Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.
Bitcoin News

Bitcoin Takes the Spotlight in NFT Trading Volume, Surpassing Leading Blockchains

Bitcoin (BTC) has taken the digital collectibles world by storm, surpassing popular blockchains like Solana, Mythos, and Polygon in terms of trading volume for non-fungible tokens (NFTs) in the past 30 days. This newfound fame can be attributed to the rise of ordinals and the BRC-20 token standard.

While Ethereum has dominated the NFT space for years, the landscape is experiencing a paradigm shift as ordinals and the BRC-20 token standard gain popularity. Data from CryptoSlam, an NFT industry data aggregator, reveals that the Bitcoin blockchain has emerged as the most sought-after chain for NFT minting, outpacing networks like Polygon, Cardano, Solana, and others.

Although Ethereum remains the top choice for NFT market participants, with a sales volume of $392,218,651 between April 23 and May 23, Bitcoin has claimed the second-largest digital collectibles sales volume with $171,473,301 during the same period.

The introduction of ordinals has opened up new use cases for Bitcoin. While Satoshi Nakamoto, the presumed creator of Bitcoin, initially designed the network for a decentralized financial system, the recent launch of the BRC-20 token standard by a pseudonymous programmer called Domo has expanded its possibilities, including NFT minting.

Bitcoin-based NFTs, also known as Ordinals, have become highly sought-after collectibles, despite ongoing debates about their long-term impact on the network. In the past 24 hours alone, the trading volume of ordinals has reached $3,526,237, representing a 21.43% increase within that timeframe, according to CryptoSlam.

As Bitcoin continues to make waves in the NFT space, it showcases the versatility and potential of the world’s most popular cryptocurrency beyond its role as a digital currency. This development highlights the ever-evolving nature of the crypto industry and its ability to bring new and exciting opportunities for enthusiasts and collectors alike.

Alex Lirette

Alex Lirette is a renowned expert in the world of cryptocurrency, with a passion for bitcoin, blockchain, NFTs, and DAOs. He started his journey into the world of cryptocurrency in 2014 and has since continuously expanded his vast knowledge in this field. Alex has become a trusted source of information and insights, with a particular focus on the latest developments in the world of blockchain technology. As a thought leader in the industry, Alex regularly shares his expertise with others through his contributions to the gmBlockchain blog. He is known for his ability to break down complex concepts into understandable and relatable terms, making it easier for people to understand and appreciate the power of blockchain technology.

Related Articles

Back to top button