Bitcoin Flipped Ethereum In The NFT Market Dominance – Ordinals Are On The Rise

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Bitcoin, the blockchain network that powers the flagship crypto Bitcoin, continues making significant strides in the non-fungible token ecosystem. Bitcoin blockchain is now steadily climbing the ranks, vying to become the leading NFT blockchain.

Bitcoin Dared Ethereum NFT Market Dominance

Even though Ethereum’s position as the leading NFT blockchain is formidable, Bitcoin has dared to dethrone Ethereum in NFT market dominance. Bitcoin has successfully managed to slightly defeat Ethereum in the past few hours before reclaiming NFT dominance hours later.

BREAKING: Ordinals just flipped Ethereum NFTs for the first time.
So of course I had to inscribe it into Bitcoin forever!
→ https://t.co/OuuJHidJ9g pic.twitter.com/zNX2rkB9nn
— Leonidas (@LeonidasNFT) November 8, 2023

Data compiled by CryptoSlam.io, an on-chain data aggregator, confirms that the Bitcoin blockchain network flipped Ethereum in sales on November 8, emerging as the timely leading blockchain for NFTs for the first time in history. Unfortunately, the Bitcoin NFT market dominance didn’t last for long.

You were all warned Bitcoin could not be stopped🫡 pic.twitter.com/HtagHiQzi2
— BitGod (@BitGod21) November 8, 2023

At the time, non-fungible tokens hosted on the Bitcoin network were up 48%, amassing a trading sales volume of $18 million. Ethereum NFTs were down 2.64% during this time, gathering a trading sales volume of $14 million. Solana NFTs came third, recording a trading sales volume of $1.1 million. Bitcoin Ordinals rose after they got listed on the Binance crypto exchange.

Understanding Bitcoin Ordinals And Inscriptions

It’s worth noting that Bitcoin’s success in the NFT market is not solely attributed to Ordinals, a BRC-20 token collection minted on the Bitcoin blockchain. $SAT BRC-20 and $RAT BRC-20 are the top traded NFT collections right now, amassing a trading sales volume of $28 million and $7 million in the past seven days.

Bitcoin Ordinals were introduced this year by Casey Rodarmor, a renowned Bitcoin developer. Bitcoin’s Ordinals protocol assigns 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. We have over $38 million in inscriptions to date.

Since its inception, Bitcoin Ordinals have become influential in that NFT traders have co-opted the term, referring to NFTs inscribed on a satoshi as “ordinals” or “inscriptions.” 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 the meantime, Bitcoin ordinals continue gaining traction among NFT investors and collectors, ranking second after Ethereum NFTs. Bitcoin has recorded a trading sales volume of $56 million in the past seven days. Bitcoin NFT sales volume is up 608% this week.