Cryptocurrency is rapidly advancing and now playing an important role in Non-Fungible Token (NFT) industry. Today, over 1.14 million image based inscriptions have been developed on Bitcoin, exceeding the figures of other popular blockchain networks like Solana, Ethereum and Polygon in just the first 200 days of its launch. In January 2023, Casey Rodarmor, a software engineer, initiated the Ordinals protocol which offers a tool for embedding data onto Bitcoin blockchain. This includes videos, images, texts and audio which then gives rise to Bitcoin NFTs. Furthermore, the total trading volume of Ordinals on Bitcoin for the period of January 1st to September 1st was $596.4 million, ranking the network third on the list for most popular NFT trading.

The development of Recursion strategy has helped inscribers surpass the standard block size limit, introducing high-resolution artwork at minimal costs. This particular development was spotlighted at the Ordinals Summit 2023 which attracted over 400 participants from around the world.

It is clear that Bitcoin is making a lasting impression in the NFT industry, offering advanced market dynamics and technological advancements. With a significant trading volume, the emergence of integer NFTs and the development of Recursion, Bitcoin is well positioned to stay an influential player in the NFT scene.



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