Bitcoin clocked the third-highest NFT trading volume in the first three quarters of 2023.In simple terms, Ordinals are NFTs that can be minted directly onto the Bitcoin blockchain, as opposed to NFTs onOrdinals focus on BTC’s smallest units, satoshis. The protocol allows users to inscribe each satoshi with data. This data can include smart contracts, which are then used to enable NFTs.
It was worth noting that text-based inscriptions accounted for 95% of all mints. This was despite the fact that much of the hype surrounding Ordinals was fueled by digital artifacts or image-based files.However, when focusing just on image-based inscriptions, Bitcoin Ordinals grew faster in its early stages than NFTs launched on other networks.
Indeed, NFT trade volumes dramatically plunged in 2023, with monthly figures steadily going downhill since the peak in February. However, amidst the gloom, Ordinals scripted a winning chapter.Evidently, Ordinals constituted 18% of all NFT volumes in May. And, although dropping out of the spotlight since then, Ordinals managed to provide a big impetus to Bitcoin’s NFT activity.
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