Bitcoin Ordinals About to Disrupt Market Dominance for Ethereum NFTs

Bitcoin's Ordinals," the native non-fungible tokens (NFTs), are on the brink of taking over dominance of the NFT market from Ethereum.Ordinals are Bitcoin's latest protocol deployed to enable Bitcoin users to mint and transfer non-fungible tokens on the network.

Currently, Ethereum ranks as the number one hub of these tokens in the market. It is now followed by Bitcoin's Ordinals, then Solana, and Polygon.

Ordinals Keep Ethereum NFTs on Their Heels

Bitcoin's native non-fungible tokens (NFTs) protocol, Ordinals, appears to be hard on Ethereum Network's heels in terms of market dominance.According to data from CryptoSlam, a popular NFT industry aggregator, Bitcoin NFT sales have increased by 8301% in the past 1 day.

This is a massive increase compared to the Ethereum network, which only recorded 1.33% growth during this exact timespan. But, it's worth noting that Ethereum's NFT sales towered over Bitcoin NFT's.

The total sales of NFTs on the Ethereum Network was $14.75 million, while that of Bitcoin's Ordinals NFTs registered $6.69 million. A significant fact in the industry was how Bitcoin Ordinals had taken over the top spot from Ethereum NFTs in sales.

CryptoSlam's data revealed that digital collections such as $FRAM BRC-20 NFTs, Uncategorized Ordinals, and $SATS BRC-20 NFTs had more buyers than sellers.

On the other hand, Azuki Elementals, DeGods, Mutant Ape Yacht, and Bored Ape Yacht had lesser trading volumes,

This flip implies that investors and traders are more interested in Bitcoin NFTs than Ethereum NFTs. One major reason for Ethereum's inability to expand was the declining floor prices of its popular collections.

Previously, Ethereum ranked highest in NFT trading volumes, mainly because of the traction it garnered amid the network's mass adoption in 2021.

However, since the beginning of this year, digital collectibles in the Ethereum network have faced a hard time gaining traction. Interestingly, Bitcoin Ordinals came into the picture during this period of Ethereum NFTs struggles.

Bitcoin Ordinals continued to grow even amid the controversies about it being just an experimental project. However, thanks to Taproot network's adoption of the development, it has gained more adoption globally.

Bitcoin Ordinals' Quarterly Growth was 2894%

Furthermore, Bitcoin's (BTC) annual trading volume increased from $7.18 million in 2023 Q1 to $210.7 million by June's end.According to DappRader's report, this was a massive 2894% increase for the network.

The data also revealed how the high demand for Bitcoin's Ordinal NFTs within 2023 Q2 has led to a notable growth in the protocol's transaction volume.

Meanwhile, data from Dune Analytics shows that more than 16 million ordinals have been issued to date.

Thus, it's worth noting that Bitcoin's Ordinals emerged as the new guy in the NFT block and overtook Solana, Polygon, and ImmutableX to rank just below Ethereum Network.

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