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The non-fungible token market has witnessed a notable sell-off after an ungraded Ordinal collectible on the bitcoin network changed hands for a staggering 63.4 btc, equivalent to $6.09 million. This transaction, which occurred just a few hours ago, generated significant interest within the nft community and propelled Ordinals' trading volume to new heights.
Ordinal uncategorized nft sells for +$6 million
Data collected by CryptoSlam.ioan on-chain crypto market data aggregator and non-fungible token explorer, confirms that an Uncategorized Ordinal has successfully exchanged hands for $6.09 million directly from user to user. Following the Ordinal high-profile nft sale, the global nft market's trading sales volume has significantly increased to new heights. In the last 24 hours, the nft market recorded a trading volume of $30 million, up 60% from the previous day.
The bitcoin Ordinals market saw a substantial surge following the high-profile ordinal sale, skyrocketing 31% in a 24-hour period. The increase in activity boosted trading volume to $12.2 million. bitcoin Ordinals has outperformed the ethereum nft market, which also appears to be retesting a brief bull run. In the last 24 hours, ethereum-based nfts have recorded a trading volume of $9.7 million, up 173% from the previous day.
Released by bitcoin developer Casey Rodarmor on January 20, 2023, Uncategorized Ordinals are nfts on the bitcoin blockchain network that are not part of an official collection. Rodarmor took advantage of Satoshi Nakamoto's ordinal theory to create categoryless ordinals. The Ordinals Protocol allows an individual identifier to be assigned to each satoshi as it is created, making each one unique. The creation of Ordinals was made possible by the Taproot 2021 update.
nft Market Analysis and Prediction
The recent sale of the Uncategorized Ordinal for an impressive $6.09 million has certainly created a stir in the nft market. This high-profile sale is a perfect testament to the thriving nft market. Furthermore, the increase in trading volume following the recent ordinal sale demonstrates the market's capacity for growth and the potential for unprecedented transactions. The nft market is expected to continue to flourish as industry participants and enthusiasts continue to refocus on the digital asset space.
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