This week’s Web3 watch begins with a significant shift in the NFT marketplace. Ethereum, traditionally the frontrunner in NFT trading, has seen a downturn in sales volume, facing competition from two emerging players.
The Bitcoin network witnessed a surge in digital art collectible trading, primarily driven by ongoing interest in ordinal inscriptions. Ordinals allow users to mint NFT-like assets directly on the Bitcoin blockchain. The past month has seen a 500% increase in sales volume for this asset class, eclipsing Ethereum’s figures over the same timeframe.
The popularity of Bitcoin’s cheap-to-mint ordinal inscriptions has led to a significant increase in demand on the network….
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