Non-fungible tokens (NFTs) on the Bitcoin network have risen to the second spot in NFT sales volume. The feat is impressive, as Bitcoin NFTs only became possible after the activation of inscriptions on the Bitcoin mainnet in January 2023.
According to recent data, Bitcoin NFTs have amassed around $167 million in sales in the past month. While it falls short of Ethereum's near $397 million in the same period, it is worth noting that Bitcoin's sales are almost triple the sales on the Solana network, which lagged behind by roughly $57 million, as per CryptoSlam data.
Bitcoin's remarkable and swift rise in the NFT marketplace can be largely attributed to the Ordinals Protocol, an innovative mechanism that allows data inscriptions on satoshis, the smallest denomination of Bitcoin.
The Ordinals Protocol has allowed for the encapsulation of data, such as JPEG images, within the Bitcoin ecosystem, opening the gates for Bitcoin-based NFTs. Bitcoin Frogs has since risen to become the leading Bitcoin NFT collection.
Despite sparking a degree of controversy among Bitcoin proponents, the uptake of this technology was further boosted when Yuga Labs, a significant player in the NFT arena, released their own Ordinals-based collection in February.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/may/23/
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