Bitcoin ordinals close to flipping Ethereum NFTs in daily volume
Bitcoin ordinals have officially disrupted the NFT market, with the gap between bitcoin NFT and Ethereum NFT daily volumes getting slimmer by the day.
Yesterday, Bitcoin NFT sales volume sat at $14,368,075, just $400,000 or 2.45% shy of Ethereum’s $14,729,129. More than 7.7 million inscriptions have been added to the Bitcoin blockchain to date.
Sales of at least two bitcoin NFT collections have even pulled ahead of the Bored Ape Yacht Club collection with the bitcoin “Space Pepe” currently topping the charts. Bored Apes are lagging some way behind in sixth place.
Read more: Ethereum NFTs continue to stall despite brief Milady pump
“Bitcoin Frogs”, also on the Bitcoin blockchain, is currently in fourth place but earlier this week, it briefly held top spot.
Despite Bitcoin ordinals soaring across the board since the start of the year, they’re causing considerable debate around their overall impact on the Bitcoin blockchain, given that they add relatively large amounts of data. This means more computational work for miners to process transactions in the same block.
This may result in lucrative fees for the miners, but some Bitcoin Core developers like Luke Dashjr are describing bitcoin ordinals as spam and proposing that they’re blocked altogether.
Got a tip? Send us an email or ProtonMail. For more informed news, follow us on Twitter, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.