Bitcoin Surges to Become Second-Largest NFT Chain by Volume

New data reveals that the trading volume of non-fungible tokens (NFTs) based on Bitcoin (BTC) has exceeded that of well-known blockchains like Solana, Mythos, and Polygon in the past month. Bitcoin’s rise in popularity in the world of digital collectibles can be attributed to its current rankings and the growing trend of the BRC-20 token standard.

While Ethereum and other blockchains have been dominant in the world of digital collectibles for a long time, the increasing popularity of ordinals and the BRC-20 token standard is rapidly causing a significant change in the multi-billion dollar non-fungible token (NFT) ecosystem.

According to CryptoSlam, a data aggregator for the NFT industry, the Bitcoin blockchain has become the top choice for creating NFTs in the past 30 days. It has surpassed other popular networks like Polygon, Cardano, Solana, and more.

While Ethereum continues to be the leading blockchain for NFT market participants, generating a sales volume of $392,218,651 from April 23 to May 23, Bitcoin secured the second-largest sales volume for digital collectibles during the same timeframe, amounting to $171,473,301.

Also Read This Related: Bitcoin of America Ceases Unlicensed Crypto ATM Operations in Connecticut

Ordinals expanding Bitcoin’s use cases:

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It is well-known that Satoshi Nakamoto, widely regarded as the founder of modern blockchain technology, created the Bitcoin network with the goal of establishing a decentralized financial system that is resistant to hyperinflation and crisis.

Yet, with the introduction of the BRC-20 token standard by Domo, an anonymous programmer, new and innovative possibilities are emerging for the Bitcoin network. This includes the ability to create non-fungible tokens (NFTs) on the platform.

Ordinals, which are NFTs based on Bitcoin, have gained significant popularity as highly sought-after digital collectibles. However, there is an ongoing debate regarding whether this new trend could have negative implications for the network in the future.

According to CryptoSlam, within the past 24 hours, the trading volume of ordinals amounted to $3,526,237, marking a 21.43% increase during that period.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.


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