According to CoinFactiva analysts, in just a year and a half since Casey Rodarmor introduced the Ordinal protocol, the Bitcoin network has surged to third place in the digital asset market, reaching a turnover of $4.3 billion. These digital assets include graphic images, audio and video files, and quasi-tokens.
Among this diverse array, quasi-tokens have garnered the most interest. Initially, BRC-20 standard coins led the market, but post-halving, they were eclipsed by the emergence of runes. Both types are predominantly represented by meme coins, driven by speculative trading.
Regarding NFT collections on the Bitcoin network, NodeMonkes ranks first with a turnover of $238 million. In comparison, Ethereum’s top collection, Bored Ape Yacht Club, boasts $3.2 billion.
Bitcoin’s rapid climb to third place among blockchains in terms of turnover is notable, but further expansion faces challenges due to its low transaction throughput. As demand for digital artifacts increases, so do transaction fees.
The peak interest in quasi-tokens occurred on April 20, coinciding with the activation of the Runes protocol in a block alongside the halving event. On that day, runes accounted for 73.5% of all transactions, with the average network fee soaring to a record $128.
The circulation of digital artifacts does not directly impact Bitcoin’s price. This has led to negative sentiments among some users who see quasi-tokens as a driver of increased costs without adding functional value.
Conversely, miners hold a favorable view. Despite the halving reducing block rewards by half, they earned a record $108 million on April 20.
