The non-fungible token (NFT) market has begun to surge after a brief respite in the past few weeks, as NFTs have begun to resell for millions of dollars. In a recent episode, a batch of Ordinal non-fungible tokens sold for more than $6.2 million, sending the Bitcoin NFT market up more than 216%. In the past 24 hours, the Bitcoin NFT market has reached $10 million. Will the NFT rise begin again?
Bitcoin Ordinal sold for over $6 million
Data collected by cryptoslam.ioan on-chain cryptocurrency market data aggregator and non-fungible token explorer, announced that an unclassified ordinal NFT block was successfully exchanged directly from user to user for $6.2 million. This transaction, which took place several hours ago, has increased Ordinals’ trading turnover to new heights. In the past 24 hours, the Bitcoin Ordinal market has risen by 217% to over $10 million.
Launched by Bitcoin developer Casey Rodarmor on January 20, 2023, NFTs are NFTs on the Bitcoin blockchain that are not part of an official collection. The Ordinals protocol allows each satoshi to be assigned an individual ID when they are created, making each one unique. Creating Ordinals was made possible thanks to the 2021 Taproot upgrade on the Bitcoin network.
Ordinal’s recent massive sale, along with other NFT sales that took place today, has pushed the global NFT market’s sales volume to new heights. In the past 24 hours, the NFT market has raised $30 million in trading volume, an increase of more than 30% from the previous day. During this period, the Ethereum blockchain was the most widely traded NFT blockchain network in the NFT market. In the past 24 hours, Ethereum-based NFTs have amassed a trading volume of $12 million.
Base, Ethereum’s layer 2 blockchain network, is the third most traded non-fungible token blockchain network, with a trading turnover of $2.1 million. In the past 24 hours, core NFT sales volume has increased by more than 44% from the last day. Mythos and Solana are the fourth and fifth largest NFT blockchain networks in the NFT market, each with a trading turnover of over $1.8 million.
NFT market analysis and forecasting
The recent sale of an unrated Ordinal for $6.2 million is a testament to the booming NFT market. The global non-fungible token market is expected to continue to thrive as industry participants and enthusiasts shift into the digital asset space. Trump’s upcoming inauguration is one of the market catalysts for another NFT super cycle.
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