Summary
TLDR: Ordinals, NFT-like inscriptions on individual satoshis, are making a comeback with sales crossing $19.7 million. Magic Eden is the top marketplace for Ordinals. The renewed interest comes as Bitcoin’s price surges and its halving event approaches. Some in the Bitcoin community are critical of Ordinals for increasing transaction costs.
Key Points
1. The NFT-like Ordinals are experiencing a resurgence, with sales across major marketplaces totaling $19.7 million on Monday. Daily trading volume has increased significantly since the start of the month, reaching between $5-$6 million.
2. Magic Eden remains a top spot for purchasing Ordinals, with popular collections including NodeMonkes, Bitcoin Puppets, and RSIC Metaprotocol. The renewed interest in Ordinals coincides with the surge in Bitcoin’s price, hitting $57,000 per coin.
3. Ordinals, which are NFT-style inscriptions made onto individual satoshis, allow for non-financial data such as art, profile pictures, or text to be inscribed onto the Bitcoin blockchain. Despite some criticism from the Bitcoin community, Ordinals have led to the creation of various protocols and projects.