The non-fungible token market has started surging after taking a short recess in the past several weeks, with NFTs starting to resell for millions of dollars. In a recent episode, an Ordinal non-fungible token collection has sold for over $6.2 million, pushing the Bitcoin NFT market up over 216%. In the past 24 hours, the Bitcoin NFT market has reached $10 million. Is the NFT bull run starting again?
Bitcoin Ordinal Sells For Over $6 Million
Data compiled by cryptoslam.io, an on-chain crypto market data aggregator and a non-fungible token explorer, shows that an Uncategorized Ordinal NFT collection has successfully exchanged hands directly on user-to-user at $6.2 million. This transaction, which occurred several hours ago, has fueled the trading sales volume for Ordinals to new heights. In the past 24 hours, the Bitcoin Ordinal market has surged 217% to over $10 million.
Launched by Bitcoin developer Casey Rodarmor on January 20, 2023, Uncategorized Ordinals are NFTs on the Bitcoin blockchain network that are not part of an official collection. Ordinals Protocol allows an individual identifier to be assigned to each satoshi as it is created, thus making each unique. The creation of Ordinals was made possible by the 2021 Taproot upgrade on the Bitcoin network.
The recent Ordinal mega sale, along with other NFT sales made today, has pushed the global non-fungible token market sales volume to new heights. In the past 24 hours, the NFT market has raised a trading sales volume of $30 million, up over 30% from the previous day. During this period, the Ethereum blockchain network was the most traded NFT blockchain network in the NFT market. In the past 24 hours, Ethereum-based NFTs have amassed a trading sales volume of $12 million.
Base, an Ethereum layer two blockchain network, is the third most-traded non-fungible token blockchain network, amassing a trading sales volume of $2.1 million. In the past 24 hours, the Base NFT sales volume has surged by over 44% from the past day. Mythos and Solana are the fourth and fifth NFT blockchain networks in the NFT market, with over $1.8 million trading sales volume each.
NFT Market Analysis And Prediction
The recent sale of the uncategorized Ordinal for an impressive $6.2 million is a testament to the thriving NFT market. The global non-fungible token market is predicted to continue blossoming as industry participants and enthusiasts shift to the digital asset space. The upcoming Trump’s inauguration is one of the market catalysts for another NFT super cycle.
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