A new powerhouse is emerging in the NFT space: Bitcoin’s native Ordinals. According to recent data from Crypto Slam, these Bitcoin NFTs are on the brink of outshining Ethereum’s dominance in the NFT market. Boasting a dramatic increase of 129.50% in USD sales, and commanding nearly 10% of the buyer market, Ordinals could soon “flip” the current king of the NFT castle, Ethereum.
Launched in March 2023, Ordinals are unique digital assets, encoded on a satoshi, the smallest unit of Bitcoin. This innovation was made possible by Bitcoin’s Taproot upgrade, deployed in November 2021. The upgrade enabled the inscription of data on the Bitcoin network, akin to creating NFTs on other blockchain platforms, like Ethereum. Since their inception, Ordinals have been causing quite the digital stir, marking record-breaking inscription numbers on several occasions.
But the NFT market isn’t just a two-horse race. Amid the titanic tussle between Ethereum and Bitcoin’s Ordinals, other blockchain platforms are also making considerable strides. Notably, Solana, with its robust 44.61% growth in sales amounting to $1.2 million, has managed to pull an impressive 31.40% share of buyers – outdoing even Ethereum.
Nipping at Solana’s heels is Polygon, ranked fourth in the NFT race. Despite being an underdog, it has shown admirable growth with a sales increase of 30.75% amounting to $1.3 million.
The BNB Chain trails in fifth place, accumulating sales totalling $856,027 and securing a 7.54% share of the buyer market. Lastly, Cardano, although it reported sales growth of 36.22% and total sales of $346,115, has some catching up to do.
With the current Ethereum NFT sales total standing over $24 million, there’s still a sizable gap for Ordinals to bridge. However, given their meteoric rise since their introduction, the ‘flip’ seems plausible.
The unfolding drama in the NFT market is reminiscent of the classic tortoise and hare fable. Ethereum, the hare, may have jumped out to an early lead, but Bitcoin’s Ordinals, the relentless tortoise, are steadily catching up.
While the Ordinals’ ascent to the NFT throne is far from guaranteed, their substantial progress offers a compelling narrative of competition, innovation, and the evolving dynamics of the digital asset ecosystem.
So, as Bitcoin’s Ordinals gear up for a showdown, the future of the NFT market hangs in the balance. Will the Ordinals ascend Ethereum’s NFT throne, or will Ethereum maintain its reign? Only time will tell. Meanwhile, crypto enthusiasts and investors around the globe are watching with bated breath, popcorn in hand, as this blockchain saga unfolds.
