Increased Demand for Bitcoin-Based ordinals NFTs; Ethereum maintains top position as digital collectibles host

The Ethereum blockchain now holds the top spot on the list of top blockchains that enable NFT that have recently surfaced, with the Bitcoin blockchain coming in second.

Highlights : 

  1. Bitcoin blockchain supports ordinals NFTs.
  2. NFT developers continue to favour Ethereum, Polygon, and Solana.
  3. In 30 days, sales of NFTs based on Ethereum brought in $392 million.

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For a very long time, digital artists and NFT producers have continued to host their Web3 material on Ethereum, which has long been the preferred blockchain. In its battle with Ethereum to leave a lasting impression on the NFT market, the Bitcoin blockchain is currently gaining ground. The sales of NFTs powered by Bitcoin experienced a notable increase during the past month. As a result, Ethereum surpassed Bitcoin’s blockchain to take the top spot on the list of the most prominent blockchains that have arisen in recent years.

According to a study by Bitcoin.com using CryptoSlam.IO data, Bitcoin-backed NFTs managed to generate over $173.28 million (or about Rs. 1,433 crore) in income over the past three months.

Bitcoin specifically supports the Ordinals category of NFTs, despite being a proof-of-work (PoW) blockchain that consumes a lot of energy. An NFT is deemed to be an Ordinal NFT when it is recorded on one Satoshi unit of the Bitcoin blockchain. The lowest unit of value in Bitcoin is called Satoshi, after its enigmatic inventor.

After BAYC parent company Yuga Labs unveiled its own Ordinals NFT collection dubbed TwelveFold in March of this year, the Ordinals categorization of NFTs gained enormous popularity.

As of May 24, Bitcoin miners had able to amass fees of BTC 1,495 by validating Ordinal inscriptions on the blockchain. At one time, BTC was selling at $26,077, or about Rs. 21.5 lakh, while the profit generated by the Ordinals validators was $40.2 million, or about Rs. 332 crore.

The Bitcoin blockchain was a supporter of nine out of the ten most expensive NFTs sold in recent weeks.

According to reports, ordinary NFT collections like Space Pepes, Bitcoin Frogs, and $NALS NFTs were able to bring in $12.2 million (approximately Rs. 101 crore), $9.8 million (about Rs. 81 crore), and $6.8 million (roughly Rs. 563 million), respectively.

Bitcoin has eclipsed traditionally favoured blockchains like Polygon and Solana in terms of gaining the market share for digital collectibles because to these incredible income collections made possible by Ordinals NFTs.

Ethereum is still the NFT kingdom’s governing regent in the meanwhile.

In the past 30 days, Ethereum-based NFT sales brought in a staggering $392 million (or nearly Rs. 3,245 crore).

Contrarily, Solana and Polygon NFTs were able to generate $53.7 million (approximately 444 crore rupees) and $27 million (about 223 crore rupees) in sales during the previous month.