Bitcoin Runes records 15.6M NFT transactions, weekly volumes turn positive: Nifty Newsletter
Bitcoin Runes has recorded 15.6 million transactions and generated $162.4 million in fees in four months.
In this week’s newsletter, the non-fungible token platform Magic Eden is launching its own token to expand its business, the Runes protocol on Bitcoin has generated $162.4 million in fees in four months, and find out how Web3 professionals feel about the recent sale of the most expensive CryptoPunk. In other news, weekly NFT volumes have turned positive.
Bitcoin Runes records 15.6 million NFT transactions in four months $BTC
Runes, an NFT protocol on Bitcoin, generated $162.4 million in fees with over 15.6 million transactions in four months. Dune Analytics data shows that the protocol often exceeded 300,000 daily transactions in the first two months.
On April 23, Runes users accounted for 81.3% of the total Bitcoin network bandwidth, as investors had over one million transactions by minting, etching, transfers and having edicts.
Magic Eden to launch ME token for cross-chain trading #TraderEducation
NFT marketplace Magic Eden announced the launch of its native token, which aims to enhance cross-chain trading, integrate decentralized applications and drive the expansion of its NFT platform. The NFT platform claimed that the token is designed to improve DApps by facilitating cross-chain trading.
The NFT trading platform also plans to integrate the token to drive the growth of its ecosystem. They also said users will be incentivized to trade assets on the biggest chains.
$24 million CryptoPunk sale shows either “NFTs are over” or “this is the bottom. #TRADERTIPS
After the most expensive CryptoPunk NFT changed hands, Web3 professionals speculated that the piece lost much value. Executives unanimously expressed that the NFT was sold at a loss, as the seller did not disclose the trade details.
Because of the underperformance of one of the most prized NFT collections, some believe it spells the end for digital collectibles.
