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The creation of nonfungible token inscriptions on the Bitcoin (
$76,963.00 ) (BTC) blockchain has led to over $210 million of trading volume for Bitcoin ( $76,963.00 ) Ordinals, according to the latest quarterly report from DappRadar.
The data, which has been independently verified by Cointelegraph, shows that Bitcoin ( $76,963.00 ) Ordinals’ booming popularity led to a sharp increase in trading volume through the second quarter of 2023.
Bitcoin ( $76,963.00 ) Ordinal trading volume increased from $7.18 million in the first quarter of the year, before a significant increase in trading value left the total trading volume for the Bitcoin ( $76,963.00 ) -based NFTs at $210.7 million. DappRadar pins the quarterly increase at 2834%.
The report also notes that all-time Bitcoin ( $76,963.00 ) Ordinals trades amounted to over 550,000 in Q2, with some 150,000 unique traders contributing to the inflated trading volume midway through 2023.
$76,963.00 ) Ordinals marketplace data. Source: Dune analyticsA Dune blockchain analytics dashboard reflecting a number of Bitcoin ( $76,963.00 ) Ordinals marketplace metrics from user @domo also shows that unique users increased sharply from May 2023. UniSat, an open source Chrome browser extension for Bitcoin ( $76,963.00 ) Ordinals & brc-20 tokens, Magic Eden and Ordinals Wallet account for the majority of unique users by marketplace.
$76,963.00 ) Ordinals unique users by marketplace. Source: Dune analyticsThe rise in popularity in Bitcoin ( $76,963.00 ) Ordinals has had an interesting effect on the NFT landscape. Near the end of May 2023, Bitcoin ( $76,963.00 ) surpassed Solana to become the second-most popular NFT blockchain, leaving the preeminent cryptocurrency blockchain behind Ethereum (
$2,464.23 ) alone in terms of facilitating NFT trading volumes.
Related: Bitcoin ( $76,963.00 ) Ordinals surpass 10M inscriptions as creator Rodarmor steps down
Ordinals have also been a boon to the Bitcoin ( $76,963.00 ) mining industry. BTC miners have netted around $184 million through the first half of 2023, with Coin Metrics highlighting Ordinals and BRC-20 tokens for their role in the boost to fees which has already surpassed the 2022 total for BTC miners.
Ethereum ( $2,464.23 ) co-founder Vitalik Buterin also credited Bitcoin ( $76,963.00 ) Ordinals for reigniting a “builder culture” in the Bitcoin ( $76,963.00 ) ecosystem in a Twitter Space broadcast on July 6.
