The non-fungible token market continues to post impressive relative performance in recent days, with Polygon-based NFTs and bitcoin Ordinals making a strong return to the nft market. bitcoin Ordinals gained mass adoption earlier this year before losing its initial hype in the middle of this year.
Ordinal sales increase by 64% in the last 24 hours
Data collected by CryptoSlam.io, an on-chain data aggregator, shows that non-fungible tokens hosted on the bitcoin blockchain network have regained some traction in the market in recent days. In the last 24 hours, bitcoin Ordinals has recorded a trading volume of $2.5 million, emerging as the second most traded nft collection.
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Earlier this year, bitcoin Ordinals, the collection of non-fungible tokens enrolled in the bitcoin network using Ordinal theory, made an impressive foray into the nft market. A few weeks later, bitcoin ordinal NFTs gained mass adoption among cryptocurrency collectors and investors.
When will bitcoin change ethereum sales?
— BitGod (@BitGod21) November 2, 2023
In April, bitcoin ordinals gained a significant lead over popular NFTs such as Polygon, Immutable X, BNB Chain, and Solana nft, becoming the second most traded nft collection. The surprising feature of Ordinals’ growth trajectory was that it came during the nft crypto winter.
Unfortunately, following the prolonged nft crash, bitcoin ordinals fell to almost zero in June. But in recent days, bitcoin Ordinals have regained their initial market strength and are now the second most traded nft collection. In the last 24 hours, bitcoin Ordinals sales increased by 68%.
Why are bitcoin ordinals pumping?
Earlier this week, Elon Musk, the billionaire investor and owner of X (formerly Twitter), participated in an interview to discuss issues related to NFTs. During the special session, Elon Musk heavily criticized JEPG-based NFTs, citing that only its URL is linked to the blockchain network.
Hey @Elon Musk almost a year ago @rodarmor He created the Ordinals protocols, which are NFTs on bitcoin and are 100% immutable. pic.twitter.com/vDi1nc44hl
— Bongó (@bongobongonft) October 31, 2023
Elon Musk’s sentiments have created a brief frenzy around bitcoin Ordinals, which seemed to be in line with his recommendations. bitcoin Ordinals introduces the innovative concept of enrolling data directly into Satoshis, leveraging the unparalleled security and robustness of bitcoin.
bitcoin ordinals are written into bitcoin using the ordinal protocol and become immutable. The Ordinal inscription protocol provides a permanent and immutable record, ensuring the longevity and authenticity of the inscribed content.
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