Decrypt’s Art, Fashion, and Entertainment Hub.
As Bitcoin’s price rockets, the NFT-like Ordinals are staging a quiet comeback, with sales cross major Ordinals marketplaces crossing $19.7 million on Monday. More than $14 million in sales have taken place today, according to data from CryptoSlam.
The number has shot up since the start of the month, when daily trading volume was between $5-$6 million. But it still has a long way to go to reach what it stood at back in December—$85 million in trades.
And cross-chain marketplace Magic Eden is again the top spot to snap up Ordinals, Dune data shows. Last month, the prominent cross-chain NFT marketplace announced a new points program for traders, gifting “diamonds” to loyal users.
It could be a fruitful, symbiotic relationship, explains Scott Norris, an independent Bitcoin miner at Optiminer.
”Ordinals should help boost the transaction fees, which conventional knowledge would suggest should help miners,” Norris told Decrypt. ”Halving is going to get some of them with power bills, but the bigger ones are generating their own power and selling it back to the grid when needed.”
On Magic Eden, the most popular Ordinals collections include NodeMonkes, Bitcoin Puppets, and RSIC Metaprotocol.
The renewed interest in Ordinals comes as the price of Bitcoin surges—hitting $57,000 per coin today—following hype surrounding spot BTC exchange-traded fund approvals last month, and the biggest crypto network approaches its long-awaited halving event.
Bitcoin’s halving will mean that miners, who process transactions on the blockchain and mint new coins, will have their reward payments cut in half. Miners will have to work harder to process transactions—when they are already working extra hard to process Ordinals activity.
Ordinals—NFT-style inscriptions made onto individual satoshis—bring a different use case to the biggest crypto network.
Allowing for non-financial data such as art, profile pictures, or text to be inscribed onto the Bitcoin blockchain, they blew up last year and have led to all sorts of protocols and projects coming into existence.
Some members of the Bitcoin community have seethed at the new craze, however, blasting people for using the Bitcoin blockchain to mint images because it pushed up the cost of making transactions.
At one point, the cost of sending Bitcoin was the highest it had been in over two and a half years, but the costs have since plunged as the network has become less congested.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
Your article helped me a lot, is there any more related content? Thanks!
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
how to buy clomiphene price can i get generic clomiphene prices get clomiphene prices cost clomid for sale clomiphene tablets price uk buy cheap clomiphene pill where to get clomid tablets
This is the gentle of scribble literary works I positively appreciate.
This is the kind of serenity I enjoy reading.
azithromycin pill – order azithromycin 250mg without prescription oral metronidazole
semaglutide over the counter – cost cyproheptadine cheap periactin 4mg
order domperidone for sale – buy domperidone 10mg cyclobenzaprine order
buy esomeprazole 20mg – nexiumtous esomeprazole online order
coumadin 5mg sale – https://coumamide.com/ oral hyzaar
mobic drug – tenderness purchase meloxicam online
deltasone order online – aprep lson order prednisone 40mg generic
best ed pill for diabetics – fastedtotake pills for erection
buy generic amoxil for sale – combamoxi.com buy amoxil without prescription
order fluconazole 100mg sale – fluconazole 100mg over the counter order fluconazole generic
lexapro 10mg us – https://escitapro.com/# where can i buy lexapro
purchase cenforce generic – https://cenforcers.com/ cenforce 100mg pill
generic tadalafil cost – https://ciltadgn.com/ when will teva’s generic tadalafil be available in pharmacies
non prescription cialis – https://strongtadafl.com/ cialis recreational use
generic sildenafil 100mg – strongvpls viagra cheap discount
More posts like this would make the blogosphere more useful. propecia en mujeres
More posts like this would bring about the blogosphere more useful. https://buyfastonl.com/azithromycin.html
Thanks towards putting this up. It’s evidently done. https://ursxdol.com/augmentin-amoxiclav-pill/
The thoroughness in this section is noteworthy. buy misoprostol online
This website positively has all of the low-down and facts I needed to this participant and didn’t know who to ask. click
I couldn’t turn down commenting. Profoundly written! https://ondactone.com/spironolactone/
More posts like this would force the blogosphere more useful. motilium cost cvs
This website really has all of the tidings and facts I needed there this participant and didn’t identify who to ask. http://iawbs.com/home.php?mod=space&uid=914826
dapagliflozin 10mg drug – buy forxiga online cheap dapagliflozin cheap
xenical for sale online – https://asacostat.com/ orlistat online
This is the kind of literature I in fact appreciate. http://www.gtcm.info/home.php?mod=space&uid=1169327