Bitcoin NFTs Take Lead In The NFT Market, As Ordinals Inscriptions Near 40M

Updated: 13 November 2023

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Bitcoin, the blockchain network renowned for powering the flagship crypto Bitcoin ‘BTC,’ has again outperformed Ethereum in non-fungible token trading sales volume. This is the second time in history for the Bitcoin network to outsmart Ethereum in the NFT market.

Bitcoin Ordinals Takes Lead In NFT Sales

Data compiled by Cryptoslam.io, an on-chain market data aggregator, confirms that non-fungible tokens hosted on the Bitcoin blockchain network are now the most traded NFT. In the past 24 hours, Bitcoin Ordinals have recorded a sales volume of $13.5 million, surpassing Ethereum-based NFTs, which have recorded just $11 million.

Last week, Bitcoin NFTs made a groundbreaking shift in the NFT landscape, emerging as the top traded NFTs for the first time in the short NFT history. Based on data from cryptoslam.io, non-fungible tokens hosted on the Bitcoin network soared to $17.17 million, surpassing Ethereum-based NFT sales of $15.77 million within the past 24 hours.

The historic remarkable milestone marked a pivotal moment for the Bitcoin blockchain network, demonstrating its expanding capabilities beyond its traditional role as a digital currency. The achievement also paved the way for its integration into the rapidly evolving NFT landscape.

Bitcoin Ordinals were introduced this year by Bitcoin developer Casey Rodarmor. The Bitcoin developer applied Satoshi’s Ordinals protocol to assign serial numbers to individual satoshis, the smallest unit of Bitcoin. These serial numbers, similar to speciality serial numbers on dollar bills, have driven tremendous transaction fees to miners.

Bitcoin Ordinals Market History

In the first few months in the market, Bitcoin Ordinals received a warm reception among traders. Bitcoin’s ordinals protocol has attracted the creation of BRC-20 tokens attached to Ordinals, opening up more possibilities for DeFi, tokenization, and experimentation directly on Bitcoin. In June, Bitcoin ordinals unfortunately lost its initial hype, plummeting to nearly zero.

Fortunately, after a prolonged downturn, Ordinal inscriptions, a unique form of NFTs on the Bitcoin blockchain network, have witnessed a resurgence in activity. In the past several months, the number of new inscriptions struggled until October 24, marking a significant decline.

However, Bitcoin inscription has turned upwards this month, with the blockchain making a record-breaking 433,471 new inscriptions in a single day on November 4. Data compiled by Dune Analytics shows that Ordinal inscriptions continue to soar, nearing the 40 million mark.

In a surprising turnaround event, $SATS BRC-20 NFTs, an NFT collection hosted on the Bitcoin blockchain network, has surpassed the renowned all-time-selling NFT collection Bored Ape Yacht Club in terms of sales over the past 24 hours, securing the top spot on the sales chart.

In the past 24 hours, $SATS BRC-20 NFTs have recorded a trading sales volume of $5 million, while Bored Ape Yacht Club NFTs have recorded a trading sales volume of just $2.8 million. $SAT BRC-20 NFTs are up 63%, while Bored Ape NFTs are also up 77$ in sales volume.

Source: CryptoSlam.io, Top Selling NFTs past 24 hours

The “$RATS BRC-20 NFTs” and “$BEAR BRC-20 NFTs” collection followed, claiming the third and fourth positions. In the past 24 hours, $RAT BRC-20 NFTs have recorded trading sales of $2 million, while $BEAR BRC-20 NFTs have recorded a trading sales volume of $1.8 million.

In the meantime, as Bitcoin and Ethereum rival for NFT market dominance, the non-fungible token market has experienced an uptick this second week of November. In the past 24 hours, the global NFT market has recorded a trading sales volume of $29 million. The global NFT market is up 12%.