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Bitcoin Outperforms Solana, Emerging as the Second Most Popular NFT Blockchain

May 25, 2023 World Blockchain

Bitcoin Outperforms Solana, Emerging as the Second Most Popular NFT Blockchain.

According to data from CryptoSlam, nonfungible tokens (NFTs) and memecoins outperforms Solana in terms of monthly trading volume in May.

The trading volume of Bitcoin ordinals is currently second only to Ethereum, which did $393 million in NFT volume in the 30-day period beginning April 23. This is more than twice the trading volume of Bitcoin ordinals, which was $26,761 BTC. During this time, Bitcoin significantly surpassed well-known blockchains like Polygon, ImmutableX, BNB Chain, and Solana.

The majority of ordinals activity on Bitcoin was made up of BRC-20 token transactions, according to a Dune dashboard created by Domo, the creator of the BRC-20 token standard.

An experimental ordinal-based fungible token standard called BRC-20 has been developed. It has fostered enthusiasm for speculative cryptocurrencies like memecoin, whose price movement is spurred by some fervent communities.

During the first part of May, as the buzz about BRC-20 memecoins increased, its total market valuation crossed the $1 billion threshold. The market value of BRC-20 tokens is $447 million at the moment.

Popular BRC-20 tokens like ORDI, PEPE, and MEME were solely created for testing purposes and have little practical use. For instance, the BRC-20 functionality offered by Ordinals was showcased by Twitter user Domo through the creation of ORDI.

The traders attempting to profit from the recent excitement appear to be the main drivers of BRC-20 volumes. However, if gains slow down, trading activity for BRC-20 tokens is probably going to decrease as well.

Trading of Bitcoin NFT increases.

Along with BRC-20 tokens, media-based ordinals, also known as Bitcoin NFTs, are replacing BRC-20 tokens in the market. The volume of UniSat, which predominantly trades BRC-20 tokens, has begun to decline as a result of Magic Eden, a well-known Bitcoin NFT platform.

Top Ethereum collections like Bored Ape Yacht Club (BAYC), which generated just over $40 million in trading volume between April 23 and May 23, did only one-fourth the volume of popular collections like Bitcoin Frogs.

The goal of NFT traders is to reproduce the success of Ethereum NFTs on Bitcoin by building exclusive groups of holders of ordinals.

The Bitcoin NFT ecosystem now appears to be far behind Ethereum, which offers features like integration with the $27.5 billion decentralized financial ecosystem and can support decentralized autonomous organizations.

For instance, metaverse initiatives developed on BAYC and Azuki offer special benefits to NFT holders. Contrarily, CryptoPunks and Milady Maker are well-liked because of their rarity and competitive advantage over later adopters.

It will be interesting to watch whether Bitcoin NFT collections are able to build devoted communities like CryptoPunks, Milady Maker, Azuki, or BAYC. NFT collections have not yet proven useful or developed a devoted following of holders, despite the fact that the trading volume of NFTs and memecoins on Bitcoin reached the second rank in May.

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