Excitement over the likely approval of a bitcoin spot EFT now extends to NFTs, evident in the monthly trading volumes of the collectibles.
According to CoinMarketCap statistics, the total NFT sales volume on all networks had a month-on-month increase of 129%, with a total amount of $1.02 billion at the end of November.
More than 40% of that volume corresponds to transactions that were made through the Ordinals protocol, a fact that places the Bitcoin network above Ethereum.
In this way, it is observed that, with a trading volume of $429.6 million, for the first time so far in 2023, NFT trading in Bitcoin displaces that which was done in the Ethereum network, which is the which usually leads this industry and which on this occasion recorded an NFT trading volume of $378.6 million. Third place in the ranking was occupied by the Solana network, with a volume of USD 98 million, followed by Polygon ($27.1 million) and Mythos ($24.6 million).
This is how the Bitcoin NFT collections Ordinals SATS and RATS surpassed Bored Ape Yacht Club (BAYC) and CryptoPunks in terms of trading volume, generating USD 95 million and USD 48 million in sales volume respectively.
This increase in interest in Ordinal occurs in a context in which the BRC-20 tokens developed on the Bitcoin network have had a percentage increase that has exceeded three digits in the last month. Among them, the SATS (60%), BISO (416%) and PIZA (2,139%) collections stand out.
According to CoinMarketCap, the bull run in the bitcoin (BTC) market has had its influence on this rally. The price increase of the digital currency was substantial during the month of November when it advanced by 25%, a trend that is accentuated so far in December.
The growth of Ordinals has been of such magnitude that in the first 200 days since the first “registration” in Bitcoin, in January of this year, a total of 1.14 million NFTs were created.
From that moment on, the volume of Ordinals exceeded the total number of NFTs based on the Ethereum, Solana and Polygon networks during the first 200 days since the first NFT was minted on these networks. This sustained momentum made clear, from very early on, the notion that Ordinals was not a transitory trend, but rather a permanent element in the field of digital collectibles, due to the strengths of the Bitcoin network in storing value.
Additionally, it seems that Elon Musk also had something to do with it . At the beginning of November the Musk said in an interview that the NFTs were not hosted on the blockchain and that they were in a URL to the .jpeg file. Musk's comment caused bitcoiners to start issuing NFT Ordinals to prove to him that the file is indeed stored on the Bitcoin chain. Which generated a "snowball effect" that affected the volume of trade.
Recent decisions by the Binance exchange have also influenced the increase in interest in Bitcoin NFTs. This, taking into account that last August the cryptocurrency mining pool Binance Pool launched a service to make registrations in the Ordinals protocol. It is worth remembering that all this interest in Ordinals has caused the historical congestion that has strongly affected the Bitcoin network throughout this year.
