Bitcoin Ordinal NFTs has achieved a remarkable milestone by surpassing more than 1 million inscriptions in less than three months. Since April 10, there have been 1,058,189 Ordinals NFTs launch, generating over 170 BTC in miners’ fees — equivalent to $4.8 million at this time of reporting.
Quick Takes:
- Ordinals has raced past the 1 million mark for inscriptions in less than three months, thanks to Magic Eden launching a marketplace and launchpad specifically for Bitcoin NFTs, taking over 66% of the market share.
- A new Bitcoin project, ‘Piggies World‘, inscribed the millionth inscription on the Bitcoin network.
- Following the rise in popularity, more Bitcoin-based NFT projects are being bought to the surface, like Bitcoin Stamps.
Reasons for Hitting the 1 Million Milestone
On April 8 at 17:44:24 (UTC), a new Ordinals milestone was hit, thanks to a new Bitcoin project, ‘Piggies World‘, inscribing the millionth inscription on the Bitcoin network.
The project — which comprises hand-drawn images of ‘Piggies’ — shared its victory on Twitter:
Magic Eden boosted the project’s momentum, introducing a marketplace and launchpad specifically for making trading and buying Bitcoin NFTs easier. Subsequently, these new projects has made inscriptions more easily accessible to mainstream collectors. Hence, the sudden surge in popularity.
Nevertheless, other projects have a play to part in the rise in sales. Bitcoin NFTs have generated $19.5 million across numerous marketplaces — Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Magic Eden — involving 54,174 individual trades across 18,462 users.
Magic Eden dominates the market with a 66% volume share, thanks to selling high-value De-Gods Bitcoin NFTs. Ordinals Wallet follows at 21%, and so forth.
The rapid rise of the Ordinals project demonstrates the potential of NFTs in the Web3 world. As more dedicated marketplaces launch, adoption and expanding opportunities increase for collectors and traders alike.
According to Galaxy Research, the entire Bitcoin NFT market will hit $4.5 billion by 2025.
Following the rise in popularity, more Bitcoin-based NFT projects are also being bought to the surface, like Bitcoin Stamps — challenging Ordinals existence.
Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews and more.
