From Underdog to Leader: Bitcoin Emerges as Second-Biggest NFT Blockchain
In a surprising turn of events, Bitcoin has emerged as the second most popular blockchain for NFT transactions, thanks to its latest innovation called Ordinals.
While Ethereum still leads in transaction volume, Bitcoin has processed an impressive $173 million worth of NFT transactions in the past month, almost half of Ethereum’s $390 million.
This unexpected surge in popularity has sparked a transformation, as Bitcoin is now being seen as a viable platform for storing various digital assets such as art, movies, collectibles, and more.
Ordinals, a unique feature within the Bitcoin ecosystem, assign serial numbers to satoshis, the smallest units of Bitcoin.
These individual satoshis with their assigned ordinals have become highly sought-after and are often referred to as NFTs due to their similarities to the digital art form. This groundbreaking concept allows collectors to acquire specific satoshis by paying a premium, creating a sense of scarcity and exclusivity.
The impact of inscribed ordinals on the Bitcoin network has been remarkable. Transaction fees have soared as traders and collectors flocked to participate in this new wave of NFT activity. Notably, the BRC-20 token ORDI market capitalization, which is based on ordinals, has skyrocketed to an impressive $160 million in just a month.
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The trading volume of inscribed ordinals has also made waves, with collections like Bitcoin Frogs momentarily surpassing the Ethereum-based Bored Ape Yacht Club and several ordinals collections even entering the top 10 in trading volume.
This unexpected rise of inscribed ordinals has propelled Bitcoin into the limelight of the NFT world, transforming its perception as a mere peer-to-peer transaction network into a dynamic and versatile blockchain for digital assets. With its potential to store and showcase various forms of content, Bitcoin is capturing the attention of traders, collectors, and enthusiasts alike.
As the Ordinals ecosystem continues to evolve, it brings forth exciting opportunities for innovation, tokenization, and experimentation directly on the Bitcoin network, further solidifying its newfound position in the NFT landscape.
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.
