NFT Market Update: Bitcoin Ordinals Rival Ethereum NFTs, Inscriptions Hit 10M, And More

Updated: 31 May 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

The non-fungible token market has begun to slowly crawl back on its feet after suffering a brutal market downturn in the past several months. The NFT market has shown signs of life springing up and soon may retest another market hype.

The State Of NFTs Right Now

The NFT market reached its market all-time high in December 2021. At the time, the market bull run left the majority of NFTs soaring high in their value. Unfortunately, in the past several months, most NFTs have suffered a brutal comedown following the recent crypto winter, which started in June 2022.

Despite the general crypto facing several challenges, including regulatory uncertainty, the NFT market has defied these sentiments and started a short rally. Bitcoin Ordinals are leading the short market frenzy, posing a new threat to the bear market that has dominated for months.

Recently, Bitcoin Ordinals have been exerting a lot of pressure in the crypto market, suggesting that the bear market may be over sooner than many people had thought. Bitcoin threatens to dethrone Ethereum in NFT market dominance.

Bitcoin Ordinals vs Ethereum NFTs

Bitcoin NFTs entered the NFT market at the start of this year. Since then, Bitcoin Ordinals have gained mainstream adoption among investors. In the meantime, over 10 million ordinals have already been inscribed, and these figures show promising signs of soaring even higher in the coming weeks.

Inscription of NFTs on the flagship crypto Bitcoin has created a stiff contest across crypto networks. Many people have dumped NFTs hosted on other chains like Ethereum and Solana. For example, in recent weeks, very few investors have been talking about CryptoPunks, BAYC or Azuki NFTs.

Bitcoin Ordinals are generating waves of impact and are now the second most traded NFTs. These NFTs have jumped from 4,000 daily inscriptions in March to 400,000 daily in May, suggesting they are worth watching.

In the past seven days, Bitcoin Ordinals have raised more than $29 million in trading sales volume, while Ethereum NFTs have raised $92 million over the same period. Bitcoin has surged 25% during this period, while Ethereum increased by 16%.

Top NFT News Headlines Right Now

Earlier last week, China announced softening its harsh stance against crypto and allowing collectors to trade crypto and NFTs. In 2021, China launched a national clampdown on all crypto-related trading, pushing many crypto firms to relocate to crypto-friendly states.

CCTV (China Central Television) just broadcasted crypto. It’s a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs.

Not saying past predicts the future. And not financial advice.https://t.co/2wcArnPI93

— CZ ? Binance (@cz_binance) May 24, 2023

Moreover, Russia announced plans to use crypto to settle cross-border transactions. The two significant announcements excite the NFT and crypto markets and may lead many to believe these alone can turn the bearish market around.

Best Bitcoin Ordinals To Buy Right Now

Launched late last week, Wall St Bulls is one of the ordinal collections gaining mainstream adoption among investors. The ordinal collection was created by Wall St Memes, the team behind the popular Wall St Bulls NFT collection that sold for just 32 minutes in 2021.

WSB ORDINALS
AVAILABLE NOW ON MAGIC EDEN
420 COLLECTION
ON THE 690,xxx BLOCK
GET YOURS NOW, WHISLT YOU CAN:https://t.co/7hSxd2YJy4 pic.twitter.com/Ge85Si5qKl

— Wall St Bulls (@wallstbullsNFT) May 29, 2023

The new ordinal collection features a collection of 420 ordinals created from 690,000 blocks. It’s worth noting that the same team has a rapidly selling presale, just like other digital projects. The token presale has raised over $1.8 million in less than a week.