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- Several Bitcoin NFT collections registered higher volumes than Ethereum.
- Since BRC-69 came into play, Ordinals Inscriptions have increased.
Bitcoin Ordinals, which represent the NFTs created on the Bitcoin [BTC] network, seems to be closing in on their Ethereum [ETH] counterparts in terms of dominance. By looking at CryptoSlam’s data, Bitcoin NFT sales have grown by 8301% in the last 24 hours.
Realistic or not, here’s ETH’s market cap in BTC terms
This was in high contrast to the volume on the Ethereum blockchain which only registered a 1.33% increase within the same period. However, it was worth noting that Ethereum’s sales were way above Bitcoin’s.
The flipping could be in motion
At the time of writing, overall sales of digital collectibles on Ethereum were $14.75 million. On the other hand, Bitcoin NFTs recorded $6.69 million. But that’s not all.
One eye-catching occurrence in the sector was how Bitcoin Ordinals had sent the blue-chip Ethereum NFTs off the top of sales.
According to the NFT aggregator, collections including $INSC BRC-20 NFTs, Uncategorized Ordinals, and $ BRC-20 NFTs had much more volume than the likes of Azuki, BAYC, and MAYC.
Source: CryptoSlam
This flip suggests that traders’ interest in Bitcoin NFTs surpassed that of Ethereum. And one reason linked to the latter’s inability to claim traction was the falling floor prices of the top collections.
Earlier Ethereum held the mantle as the king of volume when it comes to NFTs. This was because of the traction it gained during the mass adoption of 2021. But since the year began, collections under the blockchain have struggled to witness a steady long-period climb.
And it was during this same period that Bitcoin Ordinals emerged. While there have been controversies about its operation on the Bitcoin network, the development backed by the Taproot network has continued to gain adoption.
Another high on the cards
Meanwhile, Bitcoin Ordinals has not only limited its potency to its initial application. Lately, the introduction of Inscriptions has led to the rise of BRC-20 fungible tokens.
However, it was also important to highlight that these developments have caused some issues on the Bitcoin network.
In May, at the height of Ordinals’ adoption, Bitcoin experienced a slowdown in block confirmation and transactions. And this was one of the reasons there was a conflict of interest among Bitcoin developers.
But last week, Luminex, a Bitcoin Ordinals’ launch pad, proposed the BRC-69 standard to curb this challenge.
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According to Luminex, BRC-69, with the integration of Recursive Inscriptions, would help with the high demand for Bitcoin Ordinals while avoiding any case of transaction delay.
Since the introduction, other Ordinals inscriptions besides texts, audio, or applications have emerged. This has also resulted in the total daily Inscriptions reaching the highest since 7 May. According to Dune Analytics, the total number of Inscription minted on 9 July was 385,920.
Source: Dune Analytics
