Runestone Airdrop Begins, Sparks Trading Frenzy on Magic Eden

Bitcoin storage account holders in the Ordinals ecosystem are in for a significant boost. The long-awaited Runestone inscription airdrop has arrived, sparking a surge in secondary sales on Magic Eden BTC.

A late announcement last night revealed that, over two days, 112,383 Runestone are finally finding their way to Bitcoin storage accounts. Transactions are led by Ordi.io — a hub for Bitcoin inscriptions.

Capturing the zeitgeist, Runestone’s total volume of secondary sales on Magic Eden BTC have already soared to $4.8 million (69.9136 BTC), with each collectible typically selling for approximately $900 (0.01309 BTC) apiece.

In the secondary marketplace, Inscription #64366802 notably stands out, boasting an eye-boggling valuation of roughly $7 million (103.02 BTC).

“There is no shame in selling your Runestone. Everyone has different life circumstances. Congrats to all buyers and sellers,” Leonidas, an influential member of the Runestone initiative (and real-world sculptures), remarked on X.

Source: Magic Eden

Distribution Dynamics and Market Reactions

Only 45 minutes after initiating the distribution, Leonidas announced the successful dispatch of four clusters and noted that operations were running smoothly.

Following on, 24 hours post-launch, the airdrop was only 38.6% complete. Still, it rapidly surpassed $3,369,050 (equivalent to 50 BTC) in secondary market volume, making it the top-performing NFT collection across all blockchains over the past day.

Bitcoin storage account holders now have less than 24 hours to secure one of these sought-after assets before time runs out, provided they pass the requirements: hold at least three inscriptions from block 826,600 onwards (excluding text or JSON types). ‘Cursed inscriptions’ also qualify.

Further spotlighting the weight of these collectibles, earlier this month, a Runestone auction took place of the most substantial Bitcoin Ordinals inscription by data size, at 3.97 MB. At the time, it achieved a sale figure of $572,973 (8 BTC).

As the airdrop reaches completion and the inscriptions start circulating more widely, the significant impact of this hefty distribution on the overall NFT and web3 spheres is expected to draw continued interest.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

The post Runestone Airdrop Begins, Sparks Trading Frenzy on Magic Eden appeared first on NFT Plazas.

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Runestone Airdrop Begins, Sparks Trading Frenzy on Magic Eden

Distribution Dynamics and Market Reactions

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