Ordinals generated a sales volume of $18,5 million in the last week, according to data from the CryptoSlam platform.
Ordinal inscriptions on the Bitcoin blockchain, which are the equivalent of NFT tokens on other blockchains, continue to attract merchant interest in this space.
According to data consulted on the CryptoSlam platform, which monitors the movement and operations with NFT tokens, ordinals sold $18,5 million dollars last week, positioning itself as the main collection of NFTs on the market.
The data also shows that NFT trading activity on the Bitcoin blockchain has been higher than that of Ethereum in the last 7 days. In this period, sales of NFTs in Bitcoin exceeded $45 million, while in Ethereum they totaled $38,5 million.
Source: CryptoSlam
While Ethereum continues to lead the NFT market, in terms of total non-fungible token sales volume, other blockchains are gaining popularity in space. In the case of Bitcoin, the blockchain has stood out for offering the possibility of registering or minting NFTs directly on the blockchain.
More than $1.000 billion in sales
As one of the most successful NFT collections on the market, ordinals minted on the Bitcoin blockchain have generated More than $1.000 billion in sales volume since its launch, just over a year ago.
The most expensive ordinal sold so far has been the Uncategorized Ordinals #145fdb…9dc3i0, which was sold on May 10, 2023 for 35 BTC, valued at around $967.000 at the time.
Another 4 ordinals have sold for over $800.000 each, demonstrating the popularity of these Bitcoin-inscribed digital assets among collectors and non-fungible token traders.
Why have Ordinals become so popular?
Ordinals are a relatively new NFT token protocol, compared to others like CryptoPunks, which were born on Ethereum in 2017. However, today, these digital assets have become more than just non-fungible tokens. As mentioned, ordinals allow digital content to be inscribed directly on the Bitcoin blockchain, using satoshis, which has given rise to New features and use cases for this blockchain network.
Before ordinals, Bitcoin was used as a network for global value transfer, while other uses of the blockchain, such as the development of smart contracts and the minting and trading of crypto collectibles, were assigned to other networks such as Ethereum. However, the arrival of this protocol represented a substantial change for Bitcoin, expanding its usefulness and functionality.
Through ordinals, developers and users have poured everything from images to video games into Bitcoin. The protocol has also led to the creation of other tokens already asset tokenization on this blockchain, from stablecoins to security tokens, unlocking the network's potential in the decentralized finance (DeFi) sector. They have also led to a substantial increase in the income of the network's miners, who have earned more than $400 million in commission fees from this protocol transactions.
However, although ordinals represent an innovation for the Bitcoin blockchain, the protocol has also raised concerns among the crypto community, due to its scalability. At peaks of activity, these signups have crashed the network, significantly raising commission rates for users.
