Bitcoin Ordinals, the innovative inscriptions on the Bitcoin blockchain, have sparked a trading frenzy. This has resulted in a staggering trading volume of over $210 million in the first half of 2023. This information comes from the latest quarterly report released by DappRadar, which independently verified the data.
The creation of these Ordinals inscriptions has revolutionized the market, as demonstrated by the exponential growth in trading volume. In the second quarter alone, the trading volume surged from $7.18 million to an impressive $210.7 million. Notably, this represents a remarkable 2834% increase, according to DappRadar.
Exploring the Numbers
Further, DappRadar’s report sheds light on additional key figures in the Ordinals landscape. The total number of Ordinals trades reached an all-time high of over 550,000 in Q2. Importantly, this was with a substantial contribution from 150,000 unique traders.
These statistics further substantiate the soaring popularity and widespread adoption of Bitcoin Ordinals.
Analyzing the Bitcoin Ordinals marketplace, Dune blockchain analytics dashboard reports a sharp increase in unique users starting from May 2023. Notably, the majority of unique users are utilizing UniSat, an open-source Chrome browser extension for Bitcoin Ordinals and BRC-20 tokens.
Other prominent marketplaces, such as Magic Eden and Ordinals Wallet, have also witnessed significant user engagement.
Bitcoin Ordinals: NFT and Mining Landscape
The success of these Ordinals has not only subsequently transformed the cryptocurrency market but also had a profound impact on the nonfungible token (NFT) landscape. By the end of May 2023, Bitcoin surpassed Solana to become the second most popular NFT blockchain. This helped it to position itself just behind Ethereum in terms of NFT trading volumes.
Additionally, this shift highlights the growing influence of Bitcoin Ordinals in the digital collectibles ecosystem.
Furthermore, Bitcoin Ordinals have proven to be a lucrative venture for the Bitcoin mining industry. In the first half of 2023, BTC miners have accumulated approximately $184 million in revenue, thanks in large part to Ordinals and BRC-20 tokens. Coin Metrics emphasizes the significant role played by these innovations in boosting transaction fees, which have already surpassed the total fees generated in 2022.
Renowned Ethereum co-founder Vitalik Buterin recently commended Bitcoin Ordinals for revitalizing a “builder culture” within the Bitcoin ecosystem. During a Twitter Space event on July 6, Buterin acknowledged the positive impact of Bitcoin Ordinals in fostering innovation and development within the cryptocurrency industry.
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