Bitcoin takes the second spot among blockchains in NFT sales
Bitcoin’s involvement in NFT has increased recently, and the network is now second among networks in NFT sales over the last 30 days. Bitcoin-based NFTs started to blossom after the successful empowering of inscriptions allowing the Bitcoin mainnet to facilitate NFT sales.
Bitcoin NFTs on the surge
Bitcoin-based NFTs, which resurfaced in the NFT market early this year, have taken the market by storm enabling Bitcoin to take the second spot for the number of NFT sales per blockchain, according to NFT stats tracker CryptoSlam. In January 2023, Bitcoin mainnet enabled inscriptions in its ecosystem to facilitate NFTs.
According to CryptoSlam data, Bitcoin NFTs sales have showcased significant growth in the last 30 days attracting more than $167 million, earning the blockchain the second position. Ethereum remains the most popular blockchain recording more than $397 million.
Additionally, CryptoSlam stats revealed that Bitcoin NFT sales in the last 30 days are triple the sales in the Solana network, which hit about $57 million over the period.
The Ordinals Protocol
The rise of the Bitcoin blockchain in the NFT world is attributed to the Ordinals Protocol. This platform enables the inscription of data into the minor component of Bitcoin, a satoshi. Users can engrave data like a JPEG into the satoshi.
The creation of the Ordinals Protocol did not sit well with most critics in the Bitcoin community, with many describing it as a way of undermining the fungibility of satoshis. However, Yuga Labs was the first to introduce its Ordinals collection to the NFT market in February, spearheading the hype and heavy investment witnessed.
Recently, the number of inscriptions hit the 3 million mark, with most of the data being in text format, as most users are eager to engage in Bitcoin NFTs. According to an analysis by CryptoSlam, Bitcoin Frogs takes first place among the most valuable Bitcoin-based NFT collections. The collection has earned more than $6.3 million in the past week. Its pump started last week on May 17 when it pocketed 2.3 million sales.