Ordinal NFT sells for +$6M – Are NFTs due to bounce back?

admin8 hours ago

The market for non-fungible tokens is starting to surge after NFTs took a brief break over the past few weeks, as NFTs are starting to resell for millions of dollars. In a recent episode, a collection of Ordinal non-fungible tokens sold for over $6.2 million, sending the Bitcoin NFT market up more than 216%. In the last 24 hours, the Bitcoin NFT market reached $10 million. Is the NFT bull market starting again?

Bitcoin Ordinal Sells for Over $6 Million

Data collected by cryptoslam.io, an on-chain cryptocurrency market data aggregator and non-fungible token explorer, shows that a collection of Uncategorized Ordinal NFTs were successfully traded directly between users for $6.2 million. This transaction, which occurred a few hours ago, took Ordinals’ trading volume to new levels. In the past 24 hours, the Bitcoin ordinal market has surged 217%, surpassing $10 million.

Ordinal sells for $6 million

Uncategorized Ordinals, released on January 20, 2023 by Bitcoin developer Casey Rodarmor, is an NFT on the Bitcoin blockchain network that is not part of the official collection. The Ordinals protocol allows each satoshi to be unique by assigning an individual identifier when it is created. The creation of Ordinals was made possible through the Bitcoin network’s 2021 Taproot upgrade.

The recent Ordinal mega sale, along with other NFT sales taking place today, took global non-fungible token market sales to new heights. Over the past 24 hours, trading volume in the NFT market reached $30 million, 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. In the last 24 hours, Ethereum-based NFTs recorded $12 million in transaction sales.

Base, an Ethereum layer 2 blockchain network, is the third most traded non-fungible token blockchain network with $2.1 million in transaction sales. In the past 24 hours, Base NFT sales have surged more than 44% compared to the previous day. Mythos and Solana are the fourth and fifth NFT blockchain networks in the NFT market, each recording over $1.8 million in transaction sales.

NFT market analysis and forecast

The recent sale of an unclassified Ordinal for an impressive $6.2 million is proof that the NFT market is thriving. The global non-fungible token market is expected to continue to blossom as industry players and enthusiasts move into the digital asset space. Trump’s upcoming inauguration is one of the market catalysts for another NFT super cycle.