tl;dr
As Bitcoin's price skyrockets, NFT-like Ordinals are making a quiet comeback, with sales exceeding $19.7 million and daily trading volume increasing. Magic Eden remains the top spot for purchasing Ordinals, and the renewed interest in Ordinals is linked to the surge in Bitcoin's price and the upcomi...
As Bitcoin's price skyrockets, NFT-like Ordinals are making a quiet comeback, with sales exceeding $19.7 million and daily trading volume increasing. Magic Eden remains the top spot for purchasing Ordinals, and the renewed interest in Ordinals is linked to the surge in Bitcoin's price and the upcoming halving event. The halving event will cut miner rewards in half, making it more challenging to process transactions, especially with the increased activity related to Ordinals.
Last month, the prominent cross-chain NFT marketplace announced a new points program for traders, gifting “diamonds” to loyal users. Ordinals should help boost the transaction fees, which conventional knowledge would suggest should help miners. On Magic Eden, the most popular Ordinals collections include NodeMonkes, Bitcoin Puppets, and RSIC Metaprotocol. The renewed interest in Ordinals comes as the price of Bitcoin surges—hitting $57,000 per coin today—following hype surrounding spot BTC exchange-traded fund approvals last month, and the biggest crypto network approaches its long-awaited halving event.
With Ordinals causing increased activity on the Bitcoin blockchain, some members of the Bitcoin community have expressed concern, as it has pushed up the cost of making transactions in the past. Despite this, the interest in Ordinals continues to grow, offering a different use case for the crypto network.
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