Uncategorized Bitcoin Ordinals Sold for $2.7M; Boom in NFT Market

By June 4, 2023NFT
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Uncategorized Bitcoin Ordinals Sold for $2.7M; Boom in NFT Market

Bitcoin NFTs witnessed a massive increase in sales. Its sales went up to $34.97 Million, claiming the second spot among popular NFT blockchains.

Bitcoin’s revenue made up 17.31% of 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.

On the Top of the List Is Ethereum

Ethereum claimed the first spot yielding approximately $123.17 Million, followed by Bitcoin and other known NFT benefactors like Solana, Mithos, and Polygon .

Last week’s top performer was Ethereum-based Bored Ape Yacht Club (BAYC) with $17.06 Million in sales.

Apart from the above, the other Ethereum-based NFT collection, ‘Azuki’ was also ranked in the list as it generated $13.75 Million in sales.

Following these NFTs were Mutant Ape Yacht Club (MAYC) with $8.5 Million sales and OXBT BRC20 with $8.32 Million sales.

The increase in global NFT sales can be explained by an increase in the number of buyers in the market. As per reports, 724,193 buyers participated in NFTs weekly sales. A 37.45% increase was recorded compared to its previous week reports.

Stated that, 21 blockchains in the crypto market all together made a $202.22 Million milestone by trading NFTS.

Ordinal Protocols

The Bitcoin-based Ordinals stole the limelight as a sharp surge was noticed in sales volume. Ordinal Protocol is an inscribing mechanism by which users can inscribe Satoshis (the smallest units of Bitcoin) with data like JPEG texts and images.

Uncategorized Ordinals lead NFT sales, with the highest-priced NFT selling for $2.72 Million. A different NFT from the PPAI BRC20 NFT collection was sold for a handsome amount of $1.3 Million. The Bitcoin based Uncategorized Ordinals secured $9.5 Million in sales.

Bitcoin NFTs have performed very well in reference to last month by minting around $167 Million in sales. Ethereum NFTs made $397 Million in sales.

This difference is huge, analysts suggested that Bitcoin’s acquired momentum will soon narrow down the gap and might overtake Ethereum.

Bitcoin surpassed Solana which stood at $57 Million primarily because of Bitcoin Frogs which attracted buyers because of its unique creation process.

Launched in January 2023, ‘Frogs’ spotted almost 150K transactions. This increase in transactions resulted in a significant increase in transaction fee. Bitcoin Frogs has generated staggering $2 Million in sales.

As per Dune Analytics, $44,567,973 is the total ‘Ordinals Fees’ collected till date. The total inscriptions till date were 10,801,100 which counts a total of 1,641.5386 Bitcoins inscribed.

Uncategorized Bitcoin Ordinals Sold for $2.7M; Boom in NFT Market
Source: Dune Analytics
Uncategorized Bitcoin Ordinals Sold for $2.7M; Boom in NFT Market
Source: Dune Analytics

The stimulating growth and innovation within the NFT market is giving unprecedented opportunities for creators, artists, and collectors alike.

With a rapid increase in adoption 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 new revenue streams, and reshapes the extents of artistic expressions. The near future has limitless possibilities for NFT space.

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