Bitcoin Ordinals on the Verge of Flipping Ethereum NFTs

The native non-fungible tokens (NFTs) for Bitcoin, referred to as “Ordinals,” are about to overtake Ethereum in the NFT market.

 The sales and number of active buyers for The Ordinals have significantly increased, with spectacular increases of 129.50% in USD sales and approximately 10% of the buyer market.

Ordinals-July

Ethereum still leads the NFT sector with over $24 million in total sales, however, the rapid rise of Bitcoin ordinals suggests a “coup” may be imminent.

Sequence numbers are distinctive digital assets registered in Satoshi, the smallest unit of bitcoin, and have gained popularity quickly since its launch in April 2023.

Their emergence was made possible by the Taproot upgrade, which was released on the Bitcoin network in November 2021 and allowed data to be entered into it in a way that was similar to creating NFTs on other blockchain systems. Since its debut, Ordinals has caused a stir by consistently breaking records for the number of inscriptions.

In addition to Ethereum NFTs and Bitcoin ordinals, a number of other blockchains have made significant improvements in the NFT sector. Third place goes to Solana, which saw a strong 44.61% increase in sales with $1.2 million in total transactions and 31.40% more purchasers than the Ethereum market.

Polygon is in fourth place by a narrow margin, with a 30.75% increase in sales to $1.3 million. The BNB network ranks fifth with $856,027 in sales and a 7.54% buyer share. Finally, Cardano, despite a 36.22% increase in sales and a total sales of $346,115.

 

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