Bitcoin NFT Mania
- Ordinals, or non-fungible tokens (NFTs) on Bitcoin’s network are driving an increase in block size and attention.
- The protocol just recently saw its 100,000th inscription take place.
- High-end sales have already taken place within the range of the first 1,000 inscriptions.
Overview of Bitcoin NFT Mania
The concept of a non-fungible token (NFT) is gaining more traction as Bitcoin’s technology continues to evolve. Ordinals, which are Bitcoin’s version of an NFT, have been making headlines over the past couple of weeks due to their increasing popularity. As reported by Dune Analytics, there are now more than 106K inscriptions carried out on Bitcoin’s network – a testament to the rapid growth and adoption rate for this relatively nascent space. Inscriptions require users to maintain a fully synchronized node in order to write data onto the blockchain.
High-End Sales of Ordinals
High-end sales have already taken place within the range of the first 1,000 inscriptions. The most notable sale belongs to Ordinal Punks who achieved an all-time high with $77K worth of ETH being sold during their auction. This is indicative of how popular these digital assets are becoming and how much people are willing to invest in them. Given that it only takes around 4 minutes for someone to create and mint their own ordinal, this market could be ripe for further growth in 2021 and beyond.