Bitcoin’s native non-fungible tokens (NFTs), called “Ordinals,” are rapidly gaining ground in the NFT market and are poised to surpass Ethereum, according to data from Crypto Slam. With a remarkable 129.50% growth in USD sales and nearly 10% of the buyer market, Ordinals are gaining traction. Although Ethereum currently leads with NFT sales exceeding $24 million, the surge of Bitcoin’s Ordinals suggests a potential “flip” in the near future. Ordinals, created on the Bitcoin network since April 2023, are unique digital assets inscribed on satoshis, the smallest unit of Bitcoin. Enabled by the Taproot upgrade, Ordinals allow data inscription on the Bitcoin network, similar to NFT creation on other blockchains. Solana ranks third in the NFT market with robust sales growth, followed by Polygon, BNB Chain, and Cardano, all of which are showing significant progress in the space.
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