Bitcoin Ordinals – A Hotbed Of NFT Trading
Introduced in January, Ordinals experienced moderate growth but have since exploded, with nearly 35 million inscriptions minted until September, according to Galaxy Research, a blockchain analytics firm.
Bitcoin Ordinals, despite being primarily fueled by digital artifacts or image-based files, saw a faster growth in its early stages when focusing on image-based inscriptions. During its first 200 days of activity, Bitcoin minted around 1.14 million digital artifacts, compared to Ethereum and Solana which experienced slower minting activity since the debut of NFTs.
Ordinals, experienced significant growth during the NFT crypto winter, according to Galaxy Research. Despite the bear market, Ordinals gained traction and the concept of digital artifacts on Bitcoin. NFT trade volumes dropped significantly in 2023, with Ordinals accounting for 18% of all NFT volumes in May. Despite dropping out of the spotlight, Ordinals contributed significantly to Bitcoin’s NFT activity.
Bitcoin became a popular spot for trading digital artwork, with the third-highest NFT trading volume in Q1 2023, surpassing major players like Polygon [MATIC]. Ordinals’ frenzy also increased network activity, peaking in May due to the bulk minting of BRC-20 tokens. Ethereum and Solana trailed behind.
(With inputs from Shikha Singh)
You need to login in order to Like
