NFTs
Bitcoin NFTs surpass the US$4 billion sales mark!
5:00 pm ▪ 3 min reading ▪ by Fenelon L.
Bitcoin NFTs have achieved a resounding feat by surpassing the historic milestone of $4 billion in global sales, dethroning dominant blockchains Ethereum and Solana last month.
A breakthrough despite a sluggish NFT market
Last month, although the overall NFT market experienced a sharp decline of 54% compared to April, the ordinals defied this downward trend with an exceptional sales volume of US$171 million.
This remarkable performance propelled them ahead of 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 historical NFT sales, Bitcoin Ordinals have risen to fourth place among blockchains by overall volume, a quick climb this surprised observers.
Its rise is attributed to the eponymous protocol created in late 2021 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 that transcends digital art
Ordinals are fundamentally different 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 attached.
Satoshis extracted by Satoshi Nakamoto itself, or those issued during important events in Bitcoin’s history such as the halving, have a particularly high value in the eyes of savvy collectors.
From a technical perspective, Ordinals offer superior decentralization and completeness compared to their conventional counterparts, as all data integrates directly into the Bitcoin blockchain, without resorting to external off-chain data.
Despite initial hesitations from some established NFT artists, a passionate community has formed around 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 cryptography. O current dexterity of Ordinals It could be just a taste of the coming revolution in this ever-evolving space.
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Fenelon L.
Passionate about Bitcoin, I am exploring blockchain and cryptocurrency methods and sharing them with the community. My joy is living in a world where private life and financial freedom are guarantees for everyone, and I am convinced that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.