• Bitcoin has become the world’s second-most popular blockchain for Non-Fungible Token (NFT) transactions, with $173 million in on-chain NFT transactions over the last 30 days.
• Ethereum still dominates most NFT activity, having handled nearly 38 million NFT transactions since its creation.
• Ordinals is a new protocol that uses wallet software other than Bitcoin Core to serialize bitcoin’s smallest unit of currency, the satoshi, bringing unprecedented attention and transaction fees to miners.
Bitcoin Secures Second-Largest NFT Blockchain Rank
Bitcoin has become the world’s second most popular blockchain for NFTs, behind Ethereum which is still the most popular blockchain overall. Over the last 30 days, Ethereum has handled $390 million in on-chain NFT transactions while Bitcoin saw $173 million.
The newest iteration of Non-Fungible Tokens (NFTs) on Bitcoin, Ordinals, has sprung onto the scene. Casey Rodamor spent a year working on his own personal “ordwallet” programme which codes and fixes bugs within it. The Ordinals protocol is a system that uses wallet software other than Bitcoin Core to serialize bitcoin’s smallest unit of currency, the satoshi. Although there is a minimum value of $1 on all notes, uncommon bills with specific serial numbers have more numismatic value and are generating enormous transaction fees for miners.
Popularity Inspiring New Uses
The increasing popularity of Ordinals is inspiring new uses for Bitcoin such as safekeeping works of art, movies, collectibles, tickets and even video games.
Ethereum Still Dominates
No one could have imagined a few months ago that Bitcoin would handle approximately half as many NFT transactions as Ethereum currently does – almost 38 million since its creation compared to only 320 thousand by Bitcoin so far. Nonetheless this sudden surge in attention towards Ordinals shows potential promise for future applications using this technology on the oldest blockchain in existence today.
Despite Ethereum’s clear dominance of NFT activity thus far into 2021 , Bitcoin’s growing presence in this sector cannot be ignored and should be further explored as we move forward into an increasingly digital world where digital assets are becoming ever more valuable .