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bitcoin, the blockchain network that powers the flagship cryptocurrency bitcoin, continues to significantly advance the non-fungible token ecosystem. The bitcoin blockchain is now steadily rising through the ranks, vying to become the leading nft blockchain.
bitcoin dared to dominate the ethereum nft market
Although ethereum‘s position as the leading nft blockchain is formidable, bitcoin has dared to dethrone ethereum in nft market dominance. bitcoin has managed to slightly defeat ethereum in recent hours before regaining dominance from nft hours later.
BREAKING: Ordinals just invested in ethereum NFTs for the first time.
So of course I had to sign him up for bitcoin forever!
→ https://t.co/OuuJHidJ9g pic.twitter.com/zNX2rkB9nn
– Leonidas (@LeonidasNFT) November 8, 2023
Data collected by CryptoSlam.io, an on-chain data aggregator, confirms that the bitcoin blockchain network surpassed ethereum in sales on November 8, emerging as the leading timely blockchain for NFTs for the first time in history. Unfortunately, bitcoin nft market dominance did not last long.
Everyone was warned that bitcoin couldn’t be stopped pic.twitter.com/HtagHiQzi2
— BitGod (@BitGod21) November 8, 2023
At that time, non-fungible tokens hosted on the bitcoin network increased by 48%, accumulating a trading sales volume of $18 million. ethereum NFTs fell by 2.64% during this time, gathering a trading volume of $14 million. Solana NFTs took third place, recording a trade sales volume of $1.1 million. bitcoin ordinals rose after they were listed on the Binance crypto exchange.
Understanding bitcoin Ordinals and Inscriptions
It is worth noting that bitcoin‘s success in the nft market is not solely attributed to Ordinals, a collection of BRC-20 tokens minted on the bitcoin blockchain. $SAT BRC-20 and $RAT BRC-20 are the most traded nft collections at the moment, accumulating a trading volume of $28 million and $7 million in the last 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 the special serial numbers on dollar bills, have generated huge transaction fees for miners. bitcoin-ordinals-analysis”>We have over $38 million in enrollment to date.
Since its inception, bitcoin Ordinals have become influential in that nft traders have adopted the term, referring to NFTs inscribed on a satoshi as “ordinals” or “inscriptions.” The bitcoin 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.
Meanwhile, bitcoin ordinals continue to gain traction among nft investors and collectors, ranking second only to ethereum NFTs. bitcoin has recorded a trading sales volume of $56 million in the last seven days. bitcoin nft sales volume increased by 608% this week.
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Source: Cryptoslam.io, nft sales via blockchain
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