In the past several weeks, Bitcoin non-fungible tokens, popularly known in the nascent crypto sector as Bitcoin Ordinals, have seen a revival in activity. Bitcoin NFTs have spiked despite the recent market downturn, which has left many floor prices in massive losses.
Bitcoin NFTs Gain Traction Amid The Bear Market
Data compiled by Dune Analytics, an on-chain market data aggregator, indicates that Bitcoin ordinals have seen massive adoption among investors in recent weeks, with the total number of ordinal inscriptions now standing at 19,863,993.
We’re almost at 20,000,000 inscriptions on Ordinals
I remember 1M like yesterday…
What would happen if someone inscribed a .magic domain via Magic Eden as inscription #20,000,000?
— Magic Eden on Bitcoin
(@MEonBTC) July 28, 2023
Launched sometime this year, Bitcoin non-fungible tokens are unique digital assets built on the flagship blockchain “Bitcoin.” They combine the characteristics of Bitcoin and non-fungible tokens, creating a new form of digital ownership and collectibles within the Bitcoin ecosystem.
Since Bitcoin ordinals operate on a peer-to-peer network, they take advantage of the blockchain’s security, scalability, and robustness while incorporating the concept of non-fungible tokens. Developers have found ways to implement NFT functionality on top of the Bitcoin network by utilizing layer-two solutions like the Lightning Network.
Bitcoin ordinals have several benefits and use cases. Like other NFTs, they enable the ownership and trading of unique digital assets directly within the Bitcoin ecosystem. Before ordinals came into the spotlight, NFTs were only associated with Ethereum and other blockchain platforms.
Bitcoin Ordinals Near 20M Inscriptions Mark
Ordinals came into the spotlight in January, bringing the NFT and smart contracts narrative to the Bitcoin blockchain and spurring investor interest in tokens like STX, the native token of Bitcoin layer 2 Stacks Network. These NFTs have also suffered a downturn in the past several weeks, just like other NFTs.
But interestingly, from earlier this month, Bitcoin ordinals have seen a sharp spike, with the no of inscriptions now approaching 20 million marks. Earlier this week, the daily ordinal inscription hit 350,000. Since their inception, Bitcoin ordinals have generated more than $54 billion in revenue.
Source: Dune Analytics.com
In the meantime, Bitcoin NFTs have generated a trading sales volume of $603,529 in the past 24 hours. During this period, ordinal collections sit at position seven in terms of sales volume ranking. In the past 30 days, Bitcoin NFTs have been the second most traded NFT, recording a sales volume of $82 million.
Source: CryptoSlam.io, Bitcoin NFTs sales 24Hrs
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