related to minting, etching, transfers, and other activities.

NFTs Show Signs of Recovery as Weekly Volumes Turn Positive

Despite some negative commentary, NFT collections have shown signs of revival with an uptick in seven-day sales volumes following a series of declines throughout the year. On August 26, data from revealed that NFTs across the top five blockchains Ethereum, Solana, Polygon, and Mythos Chain demonstrated significant improvements in weekly sales volumes.

The NFT sales growth on Ethereum and Solana has been quite significant, indicating a strong market rebound. In addition, the number of unique on-chain buyers has also surged considerably. Data shows that during the week ending August 26, over 500,000 unique buyers participated in purchasing NFTs, with buyer activity rising sharply by 37%. However, Bitcoin NFT sales saw a slight decline, with weekly sales dropping by approximately 7.01% year-over-year, likely due to the waning hype around the Runes protocol.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.