Bitcoin Ordinals Records $210 Million in Volume during Q2, According to DappRadar

Bitcoin Ordinals, the creation of non-fungible token inscriptions on the Bitcoin blockchain, has witnessed a significant surge in trading volume, reaching over $210 million in the second quarter of 2023, according to the latest report from DappRadar. The data, independently verified by CryptoGrafos, highlights the remarkable popularity and growth of Bitcoin Ordinals during this period.

The trading volume of Bitcoin Ordinals experienced a substantial increase from $7.18 million in the first quarter of the year. This surge propelled the total trading volume for Bitcoin-based NFTs to $210.7 million, marking a staggering quarterly increase of 2834%, as reported by DappRadar.

The report further reveals that more than 550,000 Bitcoin Ordinals trades took place in Q2, with approximately 150,000 unique traders contributing to the soaring trading volume. A Dune blockchain analytics dashboard, compiled by user @domo, demonstrates a sharp rise in unique users from May 2023. Notably, UniSat, an open-source Chrome browser extension for Bitcoin Ordinals and BRC-20 tokens, Magic Eden, and Ordinals Wallet account for the majority of unique users within the marketplace.

The growing popularity of Bitcoin Ordinals has also had an interesting impact on the NFT landscape. Towards the end of May 2023, Bitcoin surpassed Solana to become the second-most popular NFT blockchain, positioning itself just behind Ethereum in terms of facilitating NFT trading volumes.

Moreover, Bitcoin Ordinals has proven to be beneficial for the Bitcoin mining industry. BTC miners have generated approximately $184 million in the first half of 2023. Coin Metrics attributes the boost in fees to Ordinals and BRC-20 tokens, with total fees surpassing the cumulative figure for 2022.

Ethereum co-founder Vitalik Buterin also acknowledged the impact of Bitcoin Ordinals in revitalizing a “builder culture” within the Bitcoin ecosystem during a Twitter Space broadcast on July 6. The success of Bitcoin Ordinals demonstrates the increasing integration of NFTs within the Bitcoin network and the growing interest in non-fungible token creations on the blockchain.

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