Bitcoin now the second most dominant blockchain for NFTs after Ordinals Hype – BitcoinKE

Bitcoin now the second most dominant blockchain for NFTs after Ordinals Hype – BitcoinKE

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According to CryptoSlam, a Web3 data platform, Bitcoin-based non-fungible tokens (NFTs) have rapidly risen in popularity, ranking second in terms of NFT sales per blockchain over the past 30 days. This indicates a growing demand and interest for Bitcoin-themed NFTs within the NFT market.

In that time, Bitcoin NFTs have generated $167 million in gross sales. While this amount is lower compared to Ethereum’s $397 million, Bitcoin’s NFT sales surpass those on the Solana network by nearly three times, which totaled around $57 million.

The intense rise of the Ordinals protocol is probably the main reason behind Bitcoin’s rapid rise in the NFT space. This mechanism makes it possible to include data, such as a JPEG, on Satoshis, the smallest unit of bitcoin.

In March 2023, Yuga Labs, a popular NFT creator, made headlines after announcing that they earned over $16 million (735.7 bitcoin) from the auction of 300 Bitcoin NFTs in the TwelveFold collection, drawing a lot of attention to Bitcoin NFTs.

The rise of ordinals has also caused a significant increase in the usage, fees and storage space of the Bitcoin Network, with BRC-20 token transactions now accounting for the majority of ordinal activity on the Bitcoin blockchain.

The BRC-20 token standard is a framework on the Bitcoin blockchain that allows programmers to create and send fungible tokens via the Ordinals protocol.

During the first half of May 2023, the total market capitalization of BRC-20 memecoins exceeded $1 billion, driven by increasing hype and interest. Currently, the market cap of BRC-20 tokens is $447 million.

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Traders looking to capitalize on the recent surge in popularity are the main contributors to the trading volumes of BRC-20 tokens. Over 8,500 unique tokens have been created using the BRC-20 standard, with memecoins such as $PEPE and Memetic ($MEME) making up the majority of these BRC-20 tokens.

Bitcoin Frogs, a non-fungible token (NFT) modeled after frogs, recently became the most traded collection in 24 hours, surpassing even prominent collections such as Bored Apes.

According to data from CryptoSlam, the collection of 10,000 unique frog collectibles minted on the Bitcoin Blockchain has achieved a trading volume of over $2.2 million since its launch in late February 2023. At the time of writing, each NFT in the collection is being sold for 0.12 bitcoin ( BTC), which equates to over $3200. Buyers and sellers incur trading fees ranging from $50 to over $1,200.

At the time of writing, BitAmigos, another Bitcoin NFT pool, is ranked second in 24-hour trading volume.

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