The non-fungible token market has started to rise after a short hiatus in recent weeks, with NFTs starting to resell for millions of dollars. In a recent episode, a collection of non-fungible Ordinal tokens sold for over $6.2 million, sending the Bitcoin NFT market soaring by over 216%. In the last 24 hours, the Bitcoin NFT market reached $10 million. Is the NFT bull run starting again?
Bitcoin Ordinal sells for over $6 million
Data compiled by cryptoslam.io, a blockchain crypto market data aggregator and non-fungible token explorer, shows that an ungraded ordinal NFT collection successfully exchanged hands directly from user to user for $6.2 million. This transaction, which took place several hours ago, propelled Ordinals sales volume to new heights. In the last 24 hours, the Bitcoin Ordinal market surged 217% to over $10 million.
Launched by Bitcoin developer Casey Rodarmor on January 20, 2023, Ungraded Ordinals are NFTs on the Bitcoin blockchain network that are not part of an official collection. The Ordinals protocol allows each satoshi to be assigned an individual identifier when it is created, thus making each one unique. The creation of Ordinals was made possible thanks to the Taproot 2021 upgrade on the Bitcoin network.
The recent Ordinal megasale, along with other NFT sales happening today, have pushed the sales volume of the global non-fungible token market to new heights. Over the past 24 hours, the NFT marketplace generated $30 million in sales volume, an increase of more than 30% from the previous day. During this period, the Ethereum blockchain network was the most traded NFT blockchain network in the NFT market. Over the past 24 hours, Ethereum-based NFTs have accumulated $12 million in commercial sales volume.
Base, a layer two Ethereum blockchain network, is the third most traded non-fungible token blockchain network, amassing $2.1 million in commercial sales volume. Over the past 24 hours, Base NFT sales volume increased by more than 44% compared to the previous day. Mythos and Solana are the fourth and fifth NFT blockchain networks in the NFT market, with a commercial sales volume of over $1.8 million each.
NFT Market Analysis and Forecast
The recent sale of the ungraded Ordinal for an impressive $6.2 million is testament to the prosperity of the NFT market. The global non-fungible token market is expected to continue to flourish as industry players and enthusiasts shift their focus to the digital asset space. Trump’s upcoming inauguration is one of the market catalysts for another NFT super cycle.
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