Latest News on Bitcoin NFTs
The Bitcoin blockchain has been used primarily for financial utility, but with the recent rise of NFTs (non-substitutional tokens), its role is changing. NFTs using the Bitcoin blockchain are known as Ordinals.
Bitcoin’s Rapid Growth in the NFT Market
Bitcoin has now surpassed Solana in NFT sales, taking second place behind Ethereum. NFTs on the Bitcoin blockchain, or Ordinals, have surpassed Solana in NFT sales over the past seven days and are now second only to Ethereum.
This rapid growth is driven by a mechanism called the Ordinals Protocol. This is a method of imprinting JPEGs and other data onto the smallest unit of bitcoin, the satoshi.
Since the introduction of Ordinals, 9.3 million imprints have been created and many developers are moving back to Bitcoin. This includes former Bitcoin developers who have moved to Bitcoin Cash and developers from Ethereum who were attractive to teams developing dapps using smart contracts.
Bitcoin’s New Approach to NFTs
Bitcoin NFTs, or Ordinals, also have a stable currency, Stably USD; this cryptocurrency, issued by Web3 firm Stably, makes trading Ordinals easier than using USD or other legal tender.
In addition, Web3 company Elemint and Web3 agency Bary have partnered with Formula 1 Grand Prix ticket operator Platinium Group to launch a new platform offering NFT tickets. These NFT tickets are intended to prevent counterfeiting and serve as digital souvenirs.
Featured Bitcoin Ordinals NFT Collections
Let’s take a look at some of the most popular collections in the Bitcoin Ordinals NFT market.
1. Bitcoin Shrooms: One of the first Bitcoin Ordinals NFT collections to be created, there are currently 210 Bitcoin Shrooms imprinted on the Bitcoin blockchain.
2. Ordinal Punks: Created in honor of the famous Crypto Punks NFT collection, Ordinal Punks has 100 different ‘punk’ characters.
3. Taproot Wizards Ordinals: Taproot Wizards is a collection of 2101 hand-drawn wizards, with the first imprint recording the largest transaction processed on the bitcoin network.
4. Ordinals Loops: The Ordinals Loops project aims to create a collection of bitcoin engravings that express the philosophy and spirit of bitcoin.
※Reference URL①:This Week in the Metaverse: Bitcoin ups its NFT game, surpassing Solana in weekly volume
※Reference URL②:In NFT Sales, Bitcoin Jumps to No. 2 Spot in a Matter of Months
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