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If Bitcoin‘s price skyrockets, the NFT-like Ordinals are making a quiet comeback, with sales on major Ordinals marketplaces surpassing $19.7 million on Monday. According to data from CryptoSlam, more than $14 million in sales have occurred today.
The number has soared since the beginning of the month, when daily trading volume was between $5 and $6 million. But it still has a long way to go before it reaches what it was at in December: $85 million in transactions.
And cross-chain marketplace Magic Eden is once again the best place to get Ordinals, Dune data shows. Last month saw the prominent cross-chain NFT marketplace announced a new points program for merchants, gifting “diamonds” to loyal users.
It could be a fruitful, symbiotic relationship, explains Scott Norris, an independent Bitcoin miner at Optiminer.
“Ordinals should help increase transaction costs, which conventional wisdom suggests should help miners,” Norris told me Declutter. “The halving means some of them will get energy bills, but the larger ones generate their own power and sell it back to the grid when needed.”
On Magic Eden the most popular include Ordinals collections NodeMonkes, Bitcoin dollsAnd RSIC metaprotocol.
The renewed interest in Ordinals comes as the price of Bitcoin rises – reaching $57,000 per coin today – following the hype surrounding the approval of BTC exchange-traded funds last month, and the largest crypto network approaches its long-awaited halving.
Bitcoin‘S Halving will mean that miners, who process transactions on the blockchain and mint new coins, will halve their reward payments. Miners will have to work harder to process transactions – while they are already working extra hard to process Ordinals activity.
Ordinals – NFT-style inscriptions on individual satoshis – provide another use case for the largest crypto network.
By allowing non-financial data such as art, profile photos or text to be inscribed on the Bitcoin blockchain, blown up last year and have led to the creation of all kinds of protocols and projects.
However, some members of the Bitcoin community are outraged by the new craze. blowing people up for using the Bitcoin blockchain to create images, as this increased the cost of conducting transactions.
At one point, the cost of sending Bitcoin was the highest in more than two and a half years, but costs have since fallen as the network has become less congested.