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- Bitcoin has now become the second most favored blockchain globally for NFTs, following Ethereum.
- While Solana recorded $49 million in NFT transactions during this period, Bitcoin achieved $173 million.
Following the emergence of Counterparty’s Rare Pepes and operational code Easter eggs, the latest version of NFTs on Bitcoin, known as Ordinals, has emerged. Bitcoin is now recognized as the second most utilized blockchain for NFTs, trailing behind Ethereum, which remains the leading blockchain overall.
In the past 30 days, Ethereum has processed $390 million in on-chain NFT transactions, while Bitcoin is approaching nearly half of that figure. During the same timeframe, Solana recorded $49 million in NFT transactions, compared to Bitcoin’s $173 million.
Ethereum Clearly Dominates
A few months ago, it would have been hard to predict that Bitcoin would manage roughly half the NFT transactions of Ethereum. Since its inception, Ethereum has facilitated nearly 38 million NFT transactions, far exceeding Bitcoin’s total of 320,000.
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Nonetheless, the rapid ascent of Ordinals is prompting innovative applications for the oldest blockchain, including the preservation of artworks, films, collectibles, tickets, and even video games.
The Ordinals protocol is a framework that utilizes wallet software distinct from Bitcoin Core to serialize the smallest unit of Bitcoin, the satoshi. Former Bitcoin Core developer, Casey Rodarmor, dedicated a year to creating his own personal “ordwallet” program, where he wrote code and resolved bugs.
Similar to serial numbers on currency notes, his order numbers carry unique significance. While all notes have a minimum value of $1, rare bills with specific serial numbers can hold greater numismatic value.
Ordinals have produced substantial transaction fees for miners, even though they primarily attract interest from explorers and NFT traders.
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