In a tepid NFT market, Bitcoin Ordinals have bucked the trend in the past week, with a 45% rise in trading volume according to analytics website CryptoSlam. The top Ordinals collections have led the trend, with five of the top 10 overall NFT collections in the entire market now from that Bitcoin protocol.
A quick glance at Magic Eden’s Bitcoin NFT statistics shows the jump in top Ordinals collections in the past seven days:
- NodeMonkes, the No. 1 Ordinals collection, with a floor price up 40.3%
- Bitcoin Puppets, the No. 2 collection, up 42.7%
- Ordinals Maxi Biz, the No. 4 collection, up 27.5%
- Quantum Cats, the No. 6 collection, up 12.4%
- Bitcoin Frogs, the No. 7 collection, up 38.8%
All top 10 Ordinals collections are in the green over the past seven days except for Taproot Witches, which held its mint in the past week. That collection has already placed itself in the top three of all Ordinals collections, with a 7-day trading volume of 29.9 BTC ($1.9 million).
In line with this surge, the Bitcoin NFT ecosystem has followed suit, becoming the No. 2 blockchain for NFT trading in the past seven days. It trails only Ethereum by $3.5 million in trading volume and is $6 million clear of the No. 3 blockchain, Solana.
There are other positive signs for the ecosystem as well. Although NFT trading volume on Bitcoin has trended lower for several months, the number of monthly unique buyers of Ordinals has generally outpaced unique sellers. That’s another sign of health for the Ordinals market.
Ordinals Makes News Amidst Slow NFT Market
Deep into the crypto winter, a new Bitcoin protocol emerged from the mind of Casey Rodarmor, a developer for the oldest public blockchain. That protocol was Ordinals, and it allowed users to create NFTs on Bitcoin, inscribing them directly onto the chain in a way that didn’t happen much in other ecosystems, where the cost to do so was prohibitive.
Ordinals would create a frenzy of action as degens scrambled to take advantage of the new protocol, launching NFT collection after NFT collection. Soon, memecoins would emerge via the Ordinals protocol and that would take trading to even further heights. There was controversy too, as some Bitcoin maximalists were resistant to the change that Ordinals were bringing.
At Rarity Sniper, we’ve covered countless stories about Ordinals since its inception. It’s not all about the market either. Big time names have gotten involved in Ordinals, including former President Donald Trump, contemporary Chinese artist Yue Minjun, and storied auction house Sotheby’s. Here are some of the headlines:
- NodeMonkes Ordinals NFTs Top Daily Sales of $1.6 Million
- NFT Market Heats Up: Bitcoin Ordinals Leading the Way
- Yue Minjun to Release First Ordinals NFT Collection with LiveArt
- Wu-Tang Clan Rapper Ghostface Killer Drops Bitcoin Ordinals NFTs
- Trump Gifts Limited Ordinals To People Who Purchase 100 NFTs
As these stories show, Ordinals have the power to transform NFTs and have enticed many unusual names to get involved in the space. We will keep an eye on the Ordinals market and report back if needed.