Journalist
Posted:
- The two largest NFT collections in the past 24 hours were from Bitcoin.
- Bitcoin has recorded higher average transaction fees than Ethereum in recent days.
Bitcoin [BTC] extended its winning run in the non-fungible token (NFT) landscape, recording the highest sales volume for any blockchain in the past 24 hours.
The new home of NFTs
According to CryptoSlam data accessed by AMBCrypto, there was $16.94 million in revenue on the first-generation blockchain, outperforming the traditional giant Ethereum [ETH] by a significant margin.
Furthermore, the two largest NFT collections over the past 24 hours were owned by Bitcoin, with SATS BRC-20 NFTs leading the way.
The gap widened when data from the past seven days was analyzed. A whopping $177 million in NFT transactions were transacted on Bitcoin last week, marking an 88% increase. In contrast, Ethereum only saw $70 million in revenue during the said period.
Source: Cryptoslam
The boom in Bitcoin-based NFTs came as a ray of sunshine to the harsh NFT winter. Trading volumes recovered dramatically in November after a prolonged period of decline.
Source: Cryptoslam
Ordinals are back
The main driver of Bitcoin’s rapidly growing NFT ecosystem has been the Ordinals inscriptions. Since its launch in January 2023, Ordinals have played a key role in expanding the usefulness of the Bitcoin blockchain.
Dune’s data shows that the number of Ordinals inscriptions soared in November, putting behind the decline seen in October. Since the beginning of November, more than 5.6 million inscriptions have been minted, representing a month-to-date (MTD) growth of 15%.
Source: Dune
Ordinals focus on the smallest units of BTC, satoshis. The protocol allows users to provide each satoshi with data. This data can include smart contracts, which are then used to enable NFTs.
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Bitcoin beats Ethereum in terms of average costs
The return of the Ordinals frenzy boosted network activity on the blockchain. It is striking that transaction costs have risen enormously since the beginning of November.
In fact, the average fee charged for a transaction on Bitcoin has been consistently higher than Ethereum’s in recent days, AMBCrypto found using Glassnode’s data. On November 20, the average cost was $10.35 for Bitcoin, while for Ethereum it was $8.43.
Source: Glassnode