Will Ordinals inscriptions spark Bitcoin’s NFT renaissance?

Journalist

Posted: November 20, 2023

• The volume of Ordinals inscriptions resumed its trend above 100,000 as of press time.
• ORDI remained above its listing price despite declines.

The inclusion of the Ordinals token in the listings on exchanges has led to renewed interest in inscriptions, as per recent statistics. Additionally, these inscriptions have reshaped the NFT space, with Bitcoin [BTC] Ordinals NFTs taking the lead as of press time.

Ordinals remains active

Despite experiencing a notable decline in activity a few months ago, the Bitcoin Ordinals inscriptions persisted. A recent examination of the daily volume on Dune Analytics indicated a resurgence.

The data revealed that, with only a few exceptions, the daily count of inscriptions has consistently remained above 100,000. Also, it has surpassed half a million within a day.

At the time of this writing, the daily inscription count stood at over 400,000. This renewed interest could be partly attributed to the ORDI listing on exchanges.

How has ORDI fared since the listing?

An analysis of the daily timeframe chart for ORDI indicated a sustained positive price trend. Despite encountering declines, the chart revealed that it stayed above its initial listing price.

According to the price range tool, there has been a remarkable increase of over 70% from its listing value. The token was trading at around $22.8, reflecting a slight decrease of around 5%.

Source: TradingView

Bitcoin Ordinals NFTs now dominate trade volume

According to data from CryptoSlam, NFTs inspired by Ordinals have recorded the highest daily sales volume in the past 24 hours. The observed data indicated that these NFTs claimed the top ten spots in daily volume.

The Rats BRC-20 NFT collection was leading this rise, boasting a daily sales volume of nearly $4 million at the time of this report. The collection has witnessed over 1,000 transactions involving more than 600 buyers and sellers.

How much are 1,10,100 ORDIs worth today?

Furthermore, the impact of these NFT collections has moved Bitcoin into the NFT rankings for the first time. As per CryptoSlam, the Bitcoin network had the top position in NFT sales as of press time.

Bitcoin’s daily sales volume was over $38 million as well, surpassing established NFT networks such as Ethereum [ETH] and Solana [SOL].