- The creation of unique token writings on the Bitcoin
blockchain has generated over $210 million in trading volume for Bitcoin Ordinals.
- The report also states that there were over 550,000 Bitcoin Ordinals transactions in the second quarter, the highest ever recorded.
- By the end of May 2023, Bitcoin surpassed Solana to become the second most popular NFT blockchain.
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The popularity of Bitcoin Ordinals has led to a sharp increase in volumes during the second quarter of 2023, with Ordinals transactions exceeding 500,000.
Rising Volumes for Bitcoin Ordinals
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According to a quarterly report, the creation of unique token writings on the Bitcoin blockchain has generated over $210 million in trading volume for Bitcoin Ordinals.
Verified data shows that the surging popularity of Bitcoin Ordinals led to a significant increase in trading volume throughout the second quarter of 2023.
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While the Bitcoin Ordinals volume stood at $7.18 million in the first quarter of the year, the total trading volume for Bitcoin-based NFTs rose to $210.7 million following a substantial increase in trading value. DappRadar reports a quarterly increase of 2834%.
The report also states that there were over 550,000 Bitcoin Ordinals transactions in the second quarter, with more than 150,000 unique traders contributing to the inflated trading volume until mid-2023.
A Dune blockchain analytics dashboard reflecting Bitcoin Ordinals marketing metrics shows a sharp increase in unique users since May 2023. The majority of unique users on the marketplace are accounted for by UniSat, Bitcoin Ordinals, and BTC-20 tokens, along with open-source Chrome browser extensions like Magic Eden and Ordinals Wallet.
Bitcoin Overtakes Solana
The increased popularity of Bitcoin Ordinals had an interesting effect in the NFT world. By the end of May 2023, Bitcoin surpassed Solana to become the second most popular NFT blockchain, trailing only Ethereum, the leading blockchain in NFT trading volume.
Ordinals also contributed to the Bitcoin mining industry. BTC miners earned approximately $184 million in the first half of 2023, and Coin Metrics noted the contribution of Ordinals and BRC-20 tokens to fees, surpassing the total for 2022 already.
Ethereum co-founder Vitalik Buterin attributed the resurgence of a “builder culture” in the Bitcoin ecosystem to Bitcoin Ordinals during a Twitter Space broadcast on July 6th.