Ordinal numbers are unique digital assets engraved on a satoshi, the smallest unit of Bitcoin. Their creation was made possible by the Taproot upgrade, which was launched on the Bitcoin network in November 2021. This upgrade enabled the inscription of data on the Bitcoin network in the same way as creating NFTs on other blockchain platforms. The introduction of Ordinals has created a buzz in the Bitcoin community, leading to significant traction and growing interest among users.
According to data from NFT aggregator CryptoSlam, collections such as $INSC BRC-20 NFTs, Uncategorized Ordinals, $SATS BRC-20 NFTs, and $BRC-20 NFTs have seen significant trading volumes, surpassing popular Ethereum collections such as Azuki, BAYC, and degods.
Ordinals new enrollments topped 250,000 on Monday, based on data tracked by data analytics platform Dune Analytics. This represents an increase of more than 300% since the launch of the Bitcoin Request for Comment BRC-69 token standard by Ordinals launchpad Luminex on July 3. The modified version of the BRC-20 standard has significantly reduced the cost of enrollments for Ordinals by over 90%.
In contrast, Ethereum’s daily volume only saw a 3.8% increase over the same period. However, it is important to note that Ethereum’s sales volume still exceeds that of Bitcoin.
Ordinals have witnessed a remarkable increase in both sales and active buyers, achieving over 130% growth in USD sales and capturing nearly 10% of the buyer market. While Ethereum currently leads the NFT sector with total revenues exceeding $15.65 million, the meteoric rise of Bitcoin Ordinals suggests a potential shift in dominance.
This shift indicates that the interest of traders in Bitcoin NFTs has surpassed that of Ethereum. One contributing factor to Ethereum’s struggle to gain traction is the falling rock bottom prices of its top collections.
While Ethereum previously held the title of the king of NFT volume mainly due to its mass adoption in 2021, collections on the Ethereum blockchain have faced challenges in maintaining a steady upward trajectory since the start of the year . It was during the same period that Bitcoin Ordinals came into being, backed by the Taproot network, and has been steadily gaining popularity despite controversies surrounding its operation on the Bitcoin network.
As Bitcoin Ordinals continue to set new records and attract more and more attention, it remains to be seen whether they will dethrone Ethereum and reshape the landscape of the NFT sector.
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