The Impact of Bitcoin Ordinals on the NFT Market
According to the most recent quarterly report by DappRadar, Bitcoin Ordinals NFT inscriptions on the blockchain have resulted in trading volume of over $210 million.
Bitcoin Ordinals' Influence on the Bitcoin Ecosystem
According to the numbers, Bitcoin Ordinals' rising popularity during the second quarter of 2023 resulted in a dramatic rise in trade volume.
The Surging Trade Volume of Bitcoin Ordinals NFTs
Trading volume for Bitcoin Ordinal was $7.18 million in Q1. DappRadar reports that the overall trading volume for Bitcoin-based NFTs increased by $210.7 million, or 2834 percent, during the last quarter.
DappRadar Report: Bitcoin Ordinals' Explosive Growth in Q2 2023
The research also notes that by the middle of 2023, there had been more over 550,000 Bitcoin Ordinals deals, with about 150,000 traders accounting for the bulk of the activity.
Using the Dune blockchain analytics dashboard, user @domo discovered a sudden uptick in unique users beginning in May 2023. Magic Eden, Ordinals Wallet, and UniSat, an open-source Chrome browser plugin for Bitcoin Ordinals and brc-20 tokens, account for the vast bulk of the market's individual consumers.
Bitcoin Ordinals marketplace data. Source: Dune analytics
Bitcoin Ordinals: A Game Changer in the NFT Landscape
Bitcoin Ordinals' meteoric rise has had far-reaching effects on the NFT market. By the end of May 2023, Bitcoin had overtaken Solana to become the second-most popular NFT blockchain, with Ethereum remaining the market leader in terms of NFT trading volumes alone among major cryptocurrency blockchains.
In addition, Ordinals have been useful to the Bitcoin mining community. Coin Metrics notes that the rise in fees, driven in part by Ordinals and BRC-20 tokens, has already surpassed the total for BTC miners in 2022, at about $184 million.
Vitalik Buterin's Praise for Bitcoin Ordinals' Builder Culture
Ethereum co-founder Vitalik Buterin thanked Bitcoin Ordinals for reviving a "builder culture" in the Bitcoin ecosystem during a Twitter Space broadcast on July 6.
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