In terms of the daily number of NFTs subscribing to the Bitcoin network, we observe that the activity of Bitcoin NFTs remains strong. At the same time, the development of wallets and markets that support ordinals is associated with the infrastructure that facilitates Bitcoin transactions. Specific NFT markets, Gamma and Magic Eden, added support for Bitcoin NFTs last week.
Bitcoin NFT Infrastructure Improvements
The introduction of Bitcoin NFTs, also known as Ordinals, at the end of January has been a boost to the utility and revenue of the Bitcoin blockchain. Ordinals activity remains strong, with nearly 580,000 NFTs registered in less than three months.
While daily registration activity is strong, the amount of Bitcoin NFTs traded remains low, largely due to the lack of Bitcoin wallets and markets to support them. Ordinals require a specially designed Bitcoin wallet. This wallet must recognize and facilitate the transfer of content files in Satoshi, the smallest unit of Bitcoin.
Hiro and Xverse are two of the leading providers of wallets in this space. Hiro, for its part, has seen a significant increase in active users for its wallet this year, up approximately 350%. In fact, activity has increased significantly since February, thanks to the Ordinals advertising campaign. On the other hand, Xverse added support for Bitcoin NFTs on February 15th.
The markets come together
On March 20th and 22nd respectively, Gamma and Magic Eden started supporting Ordinals trading. So far, the markets have seen a soft opening with less than $1 million in trading volume on both exchanges.
In comparison, in the first quarter of 2023, OpenSea has served more than $10 million in daily trading volume, mostly in Ethereum NFT transactions.
Gamma users have made approximately 182 purchases of Bitcoin NFTs. In contrast, Magic Eden has transacted close to 18.94 BTC (worth approximately $530,000), with the DeGods bitcoin collection dominating with 67%.
However, as the hype around Bitcoin NFTs began, the number of Hiro users interacting with Gamma increased significantly to approximately 2,144 weekly users, according to available data.
The trading activity of Bitcoin NFTs is expected to increase.
More secure
Compared to other NFT ecosystems, Ordinals offers superior security guarantees. While other ecosystems, such as Ethereum, store each NFT’s content archive on third-party storage solutions such as AWS and IFPS, Ordinals’ digital media archive is stored directly on the bitcoin blockchain and enjoys the same security guarantees as regular BTC transfers.
Bitcoin’s NFT ecosystem is growing rapidly, adding another great utility to its highly decentralized and secure network.
In terms of the daily number of NFTs subscribing to the Bitcoin network, we observe that the activity of Bitcoin NFTs remains strong. At the same time, the development of wallets and markets that support ordinals is associated with the infrastructure that facilitates Bitcoin transactions. Specific NFT markets, Gamma and Magic Eden, added support for Bitcoin NFTs last week.
Bitcoin NFT Infrastructure Improvements
The introduction of Bitcoin NFTs, also known as Ordinals, at the end of January has been a boost to the utility and revenue of the Bitcoin blockchain. Ordinals activity remains strong, with nearly 580,000 NFTs registered in less than three months.
While daily registration activity is strong, the amount of Bitcoin NFTs traded remains low, largely due to the lack of Bitcoin wallets and markets to support them. Ordinals require a specially designed Bitcoin wallet. This wallet must recognize and facilitate the transfer of content files in Satoshi, the smallest unit of Bitcoin.
Hiro and Xverse are two of the leading providers of wallets in this space. Hiro, for its part, has seen a significant increase in active users for its wallet this year, up approximately 350%. In fact, activity has increased significantly since February, thanks to the Ordinals advertising campaign. On the other hand, Xverse added support for Bitcoin NFTs on February 15th.
The markets come together
On March 20th and 22nd respectively, Gamma and Magic Eden started supporting Ordinals trading. So far, the markets have seen a soft opening with less than $1 million in trading volume on both exchanges.
In comparison, in the first quarter of 2023, OpenSea has served more than $10 million in daily trading volume, mostly in Ethereum NFT transactions.
Gamma users have made approximately 182 purchases of Bitcoin NFTs. In contrast, Magic Eden has transacted close to 18.94 BTC (worth approximately $530,000), with the DeGods bitcoin collection dominating with 67%.
However, as the hype around Bitcoin NFTs began, the number of Hiro users interacting with Gamma increased significantly to approximately 2,144 weekly users, according to available data.
The trading activity of Bitcoin NFTs is expected to increase.
More secure
Compared to other NFT ecosystems, Ordinals offers superior security guarantees. While other ecosystems, such as Ethereum, store each NFT’s content archive on third-party storage solutions such as AWS and IFPS, Ordinals’ digital media archive is stored directly on the bitcoin blockchain and enjoys the same security guarantees as regular BTC transfers.
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