Bitcoin NFTs Explode In Popularity, Thousands Of Ordinal Transactions Made

Bitcoin NFTs Explode In Popularity, Thousands Of Ordinal Transactions Made. 

Since it first launched earlier in January, Ordinals, a protocol that allows NFTs to be inscribed directly on satoshis on the Bitcoin blockchain, had been gaining a lot of attention and traction, bringing in thousands of transactions within less than a month.

Ordinal Collections

Because of BTC-based NFTs’ growing popularity and debate, a number of Ordinal NFT collections have also been seeing their numbers soar drastically within the last few days.

An NFT collection called “On The Edge Of Oblivion” for example, has seen its trading volume skyrocket by more than 600% in the last 24 hours, helping the collection to go from being a 0.025 ETH mint to peaking at a floor price of 3.6 ETH earlier today.

Another collection gaining popularity these last few days has been Ordinal Punks. It’s floor price has risen dramatically to to 2.2 BTC, or around $50,000, and it even reached a new ATH sale of 9.5 BTC ($215K) today.

The first ETH project that bridges ETH NFTs to Bitcoin NFTs is blowing up on Opensea.

A thread on how it works🧵 pic.twitter.com/q9gyREulST

— Bullkis.eth (@Bullkis1) February 8, 2023

Related: Bitcoin-Based NFT Protocol Ordinals Causes Massive Divide In Community

Increase In Transactions, Decrease In Blockspace

According to data from crypto derivatives firm BitMEX, there have already been over 13,000 Ordinals NFTs on the Bitcoin blockchain, consuming over 526 megabytes (MB) of block space.

With Bitcoin-based NFTs causing such divided opinions within the community, many who were opposed to it have argued that one of the biggest negative things to come out of BTC NFTs is the decrease in Bitcoin blockspace.

Many in the community have since continued to accuse those who make Ordinal transactions of “spamming” the most dominant blockchain with oversized JPEGs, ultimately causing transaction fees to skyrocket. 

Ordinals Data

Up until 7 February 2023, we have identified:

* Over 13,000 Ordinals transactions
* 526MB of Bitcoin blockspace usage
* 6.77 BTC of Ordinals related spendhttps://t.co/cSNHSPIEs3

— BitMEX Research (@BitMEXResearch) February 8, 2023

Related: Coinbase CEO Talks Rumours Of SEC Wanting To Ban Crypto Staking!

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