• Bitcoin is now the world’s second most popular blockchain for NFTs, behind Ethereum.
• While Solana saw $49 million in NFT transactions over that time, Bitcoin saw $173 million.

Since Counterparty’s Rare Pepes and operation code Easter eggs, the newest iteration of NFTs on Bitcoin, Ordinals, has sprung onto the scene. Bitcoin is now the world’s second most popular blockchain for NFTs, behind Ethereum which is still the most popular blockchain overall.

Ethereum has handled $390 million in on-chain NFT transactions over the last 30 days, whereas Bitcoin is getting close to half that amount. While Solana saw $49 million in NFT transactions over that time, Bitcoin saw $173 million.

Ethereum Clearly Dominates

No one could have imagined a few months ago that Bitcoin would handle approximately half as many NFT transactions as Ethereum. Ethereum has handled almost 38 million NFT transactions since its creation, much surpassing Bitcoin’s 320,000.

Despite this, Ordinals’ meteoric rise in popularity is inspiring new uses for the oldest blockchain in the world, including the safekeeping of works of art, movies, collectibles, tickets, and even video games.

Ordinals protocol is a system that uses wallet software other than Bitcoin Core to serialize bitcoin’s smallest unit of currency, the satoshi. The former Bitcoin Core engineer, Casey Rodamor spent a year working on his own personal “ordwallet” programme, in which he coded and fixed bugs.

Like serial numbers on banknotes, his order numbers have a special significance. Although there is a minimum value of $1 on all notes, uncommon bills with specific serial numbers have more numismatic value.

Ordinals have generated enormous transaction fees for miners, despite the fact that they are primarily of interest to explorers and NFT merchants.

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