Bitcoin NFTs have accomplished a resounding feat by crossing the historic milestone of $4 billion in global sales, dethroning the dominant blockchains Ethereum and Solana in the past month.
A dazzling breakthrough despite a sluggish NFT market
Last month, as the overall NFT market suffered a staggering 54% drop compared to April, Ordinals defied this downward trend with an exceptional sales volume of $171 million.
This remarkable performance propelled them ahead of giants Ethereum ($159 million) and Solana ($90 million) over the same period.
Despite the overwhelming dominance of Ethereum, which peaks at $43.8 billion in historic NFT sales, Bitcoin Ordinals has climbed to fourth among blockchains by overall volume, a meteoric rise which surprised observers.
Their growth is attributed to the eponymous protocol created at the end of 2022 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 transcending digital art
Ordinals are fundamentally different from traditional NFTs thanks to an additional layer of value. In addition to the inscribed work of art, their value inherently relies on the rarity and historical significance of the satoshi to which they are attached.
Satoshis mined by Satoshi Nakamoto himself, or those issued during key events in Bitcoin history, such as halvings, are of particularly high value in the eyes of savvy collectors.
From a technical perspective, Ordinals offer greater decentralization and completeness than their conventional counterparts, as all data integrates directly onto the Bitcoin blockchain, without the need for external off-chain data.
Despite initial reluctance 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 crypto. The Ordinals' current prowess may be just a taste of the revolution to come in this ever-evolving space.
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