Bitcoin becomes second largest blockchain for NFTs as Ordinals volume rises

It is quickly becoming clear that 2023 is the year of Bitcoin Ordinals. Although open-source and memecoins each took the spotlight for their respective 15 minutes of fame, NFTs on the world’s first blockchain have continued to gain traction through the ups and downs of the NFT market.

Of course, the historic crypto network has long claimed its place as the number one chain in terms of market capitalization. But now Bitcoin is slowly creeping towards the front of the non-fungible pack in an attempt to be crowned at the top NFT blockchain too – and it is already in second place.

A quick climb to the top

According to popular NFT industry data aggregator CryptoSlam, Bitcoin has easily secured the 10th spot in the ranking of top NFT blockchains by sales volume. Yet, over the past month, something has changed, leading the chain to generate enough NFT revenue to rise to number two among breadwinners in the 30-day period.

In fact, on the 30-day chart, Bitcoin has essentially blown the competition out of the water. While Ethereum remains on top with around $393 million in volume, Bitcoin follows with upwards of $169 million, more than double Solana’s third place with $55 million.

And it’s no longer just uncategorized Ordinals leading the way for Bitcoin to prevail, because in recent months a number of organized fundraising efforts have found success on the chain. Two of the most popular are undoubtedly Space Pepes and Bitcoin Frogs, each of which brought in a significant amount of sales volume ($12 million and $9.6 million respectively) in the last 30 days alone, according to CryptoSlam.

While Bitcoin Ordinals have only been around for a few months, their influence has already become undeniable. From major brands to historic projects finding a home on the blockchain, it’s no surprise that “Bitcoin NFTs” have seen the seasoned chain land among the top providers of NFT sales volume.

Of course, it will take some serious trading for Bitcoin to knock out Ethereum for the top spot. However, with BRC20 tokens leading the Ordinals ecosystem, inscriptions approaching the nine million mark and the number of Bitcoin NFTs continuing to increase month after month, calls for a “flipping” may not be far off.