The Rise of Bitcoin Ordinals in the NFT Market
Recently, the non-fungible token market has seen significant growth and has caught the attention of businesses, institutions, and crypto investors. One of the projects that have gained momentum is the Bitcoin Ordinals, which operates on the Bitcoin blockchain network. They have experienced a surge in sales, surpassing Ethereum NFT sales for the first time in the short history of crypto.
Bitcoin Ordinals Sales Surge
According to data from CryptoSlam.io, a market aggregator, Bitcoin Ordinals have seen a four-fold increase in sales volume in the past 24 hours, reaching $31 million. This surge has outperformed Ethereum-based NFTs, which only recorded a trading volume of $7.7 million during the same period. It is evident that many NFT investors have shifted their focus from Ethereum NFTs to Bitcoin Ordinals.
The top-selling NFT collections currently consist of Bitcoin-based NFTs, including the Van Gogh NFT collection, which leads the category with a trading volume of $4.3 million. Additionally, BRC-20 NFT collections, such as $SAT, $RAT, and $BTCs, dominate the subsequent nine ranks. Meanwhile, blue-chip NFTs have lost their initial hype, with collections like Bored Ape Yacht Club and Mutant Ape Yacht Club experiencing a decline in sales volume.
Hot Take: The Changing Landscape of NFT Sales
The shift of focus from Ethereum-based NFTs to Bitcoin Ordinals signals a changing landscape in the NFT market. As Bitcoin-based NFTs continue to gain momentum, the once dominant Ethereum NFTs are facing tough competition. This shift may lead to a new era of dominance for Bitcoin-based NFTs and could reshape the future of the NFT market as a whole.
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