Bitcoin Ordinals Poised to Surpass Ethereum in NFT Market
According to data from Crypto Slam, Bitcoin's native non-fungible tokens (NFTs), known as "Ordinals," are poised to surpass Ethereum in the NFT market.
Ordinals have experienced remarkable growth of 129.50% in USD sales and attracted nearly 10% of the buyer market.
Although Ethereum currently holds the lead in the NFT sector with sales totaling over $24 million, the rapid ascent of Bitcoin’s Ordinals suggests an impending shift. Since their introduction in April 2023, Ordinals, which are unique digital assets embedded in a satoshi (the smallest Bitcoin unit), have been gaining significant traction.
This development was made possible by the Taproot upgrade, launched on the Bitcoin network in November 2021, enabling the inscription of data on the Bitcoin network similar to NFT creation on other blockchain platforms.
The Ordinals have generated considerable excitement within the Bitcoin community, setting multiple records for inscriptions.
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In addition to Bitcoin’s Ordinals and Ethereum’s NFTs, various other blockchains have made notable progress in the NFT market.
Solana currently holds the third position, exhibiting a strong sales growth of 44.61%, totaling $1.2 million, and capturing 31.40% of the buyer market, surpassing even Ethereum’s market share.
Polygon follows closely in fourth place, with a sales increase of 30.75%, amounting to $1.3 million. The BNB Chain secures the fifth spot, with sales reaching $856,027 and a buyer share of 7.54%. Lastly, despite experiencing a sales growth of 36.22%, Cardano achieved total sales of $346,115.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
