In this news title on Zatrun.com, while the hype around NFTs may have died down, there has been a renewed interest in Bitcoin NFT collections based on Bitcoin’s Ordinals protocol following weeks of sluggish activity. As the volume of Ethereum NFT markets has decreased, the growing activity in the Bitcoin NFT market has caught attention.
According to data analytics platform Dune Analytics, the graph for new inscriptions – a term used for unique written messages added to Bitcoin NFTs – is on the rise in the relatively small but rapidly expanding Bitcoin NFT market. This surge in activity is a promising sign for collectors and investors who are interested in exploring the potential of Bitcoin-based NFTs.
Ordinal NFTs Gain Popularity on Bitcoin Mainnet, With Over 1.7 Million Inscriptions Created
In January, Bitcoin developer and software engineer Casey Rodarmor released the Ordinals protocol, which enables the creation of Bitcoin NFTs on the Bitcoin network, with unique digital works created exclusively for Bitcoin. The NFTs created using this protocol are called “inscriptions.”
Since then, there has been a surge of interest in Ordinal NFTs, with over 1.7 million inscriptions printed and miners earning more than $5 million in fees. The popularity of Ordinal NFTs on the Bitcoin mainnet has grown rapidly, with investors and collectors seeing the potential of these unique digital assets.
With the increasing demand for Ordinal NFTs, it is expected that the Bitcoin NFT market will continue to grow and offer exciting opportunities for creators, investors, and collectors a like.
Ethereum NFT Market Volume Declines as Bitcoin Ordinals Trading Activity Surges
The volume of the Ethereum NFT market appears to be declining as trading activity on Bitcoin’s Ordinals protocol increases, according to Dune Analytics. In fact, the Ethereum NFT market seems to be on the verge of collapse.
Token incentives for transaction volume on Blur, a decentralized NFT marketplace based on Ethereum, have helped support a strong start to the year for the Ethereum NFT market. However, with the deadline for token demand approaching on May 1st, many traders are leaving Blur.
As a result, the market’s transaction volume has plummeted by 90% from its highest level on February 22nd, reaching just 6,509 Ether yesterday. Meanwhile, OpenSea reported sales of approximately 3,000 Ether.
The decline in Ethereum NFT market volume has raised concerns among investors and traders, with some speculating that this trend could continue in the coming weeks. However, with the increasing popularity of Bitcoin-based NFTs and the potential for new developments in the NFT space, the future of the NFT market remains uncertain but full of possibilities.