One of the biggest challenges for this new class of NFTs is the dearth of a user-friendly marketplaces, with early transactions taking place over-the-counter on shared online spreadsheets, according to market players. Satoshis inscribed with NFTs are involved in about 7% of the total number of bitcoin blockchain transactions, according to Glassnode data. Nonetheless, bitcoin NFTs have built up a head of steam in a short space of time. Overall sales of NFTs - excluding Ordinals - stood at about $1 billion last month, according to CryptoSlam data, a recovery from the $324 million in November but still a fraction of the roughly $5 billion seen last January and $2.7 billion in May. Other top-selling Ordinals - named after the software protocol that facilitates inscription - include JPEGs of rocks and shadowy crowned figures which have sold for $213,845 and $273,010 respectively, according to Galaxy Digital Research.Īlthough the market for bitcoin NFTs has only been going since January, Galaxy estimates it could be worth $4.5 billion by 2025, basing its bullish forecast on factors such as the growth of the more established Ethereum NFT market and the fact that bitcoin is by far the most popular cryptocurrency.Ĭaveat emptor, though: Little can be accurately foreseen in the highly unpredictable market for non-fungible tokens, it would appear. They became a lucrative allegory this month when the company auctioned 288 of them off for $16.5 million, according to data from research firm Delphi Digital. It calls the set "a visual allegory" for data on blockchain. The colored balls form part of TwelveFold, a collection of 300 images of 3D objects rendered in a square grid, from NFT developers Yuga Labs, best known for its Bored Ape Yacht Club. "I think this is really the start of a fundamental shift in what you can do with bitcoin," said Alex Miller, CEO at bitcoin developer network Hiro. Now crypto enthusiasts have embedded a total of 385,000 "inscriptions" known as Ordinals on bitcoin since January, including more than 200,000 image files and over 150,000 text ones, according to Glassnode Market Intelligence. The data storage was an unintended consequence of the upgrades. The new entrants have materialized in 2023 following bitcoin network upgrades that enabled each satoshi - the smallest denomination of bitcoin, or one hundred millionth - to store a few megabytes of data, from text and images to audio and video. Just when you thought crypto couldn't get any stranger, bitcoin accidentally births a new breed of NFTs. Then imagine selling them for $16.5 million. (Reuters) - Imagine digitally inscribing 3D images of objects such as multi-colored spheres onto a tiny fragment of bitcoin.
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