According to data from CryptoSlam, non-fungible tokens (NFTs) and meme coins outperformed Solana in terms of monthly trading volume in May. The trading volume of Bitcoin ordinals is now ranked second to Ethereum, which generated $393 million in NFT volume in the 30-day period beginning April 23. This is more than double the trading volume of Bitcoin ordinals. During this time, Bitcoin significantly surpassed well-known blockchains like Polygon, ImmutableX, BNB Chain, and Solana.
BRC-20 token transactions made up the majority of ordinals activity on Bitcoin, according to a Dune dashboard created by Domo, the creator of the BRC-20 token standard. An experimental ordinal-based fungible token standard known as BRC-20 is used. Memecoin is a speculative cryptocurrency whose price movement is supported by a few passionate communities, and it has fostered buzz for it.
During the first half of May, as the buzz about BRC-20 meme coins grew, its total market cap broke the $1 billion barrier. BRC-20 coins have a $447 million market value right now.
The well-known BRC-20 tokens, including ORDI, PEPE, and MEME, were mostly created for testing purposes and have no practical use. To demonstrate the BRC-20 functionality offered by Ordinals, for instance, Twitter user Domo developed ORDI.
Traders seeking to profit from the recent excitement appear to be the main source of BRC-20 volume growth. The trading activity surrounding BRC-20 tokens will probably decline as gains slow down nevertheless.
In the current market, media-based ordinals, or Bitcoin NFTs, are gaining popularity and replacing BRC-20 tokens. However, compared to Ethereum’s top collections like Bored Ape Yacht Club (BAYC), which generated over $40 million in trading volume between April 23 and May 23, popular Bitcoin collections like Bitcoin Frogs only accounted for a quarter of that volume. Despite this, Bitcoin NFTs such as Bitcoin Frogs are gradually reducing the trading volume of UniSat, which deals primarily in BRC-20 tokens.
NFT traders aim to replicate the success of Ethereum NFTs on Bitcoin by establishing exclusive groups of ordinal holders. Nevertheless, the Bitcoin NFT ecosystem still lags behind Ethereum, which has integrated with a $27.5 billion decentralized financial ecosystem and can support decentralized autonomous organizations.
Examples of initiatives created around metaverse entities include BAYC and Azuki, which offer NFT holders special benefits. However, because they are rare and have an advantage over later adopters, CryptoPunks and Milady Maker are popular.
The ability of Bitcoin NFT collections to build devoted communities like those of CryptoPunks, Milady Maker, Azuki, or BAYC is still up in the air. Although the trading volume of NFTs and meme coins on Bitcoin reached the second rank in May, the NFT collections have not yet produced any useful content or developed a devoted following of holders.
