Bitcoin Ordinals NFT Inscriptions Drive $210 Million Trading Volume in H1 2023
The creation of Bitcoin Ordinals NFT inscriptions on the blockchain has resulted in a trading volume of over $210 million, as reported by DappRadar in their latest quarterly report.
According to the data, Bitcoin Ordinals has gained significant popularity, leading to a substantial increase in trading volume during the second quarter of 2023.
In the first quarter of the year, Bitcoin Ordinal trading volume was $7.18 million. However, a remarkable surge in trading value propelled the total trading volume for Bitcoin-based NFTs to $210.7 million, representing a quarterly increase of 2834% according to DappRadar.
The report also highlights that the total number of Bitcoin Ordinals trades reached over 550,000 in Q2, with approximately 150,000 unique traders contributing to the significant trading volume in the middle of 2023.
Bitcoin Ordinals marketplace data. Source: Dune analytics
Analyzing marketplace metrics from user @domo on the Dune blockchain analytics dashboard, it is evident that unique users experienced a sharp increase starting from May 2023. The majority of unique users in the marketplace can be attributed to UniSat, an open-source Chrome browser extension for Bitcoin Ordinals & brc-20 tokens, as well as Magic Eden and Ordinals Wallet.
The rising popularity of Bitcoin Ordinals has had a notable impact on the NFT landscape. Towards the end of May 2023, Bitcoin surpassed Solana to become the second-most popular NFT blockchain, leaving Ethereum as the preeminent cryptocurrency blockchain solely in terms of facilitating NFT trading volumes.
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Furthermore, Ordinals have proven to be beneficial to the Bitcoin mining industry. BTC miners have earned around $184 million in the first half of 2023, with Coin Metrics highlighting the contribution of Ordinals and BRC-20 tokens to the increase in fees, which have already exceeded the total for BTC miners in 2022.
During a Twitter Space broadcast on July 6, Ethereum co-founder Vitalik Buterin acknowledged Bitcoin Ordinals for revitalizing a “builder culture” within the Bitcoin ecosystem.