May 24, 2023

Bitcoin NFT Blockchain Becomes in 2nd Place in Terms of Trading Volume

Bitcoin NFTs

Bitcoin NFTs

Over the past 30 days, the monthly trading volume of NFTs and meme coins on the Bitcoin blockchain has significantly increased, surpassing Solana’s volume, according to data aggregated from Cryptoslam. 

The trading volume of Bitcoin Ordinals NFTs currently stands in second place behind Ethereum, whose trading volume reached $391.625 million. While the trading volume on the Bitcoin blockchain is $171,252,359 at the time of writing, more than double the trading volume on Solana, which recorded $54,395,081, according to Cointelegraph

From April 23, Bitcoin blockchain’s sales could surpass the sales of Polygon, ImmutableX, and BNB Chain. 

Dune dashboard showed that the transactions of BRC-20 token standard creator Domo, BRC-20 token dominated the majority of ordinals activity on Bitcoin. Cointelegraph said traders who are looking for benefit from the newfound trend are the main reason behind this growing sales as the trading activity around the BRC-20 tokens will likely fall later. 

Notably, the market began to shift its focus from BRC-20 tokens to Bitcoin NFTs as the marketplaces, which trade in them, begin to achieve higher trading volume, like Magic Eden. NFT traders will hope to repeat the success of Ethereum NFTs on Bitcoin with collections forming exclusive groups of ordinals holders.

Earlier this month, Binance announced its NFT marketplace will support Bitcoin NFTs, known as Bitcoin Ordinals, soon to offer more choices and opportunities for the NFT creators and collectors and benefit from Bitcoin’s unique culture and innovative tech.

Also cryptocurrency exchange OKX announced the integration of Bitcoin NFTs into its NFT marketplace and wallet ecosystem in April. Magic Eden did also so in March.

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