Bitcoin and Ethereum Rivalry Intensifies in Non-Fungible Token (NFT) Sector as Bitcoin “Ordinals” Set to Overtake Ethereum in Sales Growth and Active Buyer Participation
According to data from Crypto Slam.
Ordinals saw a significant increase in sales and active buyers, achieving an impressive 129.50% growth in USD sales and attracting nearly 10% of the buyer market.
Ethereum still leads the NFT sector with total sales of over $24 million, however, Bitcoin’s rapid rise in ordinals suggests a “reversal” may be imminent.
Ordinals, which have been rapidly gaining traction since their inception in April 2023, are unique digital assets listed on a satoshi, the smallest unit of bitcoin.
Their creation was facilitated by the Taproot update, launched on the Bitcoin network in November 2021, which allowed data to be written to the Bitcoin network in a manner similar to the creation of NFTs on other blockchain platforms. . Since its launch, Ordinals have caused a stir in the Bitcoin community, setting a record number of signups on several occasions.
Apart from Bitcoin ordinals and Ethereum NFTs, several other blockchains have also made significant strides in the NFT market. Solana ranks third, posting a robust sales growth of 44.61% with total sales of $1.2 million and attracting 31.40% of buyers, a number that even exceeds the market share of buyers of Ethereum.
Polygon follows closely behind in fourth place, with a 30.75% increase in sales to $1.3 million. The BNB channel comes in fifth place, with sales totaling $856,027 and a buyer share of 7.54%. Finally, Cardano, despite sales growth of 36.22% and total sales of $346,115
