Bitcoin Ordinals About to Flip Ethereum NFTs

Bitcoin's native non-fungible tokens (NFTs), known as "Ordinals," are on the verge of surpassing Ethereum in the NFT market, according to data from Crypto Slam.

Ordinals have seen a significant surge in both sales and active buyers, achieving an impressive 129.50% growth in USD sales and attracting close to 10% of the buyer market. Ethereum still currently leads the NFT sector with a sales total of over $24 million, however, the rapid rise of Bitcoin's Ordinals suggests that a "flip" could be imminent. Ordinals, which have been rapidly gaining traction since their inception in April 2023, are unique digital assets inscribed on a satoshi, the smallest unit of Bitcoin.

Their creation was facilitated by the Taproot upgrade, launched on the Bitcoin network in November 2021, which made it possible to inscribe data on the Bitcoin network in a way that's similar to creating NFTs on other blockchain platforms. Since their launch, Ordinals have been creating a stir in the Bitcoin community, setting record numbers of inscriptions on multiple occasions.

Apart from Bitcoin's Ordinals and Ethereum's NFTs, several other blockchains have also made significant strides in the NFT market. Solana holds the third spot, showing robust sales growth of 44.61% with total sales of $1.2 million and attracting 31.40% of buyers, a number that surpasses even Ethereum's buyer market share. Polygon follows closely behind in the fourth position, with a sales increase of 30.75% amounting to $1.3 million. The BNB Chain comes fifth, with sales totaling $856,027 and a buyer share of 7.54%. Lastly, Cardano, despite having a sales growth of 36.22% and total sales of $346,115.