The Rise of Bitcoin (BTC) Ordinals in the NFT Market
Recently, the non-fungible token market has seen whole lot of growth and has caught the attention of enterprises, institutions, and cryptocurrency investors. One of the projects that have gained momentum is the Bitcoin (BTC) Ordinals, which operates on the Bitcoin (BTC) blockchain network. They have experienced a surge in sales, surpassing Ethereum (ETH) NFT sales for the first time in the short history of crypto.
Bitcoin (BTC) Ordinals Sales Surge
According to data from CryptoSlam.io, a market aggregator, Bitcoin (BTC) 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 volume of trading of $7.7 Million during the same period. It is evident that numerous NFT investors have shifted their focus from Ethereum (ETH) NFTs to Bitcoin (BTC) Ordinals.
The top-selling NFT collections as of now consist of Bitcoin-based NFTs, including the Van Gogh NFT collection, which leads the category with a volume of trading of $4.3 Million. In addition, BRC-20 NFT collections, such as $SAT, $RAT, and $BTCs, dominate the subsequent nine ranks. In the meantime, 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 (BTC) Ordinals signals a changing landscape in the NFT market. As Bitcoin-based NFTs continue to win momentum, the once dominant Ethereum (ETH) NFTs are facing tough competition. This shift may lead to a new era of dominance for Bitcoin-based NFTs and could reshape future of the the NFT market as a whole.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.