Bitcoin is now more popular than Solana, making it the second most popular Nft Blockchain
Bitcoin’s market for non-fungible tokens is growing, but most of this growth is due to the recent interest in trading memecoins on the blockchain.
According to data from CryptoSlam, the monthly trading volume of non-fungible tokens (NFTs) and memecoins on Bitcoin was higher than Solana’s.
Bitcoin ordinals trading volume is currently second behind Ethereum, which did $393 million in NFT volume, more than double Bitcoin ordinals’ $27,162 Bitcoin in 30 days starting April 23. During this time, Bitcoin began to pull away from well-known blockchains such as Polygon, ImmutableX, BNB Chain and Solana.
According to a Dune dashboard created by Domo, which created the BRC-20 token standard, most ordinals trades on Bitcoin involved BRC-20 tokens.
The BRC-20 token standard is an experimental standard for fungible tokens built with ordinals. It has been a source of excitement for memecoin, which is a speculative cryptocurrency whose price movement is driven by the actions of some passionate communities.
As interest in BRC-20 memecoins grew in the first half of May, its total market capitalization passed $1 billion. The market cap of BRC-20 tokens is $447 million right now.
Popular BRC-20 tokens like ORDI, PEPE and MEME do nothing useful and were mostly created for testing reasons. For example, Domo, a Twitter user, created ORDI to showcase the BRC-20 features that Ordinals offered.
Most of the BRC-20 volume appears to be caused by traders looking to cash in on the new trend. However, as gains decrease, trading of BRC-20 tokens is also expected to decrease.
Bitcoin NFT trading is on the rise.
In the market, BRC-20 coins are being replaced by media-based ordinals, also known as Bitcoin NFTs. UniSat, which mostly trades in BRC-20 tokens, is starting to lose business to Magic Eden, which is a well-known Bitcoin NFT marketplace.
Percentage of volume by marketplace. Source: Dune
Popular collections on Ethereum such as Bored Ape Yacht Club (BAYC), which had just over $40 million in trading volume from April 23rd to May 23rd, did about a quarter as much business as popular collections such as Bitcoin Frogs.
NFT traders will try to make Bitcoin NFTs as successful as Ethereum NFTs by assembling sets of ordinal holders into closed groups.
So far, the Bitcoin NFT ecosystem seems to be far behind Ethereum, which can support decentralized autonomous organizations and has other advantages such as integration with the strong $27.5 billion decentralized finance ecosystem.
For example, BAYC and Azuki both have metaverse projects built around them. These projects give NFT holders special benefits that other people cannot get. On the other hand, CryptoPunks and Milady Maker are famous because they are hard to get and people like to be the first to get them.
It remains to be seen how good Bitcoin NFT collections are at building loyal communities like CryptoPunks, Milady Maker, Azuki or BAYC. Although the trading volume of NFTs and memecoins on Bitcoin reached second place in May, the NFT collections have yet to be useful or build a loyal community of holders.
