Volume started to increase in Bitcoin Ordinals as well

The NFT world, which fell into a great silence after the great enthusiasm in 2021, seems to have started to rise from the ashes with the price increases in Bitcoin and Ethereum.

Ordinals, also called Bitcoin NFTs, reached a transaction volume of $100 million as of February on Magic Eden, the most well-known platform in this sense.

According to information from Dune Analytics, Bitcoin Ordinals volume on Magic Eden exceeded $107 million this month. Bitcoin NFTs were also the category with the highest volume on the platform. Magic Eden, as a platform, was the place where Ordinals were traded the most. Magic Eden launched a “diamond points” campaign for users last month.

Although daily volume is around $5-6 million, it is still well behind the $85 million level in December.

The most popular Ordinals collections on Magic Eden are NodeMonkes, Bitcoin Puppets, and RSIC Metaprotocol.

“Good for miners…”

Ordinals and BRC-20 tokens, which came into our lives at the beginning of last year, have actually created an additional income source for Bitcoin miners. Speaking on the subject, analyst Scott Norris also touched on the halving and said:

“Ordinals have increased transaction fees. This was of course good for miners. The reward halving will increase electricity bills for some, but large companies produce their own power and sell it to the grid when needed. “This situation allows them to strengthen their power.”

As you may remember, Ordinals, which first appeared last year, increased transaction fees on the Bitcoin network to the highest level in the last 2.5 years at that time.

The 6.25 BTC reward given to miners per block in the Bitcoin network will decrease to 3,125 BTC after the reward halving, which is expected to take place in April.