Are you seeing Runes projects flooding your X timeline? If so, you may be wondering how to buy or trade them. Similar to non-fungible tokens, projects built on the Runes protocol have their own marketplace, too.
The Runes protocol and the projects and tokens built via the standard provide an alternative to BRC-20 tokens. Runes uses Bitcoin's underlying UTXO (Unspent Transaction Output) system. UTXO records token ownership and transactions in a decentralized way. This technique lets Runes store multiple tokens in one UTXO, making it more efficient than other protocols by avoiding blockchain bloat.
Some of today's most popular Runes include DOG•GO•TO•THE•MOON and RSIC•GENESIS•RUNE, which rank in the top three for market cap at the time of writing.
With interest around Runes projects high, this article provides a quick and simple guide to the top three Runes marketplaces in 2024.
TL;DR
The Runes protocol is an alternative to the BRC-20 token standard and eliminates blockchain bloat.
Runes marketplaces offer a secure and private platform to trade unique Bitcoin-based tokens.
Discover top Runes marketplaces like OKX, Magic Eden, and Unisat. They offer popular digital tokens like DOG•GO•TO•THE•MOON and RSIC•GENESIS•RUNE.
What is a Runes marketplace?
BTC Runes marketplaces serve as digital marketplaces where you can purchase Runes. These are fungible tokens built on Bitcoin. You can use Bitcoin to purchase Runes, which carry various forms of digital significance and value.
The Runes protocol uses the Bitcoin blockchain's security and transparency to enable transactions. Meanwhile, Runes marketplaces are unique in that they take advantage of Bitcoin's decentralized foundations. No central entity monitors the buying and selling of Runes, granting users an extra level of confidentiality and power over their transactions.
Designed with the digital collector in mind, the Runes protocol and its associated marketplaces offer a user-friendly interface that makes buying runes straightforward and hassle-free, whether you're crypto native or new to digital assets.
What are the top three Runes marketplaces?
As the adoption of Runes continues to increase, we may see the arrival of more marketplaces providing access to the asset. For now, here are three of the top Runes marketplaces in 2024.
OKX
We offer Runes trading without fees on mobile. On our marketplace, you can create, mint, manage, and trade Runes. We've also released "etching," which allows you to set immutable properties for each Rune. Whether on the web or app, it's easy to search for Runes on our intuitive marketplace and see which assets are performing the best at this moment in time.
The top three Runes of all time on our Runes marketplace are currently:
Magic Eden
The Magic Eden's Runes platform allows users to acquire BTC and purchase Runes and ordinals using the Magic Eden wallet. Additionally, the platform will eventually introduce a Swaps View feature that enables users to set a specific BTC amount they want to allocate when buying Runes.
The top three Runes in the last 30 days on Magic Eden are:
DOG•GO•TO•THE•MOON
RSIC•GENESIS•RUNE
DECENTRALIZED
Unisat
The Runes marketplace by Unisat provides functionalities such as minting, etching, marketplace, and Runes Management. Unisat specializes in services related to the Bitcoin network, such as BRC-20 and ordinals. Always eager to pioneer, Unisat claims its wallet was the first open-source browser extension wallet for Bitcoin NFTs.
The top three Runes available on Unisat at the time of writing are:
WADDLE•WADDLE•PENGU
DOG•GO•TO•THE•MOON
RSIC•GENESIS•RUNE
Although BitX is a BRC-20 marketplace, the organization is currently working on a Runes marketplace. While it was supposed to be launched April 20, 2024, the website still says it's coming soon. We'll keep you updated on further developments.
How to buy Runes on a marketplace
So you're interested in buying Runes and being part of Bitcoin's evolution? Here are the next steps to take.
Choose a wallet: Choose a reliable Bitcoin wallet that meets your needs. If convenience is a priority, opt for a software wallet. This type of wallet can usually be accessed from any type of device as long as you have an internet connection. Transactions are also often faster with a software wallet simply because you avoid the task of physically connecting a hardware wallet. However, hardware wallets are considered more secure, because they function offline and are therefore less susceptible to online threats such as hacking and phishing attempts.
Find a marketplace: Choose a BTC rune marketplace that's reputable and supports the types of Runes you're interested in. Seek out the opinions of other users to understand their experience with a marketplace you're interested in. X can be a good platform for this given the size of the crypto community there.
Deposit Bitcoin: Before you can buy Runes, you'll need to deposit Bitcoin to your wallet. This will be used to cover transaction fees on the Bitcoin network.
Browse and buy: Explore the marketplace and be sure to do your own research on a project that interests you. It's fair to say that hype carries many projects to prominence in crypto. That's why it's key to understand a project as deeply as possible before you commit funds to it. Once your wallet it set up and contains Bitcoin, and you've done your research, you're ready to buy.
The final word
Runes marketplaces offer a digital platform for buying and creating unique fungible Bitcoin tokens. These tokens, called Runes, have digital value and meaning, which is why this curious segment of crypto has attracted plenty of interest. Using Bitcoin's decentralized system, Runes marketplaces support you in making secure and clear transactions without the need for a central authority, improving your privacy and control.
Three of today's leading marketplaces, OKX, Magic Eden, and Unisat, feature popular Runes like DOG•GO•TO•THE•MOON and RSIC•GENESIS•RUNE, making them central hubs for Rune transactions. Before you dive into the Runes protocol, be sure to do your research and never buy what you can't afford.
FAQs
Bitcoin Runes marketplaces are digital platforms for buying, trading, and managing Runes. Runes are fungible tokens created on the Bitcoin blockchain. These marketplaces are secure and transparent, with no central authority monitoring transactions.
To buy Runes with Bitcoin, choose a reliable Bitcoin wallet and deposit Bitcoin into the same. Then, pick a reputable BTC Runes marketplace like OKX, Magic Eden, or UniSat. Research the Runes and projects you're interested in, then buy your chosen Runes. Make sure your wallet is set up and has enough Bitcoin to cover the required transaction fees.
In 2024, popular Bitcoin Runes marketplaces like OKX, Magic Eden, and Unisat let users create, mint, and trade Runes. These marketplaces are known for their user-friendly interfaces and features like etching and management tools. They also offer popular Runes like DOG•GO•TO•THE•MOON and RSIC•GENESIS•RUNE.
Runes use Bitcoin's UTXO model. This means that token ownership and transactions are recorded in a decentralized way. With this approach, multiple tokens can be stored in a single UTXO. This makes Runes more efficient and reduces blockchain bloat compared to other protocols.
