According to DappRadar’s latest quarterly report, the creation of non-fungible token inscriptions on the Bitcoin (BTC) blockchain has resulted in over $210 million in Bitcoin Ordinals trading volume.
Data independently verified by Cointelegraph shows that Bitcoin Ordinals’ booming popularity led to a sharp increase in trading volume through the second quarter of 2023.
Bitcoin ordinal trade volume increased from $7.18 million in the first quarter of the year, before a sharp increase in trade value took total trade volume for the bitcoin-based NFTs to $210.7 million. DappRadar puts the quarterly increase at 2834%.
The report also notes that the total number of bitcoin ordinal transactions in the second quarter was over 550,000, with approximately 150,000 individual traders contributing to the inflated trading volume in mid-2023.
Bitcoin ordinals marketplace data. Source: Dune Analytics
A Dune blockchain analysis dashboard reflecting a range of Bitcoin Ordinals marketplace metrics from user @domo also shows that the number of unique users has increased sharply as of May 2023. UniSat, an open-source Chrome browser extension for Bitcoin Ordinals and BRC-20 tokens, Magic Eden, and Ordinals Wallet account for the majority of unique users by marketplace.
Bitcoin Ordinals Individual Users by Marketplace. Source: Dune Analytics
The surge in Bitcoin Ordinals popularity is having an interesting effect on the NFT landscape. Towards the end of May 2023, Bitcoin overtook Solana to become the second most popular NFT blockchain, leaving the preeminent cryptocurrency blockchain alone behind Ethereum in terms of facilitating NFT trading volume.
Related: Bitcoin Ordinals Surpass 10 Million Inscriptions as Creator Rodarmor Resigns
Ordinals have also been a boon to the bitcoin mining industry. BTC miners have generated around $184 million in the first half of 2023, with Coin Metrics highlighting ordinals and BRC-20 tokens for their role in the fee increase that has already surpassed the 2022 total for BTC miners.
Ethereum co-founder Vitalik Buterin also hailed Bitcoin Ordinals for reviving a “builder culture” in the Bitcoin ecosystem in a July 6 Twitter Space broadcast.
Magazine: Ordinals Made Bitcoin a Worse Version of Ethereum: Can We Fix It?
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