As Bitcoin prices resist decline, a notable trend is unfolding in the non-fungible tokens (NFTs) domain. An NFT collection minted on Bitcoin, called Runestone, has garnered significant interest, according to Runestone's analyst on X.

This growing collection has the potential to rival the valuable CryptoPunks collection on Ethereum. The emerging "orange wave" trend suggests a shift in the NFT landscape that could solidify Bitcoin's standing in the industry.

Bitcoin is the leading cryptocurrency by market capitalization, surpassing Ethereum. However, it has been overshadowed by Ethereum due to its limitation in supporting smart contracts.

Ethereum, on the other hand, has excelled in launching innovative projects like decentralized finance (DeFi), gaming platforms, and NFT collections over the years. Despite the success of DeFi protocols and popular NFT collections like CryptoPunks and Bored Ape Yacht Club (BAYC) on Ethereum, the paradigm is shifting as innovators explore Bitcoin's secure network and extensive user base to introduce DeFi projects and NFT collections.

Runestone currently boasts a Total Value Locked (TVL) exceeding $731 million, doubling the TVL of BAYC. Although its value is half that of CryptoPunks, the rapid surge in popularity indicates it could close the gap with Ethereum's most valuable collection.

Runestone, an open-source protocol, was created to reward individuals involved in the Ordinals protocol's inaugural year. According to data from CoinGecko, over 112,400 NFTs have been minted and distributed to 76,972 addresses. The floor price for Runestone NFTs is approximately $6,500, but escalating demand is likely to drive prices higher, potentially pushing TVL to $1 billion.

With the success of Runestone NFTs, more collections are expected to emerge on Bitcoin following the impending launch of Runes. The Runes standard will enhance the existing BRC-20 standard, enabling the creation of fungible tokens on the Bitcoin network. This development presents new avenues for developers to innovate, leveraging Bitcoin's high-security infrastructure.

Since the crypto market boom in 2021, NFT collection values have declined over the past two years. Major collections like BAYC and CryptoPunks experienced over a 50% drop in value, exacerbated by the costly minting process on Ethereum. Moreover, the surge in meme coins diverted focus from NFT trading as traders scrambled to capitalize on new meme coin opportunities across various networks.