BTC - Revolutionizing Bitcoin's Potential: How Ordinals Are Igniting New Use Cases and Driving Unprecedented Demand
2023-06-03 06:15:00 ET
Although Ethereum (CRYPTO: ETH) has become the home for non-fungible tokens (NFTs) and outranks all other blockchains in terms of sales, Bitcoin (CRYPTO: BTC) has suddenly started to close what once seemed to be an insurmountable gap.
During the past 30 days, Ethereum has processed $396 million worth of NFT transactions, and Bitcoin is approaching half that figure. During the same period, Bitcoin surpassed Solana (CRYPTO: SOL) to become the second-most-popular blockchain for NFTs.
The reason for this surge is the result of a new piece of technology known as ordinals. Despite not being like NFTs in the traditional sense, which are minted via smart contract, ordinals add the ability for non-financial data such as a picture, audio, or video to be attached to individual satoshis, the smallest denomination of one whole Bitcoin. Although not technically NFTs, they fit the bill for the most part.
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Revolutionizing Bitcoin's Potential: How Ordinals Are Igniting New Use Cases and Driving Unprecedented Demand