Uncategorized Bitcoin Ordinals Sold for $2.7 Million; Boom in the NFT Market
Bitcoin NFTs witnessed a massive increase in sales. Sales went up to $34.97 million, claiming second place among popular NFT blockchains.
Bitcoin’s revenue accounted for 17.31% of the global NFT collection which stands at $202.22 million. Bitcoin blockchain is now the second largest contributor when the reference period is weekly sales volume.
At the top of the list is Ethereum
Ethereum claimed the first place and gave approximately $123.17 million, followed by Bitcoin and other well-known NFT benefactors such as Solana, Mithos and Polygon.
Last week’s top performers were Ethereum-based Bored Ape Yacht Club (BAYC) with $17.06 million in sales.
Apart from the above, the other Ethereum-based NFT collection, ‘Azuki’ also ranked on the list as it generated $13.75 million in sales.
Following these NFTs were Mutant Ape Yacht Club (MAYC) with $8.5 million in sales and OXBT BRC20 with $8.32 million in sales.
The increase in global NFT sales can be explained by an increase in the number of buyers in the market. According to reports, 724,193 buyers participated in NFT’s weekly sale. An increase of 37.45% was recorded compared to last week’s reports.
Stated that 21 blockchains in the crypto market together made a milestone of $202.22 million by trading NFTS.
Ordinal protocols
The Bitcoin-based Ordinals stole the limelight when a sharp increase in sales volume was noticed. The Ordinal Protocol is an entry mechanism that users can enter Satoshis (the smallest units of Bitcoin) with data such as JPEG texts and images.
Uncategorized Ordinals lead NFT sales, with the highest priced NFT selling for $2.72 million. Another NFT from the PPAI BRC20 NFT collection was sold for a handsome sum of $1.3 million. The Bitcoin-based Uncategorized Ordinals secured $9.5 million in sales.
Bitcoin NFTs have performed very well compared to last month by selling around $167 million. Ethereum NFTs made $397 million in sales.
This difference is huge, analysts suggested that Bitcoin’s acquired momentum will soon close the gap and may overtake Ethereum.
Bitcoin surpassed Solana at $57 million, primarily due to Bitcoin Frogs attracting buyers due to its unique creation process.
“Frogs” was launched in January 2023 and detected nearly 150,000 transactions. This increase in transactions resulted in a significant increase in the transaction fee. Bitcoin Frogs has generated a staggering $2 million in sales.
According to Dune Analytics, $44,567,973 is the total “Ordinals Fees” collected to date. The total inscriptions to date were 10,801,100 counting a total of 1,641,5386 Bitcoins inscribed.
The stimulating growth and innovation in the NFT market offers unprecedented opportunities for creators, artists and collectors alike.
With a rapid increase in the use of blockchain technology and expanding NFT platforms, the upcoming digital landscape is poised to redefine traditional art markets.
As the NFT market evolves and diversifies, it empowers artists, opens up new revenue streams and reshapes the scope of artistic expression. The near future has unlimited possibilities for NFT space.
