With more than 75 million Ordinal inscriptions created on the Bitcoin blockchain since December 2022, Bitcoin has become a major player in the digital collectibles market. Its position in the NFT ecosystem is cemented since it is currently the third-largest blockchain for NFT sales.
Bitcoin’s Rising Role in the NFT Market
Since introducing Ordinal inscriptions in December 2022, the Bitcoin blockchain has flourished despite a fall in the total NFT market. It currently has 75.9 million inscriptions and pays miners $6,901 BTC, or $429 million. With $4.49 billion in total NFT sales, Bitcoin is in third place behind Ethereum ($44.13 billion) and Solana ($5.84 billion); its highest-selling item to yet is a $2.4 million piece from the Uncategorized Ordinals series. With $424.82 million in sales, The Uncategorized Ordinals lead the Bitcoin NFT collections. Nodemonkes and Runestone are next with $264 and $231 million, respectively. All things considered, Bitcoin is establishing itself in the NFT market and encouraging ingenuity and inventiveness.
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