Whether one approves of Ordinals or not is ultimately irrelevant. Statistics confirm the industry segment is booming. Moreover, various marketplaces compete for traction, and it remains uncertain who will come out on top.
Ordinals Marketplaces Build Momentum
The idea of inscribing NFTs on the Bitcoin blockchain excites many people. Some see it as a way to provide on-chain NFTs through the most secure blockchain. Others think it will create chain bloat and inflate transaction fees. The final impact of this technology remains unclear, but there is a genuine demand for Ordinals. That has also sparked demand for marketplaces supporting this technology.
Several such marketplaces exist, although their volume figures are volatile. That is normal, as the Ordinals space is in its infancy, and anything can happen. Demand will ebb and flow, although it holds its own near $500,000 per day. That is a respectable amount, even though the peak of over $1.5 million seems out of reach. Even so, creators continue to bring more non-fungible tokens to the Bitcoin blockchain. Some of them are more nefarious than others.
What is remarkable is the early indication of volume by marketplace. Ordinals Wallet is the clear industry leader, representing between 50% and 75% of all transactions. Ordswap comes in second place, followed by Ordinals Market. There is also Open Oprdex, although that project has yet to build any meaningful momentum. It is good to see such competition early on. That may prevent near-term market dominance by one player like OpenSea did on Ethereum for several years.
User-wise, Ordinals Wallet has the most unique users per day in the past week. It’s inching ahead of Ordswap and Ordinals Market. Again, Open Ordex lags behind quite a bit on this front, but things can change quickly. Combined, the marketplaces have nearly 10,000 unique users per day. It is a significant milestone, although there is more work to do. With over $6.5 million in volume early on, things head in an exciting direction.
Ordinal Volume on Ethereum
It may seem strange to learn there is a lot of momentum for Ordinals on Ethereum. Although the protocol is designed for Bitcoin, many traders convert NFTs to and from Ethereum. That results in “porting” existing collections to a different blockchain under the same name or a new brand. No one knows how successful that approach will be in the long run. However, it creates a fair amount of Ordinals volume on Ethereum.
Ethereum is almost always at 60% of the Bitcoin-based volume or higher. Both networks had similar numbers on March 3 and 4, although the gap widened on March 5. Despite the higher Ethereum-based volume, the network represents few transactions. Bitcoin often has 90% of the overall transaction volume or more.
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