Bitcoin surpasses Solana to become second most popular NFT blockchain
The monthly trading volume of nonfungible tokens (NFTs) and memecoins on Bitcoin in May surpassed Solana’s volume, according to data from CryptoSlam.
Bitcoin ordinals trading volume currently stands in second place behind Ethereum, which did $393 million in NFT volume, more than twice that of ordinals on Bitcoin (BTC) in 30-days starting April 23. Bitcoin gained a significant lead over popular blockchains like Polygon, ImmutableX, BNB Chain and Solana during this period.
According to a Dune dashboard by BRC-20 token standard creator Domo, BRC-20 token transactions accounted for the majority of ordinals activity on Bitcoin.
The BRC-20 token standard is an experimental fungible token standard built using ordinals. It has harbored hype for memecoin, speculative cryptocurrencies whose price action is fueled by certain enthusiastic communities.
The total market capitalization of BRC-20 memecoins breached the $1 billion mark during the first half of May as the hype around it picked up. The current market capitalization of BRC-20 tokens is $447 million.
The popular BRC-20 tokens like ORDI, PEPE and MEME have no utility attached to them and were primarily issued for experimental purposes. For instance, Twitter user Domo created ORDI to showcase the BRC-20 functionality that Ordinals provided.
The primary driver of BRC-20 volumes appears to be coming from traders who are looking to benefit from the newfound craze. However, as gains subside, the trading activity around BRC-20 tokens will likely fall as well.
Besides BRC-20 tokens, the market is witnessing a shift from BRC-20 tokens to media-based ordinals, aka Bitcoin NFTs. Magic Eden, a popular Bitcoin NFT marketplace, has started to eat into UniSat’s volume, which primarily trades
Read more on cointelegraph.com
