Bitcoin Becomes 2nd Largest NFT Network

In the last month, $390 million worth of transactions were processed on the Ethereum network. Accordingly, with the high demand for the Ordinals protocol, which allows NFT trading and storage on the Bitcoin network, 173 million dollars were processed on the network. This figure is more than 3 times that of Solana, the largest NFT network after Ethereum. Thus, the Bitcoin network has risen rapidly in the last 30 days in the NFT field, leaving Solana behind.

After the development of the Ordinals protocol, which adds NFT to the Bitcoin network, a rapid increase was recorded in the NFT transaction volume on the largest blockchain network. With the protocol developed by Casey Rodamor, serial numbers are assigned to the smallest unit of Bitcoin, the satoshi. Thus, written satoshi units gain NFT feature and become more valuable depending on demand. In addition, the Ordinals protocol is also used to issue BRC-20 tokens, which emerged as a new token standard on the Bitcoin blockchain network. This is a similar structure to the ERC-20 based tokens on the Ethereum network. The ORDI token is the most popular among the BRC-20 tokens, which are still in the early stages of development.

On the other hand, this new feature brought to the Bitcoin network forced the Bitcoin network, causing congestion in the network and causing the transaction fees to rise seriously. Some Bitcoin advocates, dissatisfied with this high-demand new trend, think that the BRC-20 standard goes against the nature of Bitcoin. As transactions in the Ordinals protocol became popular, transaction fees on the Bitcoin network increased to $ 30.