by
Wed 05 Jun 2024 ▪
3
min read ▪ by
Bitcoin NFTs have achieved a resounding feat by surpassing the historic milestone of $4 billion in global sales, dethroning the dominant blockchains Ethereum and Solana over the past month.
A Breakthrough Despite a Sluggish NFT Market
Last month, while the overall NFT market experienced a steep 54% decline compared to April, the Ordinals defied this downward trend with an exceptional sales volume of $171 million.
This remarkable performance propelled them ahead of the giants Ethereum ($159 million) and Solana ($90 million) during the same period.
Despite the overwhelming dominance of Ethereum, which peaks at $43.8 billion in historic NFT sales, Bitcoin Ordinals have climbed to fourth place among blockchains by overall volume, a swift ascent that has surprised observers.
Their rise is attributed to the eponymous protocol created in late 2022 by Casey Rodarmor. By assigning unique numbers to satoshis, this revolutionary system allows the creation of distinct digital assets directly on the Bitcoin blockchain.
An Intrinsic Value Transcending Digital Art
The Ordinals fundamentally distinguish themselves from traditional NFTs thanks to an additional layer of value. In addition to the inscribed artwork, their value is inherently based on the rarity and historical significance of the satoshi to which they are linked.
Satoshis mined by Satoshi Nakamoto himself, or those issued during key events in Bitcoin’s history, such as halvings, hold particularly high value in the eyes of savvy collectors.
From a technical standpoint, the Ordinals offer superior decentralization and completeness compared to their conventional counterparts, as all the data integrates directly on the Bitcoin blockchain, without resorting to off-chain external data.
Despite initial hesitations from some established NFT artists, a passionate community has formed around the Ordinals, shaping a rich ecosystem of valuable and coveted digital assets.
This resounding success marks a decisive turning point in the history of NFTs and crypto. The current prowess of the Ordinals may only be a foretaste of the coming revolution in this ever-evolving space.
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Passionné par le Bitcoin, j’aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l’outil qui peut rendre cela possible.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
