Bitcoin Network Confidently Ranks 2nd In NFT Sales

Key Points:

• The monthly trading volume of NFTs and meme coins on Bitcoin past 30 days is currently in 2nd place.
• Although Ethereum remains the market leader, with $391.8 million in sales over the same time, Bitcoin is outpacing its closest competitors, such as Solana.
• The Ordinals Protocol is solely responsible for the network’s ascension to supremacy in the NFT market.

Bitcoin emerges as the NFT world’s emerging star. According to CryptoSlam statistics, the network has swiftly risen to become the second-largest NFT chain as NFTs continue to attract the Bitcoin community.

The network has seen an incredible amount of NFT sales on secondary marketplaces in the last 30 days. Bitcoin’s Ordinals trading volume is presently second only to Ethereum, which did $391.8 million in NFT volume, more than double that of Ordinals in 30-days $171 million beginning April 24. Around this time, the network developed a substantial lead over popular blockchains such as Polygon, ImmutableX, BNB Chain, and Solana.

BRC-20 token transactions accounted for the bulk of ordinals activity on the network, according to a Dune dashboard created by BRC-20 token standard inventor Domo. BRC-20 is patterned after Ethereum’s ERC-20 token standard and was suggested in March 2023 by Anonymous developer Domo in Bitcoin Request for Comment 20.

The BRC-20 token standard enables the minting and transfer of fungible tokens on the Bitcoin network by using ordinal inscriptions. Token standards are basic rules that specify how produced tokens function; for example, ERC-20 is the token standard for producing ERC-20 tokens on the Ethereum network. Unlike the ERC-20 standard, the Bitcoin BRC-20 standard has not been ratified and is still in the works.

Ordinals Inscriptions and NFTs are quite similar. They do, however, have a minor twist. These are digital assets based on Satoshi, Bitcoin’s lowest denomination. The network’s SegWit and Taproot updates, which were implemented to increase the network’s privacy and efficiency, opened the way for Satoshi inscriptions.

During the first part of May, the entire market value of BRC-20 meme coins surpassed $1 billion as the buzz around it grew. BRC-20 coins now have a market value of $447.2 million.

The game-changing Ordinals Protocol is propelling Bitcoin NFTs forward. Ordinals Protocol is a system for preserving satoshis, the smallest unit of Bitcoin. This is accomplished by injecting them with rich data, such as JPEGs.

Despite some mistrust from the community, NFT giant Yuga Laboratories took a significant step forward in February by creating their very own collection based on the Ordinals Protocol. This audacious action generated significant interest in the adoption of this breakthrough technology. The continuous ascent of Bitcoin and the game-changing effect of the Ordinals Protocol are transforming the NFT scene. Moreover, it is attracting the attention of people all around the globe.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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