Solana
Bitcoin NFTs cross the $4 billion mark in sales!
5:00 p.m. ▪ 3 min reading ▪ by Fénelon L.
Bitcoin NFTs have achieved a resounding feat of surpassing the historic milestone of $4 billion in global sales, dethroning dominant blockchains Ethereum and Solana over the past month.
A breakthrough despite a sluggish NFT market
Last month, as the overall NFT market saw a sharp decline of 54% compared to April, the ordinals defied this downward trend with an exceptional sales volume of $171 million.
This remarkable performance propels them ahead of the giants Ethereum ($159 million) and Solana ($90 million) over the same period.
Despite the overwhelming dominance of Ethereum, which peaks at $43.8 billion in historic NFT sales, Bitcoin Ordinals have climbed to fourth place among blockchains in terms of overall volume, a rapid ascent this surprised observers.
Their rise is attributed to the eponymous protocol created at the end of 2022 by Casey Rodarmor. By assigning unique numbers to satoshis, this revolutionary system allows the creation of distinct digital assets directly on the Bitcoin blockchain.
An intrinsic value that transcends digital art
The Ordinals are fundamentally distinguished from NFT thanks to an additional layer of value. Aside from the inscribed works of art, their value inherently relies on the rarity and historical significance of the satoshi to which they are linked.
Satoshis extracted by Satoshi Nakamoto itself, or those issued during key events in Bitcoin’s history, such as halvings, have a particularly high value in the eyes of savvy collectors.
From a technical perspective, Ordinals offer greater decentralization and completeness compared to their conventional counterparts, as all data integrates directly onto the Bitcoin blockchain, without relying on external off-chain data.
Despite initial hesitation from some established NFT artists, a passionate community has formed around Ordinals, shaping a rich ecosystem of valuable and coveted digital assets.
This resounding success marks a decisive turning point in the history of NFTs and cryptos. THE current prowess of the Ordinals is perhaps just a taste of the revolution to come in this ever-changing space.
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Fenelon L.
Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.