July 10, 2023

Bitcoin Ordinals’ Trading Volume Over $210 Mln in Q2

Bitcoin Ordinals

Bitcoin Ordinals

The trading volume of Bitcoin’s native NFTs, known as Bitcoin Ordinals, hit more than $210 million in the second quarter of this year, according to data aggregated from Crypto Slam.

Bitcoin Ordinals’ trading volume in the first quarter recorded only $7.18 million and hiked to reach over $210 million in the second quarter, which represents a 2834% increase, Cointelegraph reported.

These numbers reflect the booming popularity of Bitcoin Ordinals, some of which were the most expensive NFTs sold over weeks during this quarter.

At the time of writing, the total volume of Bitcoin Ordinals surpassed $266.4 million, while their trades reached 568,642, with more than 150,000 unique traders contributing to this flourishing sales in 2023 who sharply increased in May, according to data collected from Dune blockchain analytics. The majority of unique users by the marketplace are UniSat, Magic Eden, and Ordinals Wallet.

In May, the monthly trading volume of NFTs and meme coins on the Bitcoin blockchain significantly increased, surpassing Solana’s volume.

Launched by developer Casey Rodarmor on January 20, Ordinals represents a groundbreaking approach to creating NFTs on the Bitcoin mainnet. Although Bitcoin-based NFTs aren’t entirely new, with layer-2 networks like Counterparty and Stacks facilitating them, Ordinals offers a unique perspective on NFTs within the Bitcoin ecosystem. This innovative method avoids the use of sidechains or layer-2 solutions, opting instead to store NFTs natively on the Bitcoin blockchain.

Upgrades of Bitcoin, such as the SegWit and Taproot upgrades, have remarkably contributed to the development of Ordinals, offering increased flexibility within the Bitcoin ecosystem.

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