- Ethereum (ETH) has been ruling the Non-Fungible Token (NFT) space for years.
- During a matter of months, Bitcoin (BTC) has swept up the competition to claim the Second spot in the industry.
- Will Bitcoin (BTC) surpass Ethereum?
Ethereum (ETH) has been dominating the Non-Fungible Token (NFT) space for years, establishing itself as an unwavering force. This dominance sparked competition between networks like Polygon, Solana (SOL) and Cardano (ADA), each aiming for the top spot. Little did they anticipate Bitcoin, which has recently shaken the foundations of the Non-Fungible Token (NFT) industry with its unexpected entry.
Bitcoin, the reigning king of digital currencies, has swiftly ascended the charts in just several months, emerging as a genuine threat to Ethereum’s long-standing supremacy in the Non-Fungible Token (NFT) industry.
The Bitcoin (BTC) Non-Fungible Token (NFT) Storm
Bitcoin (BTC) Non-Fungible Token (NFTs) have taken the industry up by storm, propelling the network to secure the Second spot for Non-Fungible Token (NFT) sales per blockchain tech in the past 30 days, reports by data aggregator CryptoSlam. What’s remarkable in relation to this achievement is the fact that Bitcoin (BTC) Non-Fungible Token (NFTs) were virtually non-existent before the introduction of Ordinals in late January.
In just a couple of months, CryptoSlam outlines that Bitcoin (BTC) Non-Fungible Token (NFTs) amassed an astounding $170 Million in sales in May. Although while Ethereum (ETH) reigns supreme with $390 Million in recorded Non-Fungible Token (NFT) sales in the same period, Bitcoin (BTC) has outperformed competitors such as Solana (SOL) and Cardano (ADA), boasting nearly 3 times larger sales. Solana (SOL) and Cardano (ADA) informed $56 Million and $7 Million in Non-Fungible Token (NFTs) sales in May, respectively. Conversely, users sold over $42.6 Million worth of Bitcoin (BTC) Non-Fungible Token (NFTs) just last week.
The ongoing Ordinals craze has fueled BTC’s boost to prominence in the Non-Fungible Token (NFT) space. At the time of publication, the network hosted nearly 9 Million inscriptions and collected over $41 Million in total fees. Despite the fact that the Ordinals craze has inadvertently led to unprecedented issues, they are showing no indications of slowing down. Especially with Non-Fungible Token (NFT) giants like Yuga Labs and others launching their own Ordinals experiments to capitalize on the present hype.
As the network solves its ongoing issues and concentrates on being a competitive financial system, BTC’s boost in network activity suggests it can potentially soon turn Ethereum.
Will Bitcoin (BTC) Surpass Ethereum?
Both Bitcoin (BTC) and Ethereum (ETH) are in a captivating race to dominate the Non-Fungible Token (NFT) industry. Although while Ethereum (ETH) has held a company grip on the sector since 2017, it has it’s worth noting that struggled to handle the growing adoption of Non-Fungible Token (NFTs), leading to issues like exorbitant gas charges and network congestion, allowing Bitcoin (BTC) to step up to the plate.
Nonetheless, Bitcoin (BTC) has likewise faced its fair share of complications in handling the ongoing Ordinals craze. Over 200,000 unconfirmed transactions linger in the network’s mempool, awaiting confirmation. In addition, the network likewise experienced a surge in charges similar to Ethereum.
Leading to the paradigm, the network that successfully addresses its scalability issues will rule the Non-Fungible Token (NFT) industry. This is why, both the Bitcoin (BTC) and Ethereum (ETH) developer communities are actively working towards finding innovative solutions to overcome their inherent issues.
Ethereum (ETH) recently introduced a new and more scalable Non-Fungible Token (NFT) standard, ERC-6551, while Bitcoin (BTC) Lightning network developers have released a new update to take Non-Fungible Token (NFT) transactions and investment creation off-chain.
As the competition betwixt the two powerhouses intensifies, the evolution of their respective networks will play a critical role in determining their success in the Non-Fungible Token (NFT) industry.
The other side
- Recently, Ethereum (ETH) gas prices went to levels not seen since May 2022 as a result of the ongoing meme cryptocurrency PEPE mania. Network gas prices have been averaging at over 100 gwei.
- 1 user paid 64 Ethereum (ETH) in gas charges for a single transaction, equivalent to $120,000, owing to recent Ethereum (ETH) network congestion.
Why This Matters
Bitcoin (BTC) has become from being solely used as a store of value. The network is ushering in a new era of Non-Fungible Token (NFTs) and assets, and its current ranking is evidence of the growing interest in BTC’s new direction.
Read more about Bitcoin:
DailyCoin Regular: Bitcoin (BTC) Price Updates, Breakdowns, and Projections
Read more about Ordinals:
How Bitcoin (BTC) BRC Crypto Tokens Exploded into a $1B Market Capitalization Amid Listings