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NFT Market Heats Up as Bitcoin Ordinals Take the Lead

NFT Market Heats Up as Bitcoin Ordinals Take the Lead

NFT sales volume has surged by 46.8% over the past week, reaching $289 million according to data from cryptoslam.io. This growth is largely driven by the rise of Bitcoin Ordinals, a new type of NFT inscribed directly onto the Bitcoin blockchain.


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Bitcoin Ordinals Dominate

Bitcoin Ordinals collections amassed a trading sales volume of $27 million this week, a 23% increase from the previous week. The most-selling NFT collection overall is the uncategorized Bitcoin Ordinals collection, boasting a sales volume of $54 million, up a staggering 168%.

Ethereum and Other Blockchains See Mixed Results

Ethereum-based NFT collections saw a modest increase of 7.09% in sales volume, reaching $9.7 million. Solana and Polygon NFT collections also experienced growth, with sales volumes of $5.2 million and $1.3 million respectively.

Top Selling NFTs

The top ten selling NFTs this week include a mix of established collections like Bored Ape Yacht Club and CryptoPunks, alongside newcomers like Froganas and NodeMonkes. CryptoPunks #2306 remains the most expensive NFT sold this week, fetching over $1 million.

Animoca Brands Japan Announces NFT Launchpad

Animoca Brands Japan plans to launch an NFT launchpad in summer 2024, aiming to foster innovation and growth within the NFT space. The launchpad will support various payment options and sales methods, catering to a wide range of participants. It will operate on Ethereum and Polygon chains, ensuring interoperability with existing NFT ecosystems.

Bybit Web3 Gears Up for Velocity Series 2.0

Building on the success of the 2023 Velocity Series, Bybit Web3 is launching Velocity Series 2.0 in April 2024. This year’s theme, “Data Driven Art,” will combine the thrill of Formula One racing with the creativity of digital art, inspired by the RB20 F1 car.

A key innovation is the introduction of fractional NFTs on the DN-404 protocol, making ownership more accessible. The Series 2.0 Pass sale kicks off on April 12th, offering exclusive benefits to holders.

Spot Bitcoin ETFs Hold Unique NFT Inscriptions

Recent on-chain analysis reveals that several spot Bitcoin ETFs hold unique NFT inscriptions within their portfolios. These inscriptions include Ordinals from collections like “Bitcoin Puppet” and “Speculum Aeternum.” This trend highlights the growing convergence between traditional finance and the NFT space.

Overall, the NFT market is experiencing a resurgence, fueled by the rise of Bitcoin Ordinals and continued innovation from industry leaders. The coming months will likely see further developments as the space matures and explores new possibilities.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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