Bitcoin Ordinals About to Flip Ethereum NFTs

The Bitcoin and Ethereum rivalry is heating up in the non-fungible token (NFT) sector as Bitcoin's "Ordinals" are poised to outpace Ethereum in terms of sales growth and active buyer participation.

According to Crypto Slam data, Bitcoin's native non-fungible tokens (NFTs), known as "Ordinals," are poised to overtake Ethereum in the NFT market.

Ordinals have experienced a remarkable surge in both sales and active buyers, achieving an impressive 129.50% growth in USD sales and capturing nearly 10% of the buyer market.

Although Ethereum currently holds the top position in the NFT sector with sales surpassing $24 million, the rapid ascent of Bitcoin's Ordinals suggests that a "flip" in market dominance could be imminent. Introduced in April 2023, Ordinals are unique digital assets inscribed on a satoshi, the smallest unit of Bitcoin.

The creation of Ordinals became possible through the Taproot upgrade, which was implemented on the Bitcoin network in November 2021. This upgrade enabled the inclusion of data on the Bitcoin network in a manner similar to creating NFTs on other blockchain platforms. Since their launch, Ordinals have been generating excitement within the Bitcoin community, frequently setting records for the number of inscriptions.

In addition to Bitcoin's Ordinals and Ethereum's NFTs, several other blockchains have made significant strides in the NFT market. Solana holds the third position, exhibiting robust sales growth of 44.61%, with total sales amounting to $1.2 million and attracting 31.40% of buyers, surpassing Ethereum's buyer market share. Polygon closely follows in fourth place, with a sales increase of 30.75% totaling $1.3 million. The BNB Chain secures the fifth spot, with sales reaching $856,027 and a buyer share of 7.54%. Lastly, despite a sales growth of 36.22% and total sales of $346,115, Cardano finds itself in a lower position.