According to statistics from Crypto Slam, the native non-fungible tokens (NFTs) of Bitcoin, referred to as “Ordinals,” are about to overtake Ethereum in the NFT market.
Both sales and active buyer activity have significantly increased for ordinals, with exceptional USD sales growth of 129.50% and close to 10%.
With almost $24 million in sales, Ethereum continues to dominate the NFT market. However, the sharp climb of Bitcoin’s Ordinals raises the possibility of a “flip” in the near future.
Ordinals are one-of-a-kind digital commodities imprinted on a satoshi, the smallest unit of value in the Bitcoin currency, and have been gaining popularity quickly since its launch in April 2023.
They were made feasible by the Taproot update, which went live on the Bitcoin network in November 2021 and allowed users to encrypt data on the network in a manner akin to establishing NFTs on other blockchains. Since their debut, Ordinals have caused a stir in the Bitcoin community by repeatedly breaking records for the number of inscriptions.
In addition to Ethereum’s NFTs and Bitcoin’s Ordinals, a number of other blockchains have made substantial advancements in the NFT sector. With sales of $1.2 million and strong sales growth of 44.61%, Solana is in third place. Its buyer market share of 31.40% is higher than that of Ethereum’s.
Following closely after in fourth place is Polygon, which had a 30.75% spike in revenue, or $1.3 million. The BNB Chain ranks sixth with $856,027 in sales and a 7.54% buyer share. Last but not least, Cardano, despite a 36.22% increase in sales and $346,115 in total sales,
