NFT
Bitcoin ordinals have officially disrupted the NFT market, with the gap between bitcoin NFT and Ethereum NFT daily volumes narrowing day by day.
Yesterday, Bitcoin NFT’s sales volume sat at $14,368,075, just $400,000 or 2.45% less than Ethereum’s $14,729,129. To date, more than 7.7 million inscriptions have been added to the Bitcoin blockchain.
Sales of at least two bitcoin NFT collections have even favored the Bored Ape Yacht Club collection, with the bitcoin “Space Pepe” currently topping the charts. Bored Apes lags behind in sixth place.
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“Bitcoin Frogs”, also on the Bitcoin blockchain, currently ranks fourth but earlier this week, it briefly held first place.
Despite the fact that Bitcoin ordinal numbers have surged across the board since the start of the year, they are causing a lot of debate about their overall impact on the Bitcoin blockchain as they add relatively large amounts of data. This means more computational effort for miners to process transactions in the same block.
This can result in lucrative fees for the miners, but some Bitcoin Core developers like Luke Dashjr describe bitcoin rankings as spam and suggest they be blocked altogether.