BTC Ordinals triggers NFT frenzy? Taproot is upgraded again, what is the future trend of the NFT market?

Ordinals is the second largest NFT series, after the blue-chip NFT BAYC series.

Written by: ambcrypto

Compilation: Blockchain Knight

About 80% of the top 10 NFT sales last week came from BTC, and this track is usually dominated by Ethereum and Solana.

Over the past seven days, Bitcoin recorded the second-highest NFT sales of any blockchain.

Ordinals is the second largest NFT collection after the blue-chip NFT BAYC collection.

A year ago, no one would have thought that BTC would become the preferred circulation platform to facilitate NFT transactions. However, since the beginning of 2023, the situation has changed drastically.

A user invested in Bitcoin-related companies recently tweeted that 80% of the top 10 NFT sales last week occurred on BTC, which is often dominated by smart contract-driven networks like ETH and SOL.

According to CryptoSlam, BTC recorded the second-highest NFT sales of any blockchain in the past seven days. Over $37 million worth of transactions settled on PoW blockchains, surpassing giants such as Solana and Polygon and second only to Ethereum.

As mentioned earlier, the trading volume on May 10 exceeded $10 million, the highest amount ever recorded in a single day. Trading volume over the past seven days has increased by 8.15% compared to the previous week.

The main driver of BTC's emerging NFT ecosystem is the collection of Ordinals. Since its launch in January 2023, Bitcoin Ordinals has taken the Crypro scene by storm. Over the past seven days, sales of Ordinals have totaled more than $13 million, the second-largest NFT collection behind blue-chip NFT BAYC collections.

According to Delphi, the total number of Ordinals exceeds 7 million, of which a shocking 4.3 million were minted in May. This number hit an all-time high on May 7, with more than 400,000 minted in a single day.

Ordinals account for the majority of BTC network transactions. According to Dune, Ordinals transactions account for 30% of the total fees collected by miners.

The Ordinals frenzy has pushed activity on the BTC network to unprecedented heights. According to Glassnode, an average of nearly 600,500 transactions per day have been reported since the beginning of May.

Binance, the world's largest centralized Crypto exchange, had to suspend BTC withdrawals twice within 48 hours due to high Gas payment fees due to network congestion.

With the upgrade of Taproot, the mint of ordinary NFT becomes possible. On May 15, 59.86% of Bitcoin transactions used Taproot.