With BTC On-chain NFT Sales Exceeding $880 Million in December, What is the Difference Between In_script_ion and Bitcoin NFT?

2024-01-08, 02:29

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## TL；DR
The in_script_ions have opened up infinite possibilities for the future of the <a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> network, which has also spurred the development of Bitcoin NFTs;

What NFTs do on <a href="/pt/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> can be done again on Bitcoin;

Popular Bitcoin NFTs include Bitcoin Frogs, Ordinal Maxi Biz, and Goosenals;

The development of Bitcoin NFT has breakthrough significance in the crypto market.

## Introduction
To clarify the difference between in_script_ions and Bitcoin NFTs, we need to start with the Ordinals protocol.

The Ordinals protocol was founded by Casey Rodarmor in December 2022, with the aim of recording NFT and other artistic creations in the smallest unit of Bitcoin - Satoshi.

The birth of the Ordinals protocol inspired the invention of various token protocol assets, namely In_script_ions, in the BRC-20. Nowadays, many people believe that in_script_ions have opened up unlimited possibilities for the future of Bitcoin networks, which has also spurred the development of Bitcoin NFTs.

## Emergence
Initially, people did not pay attention to the Ordinals protocol.

Until February 2023, an NFT project called Bitcoin Rooms attracted investors to participate in the Bitcoin auction platform Scarce.City auction on the Discord community. The auction price once soared to 2.5 BTC. Although the auction was later cancelled, this event sparked interest in building NFTs using the Ordinals protocol in the Bitcoin network.

The market is beginning to realize that what is done on Ethereum can be done again on Bitcoin. Users can create unique NFTs on the smallest unit of Bitcoin by binding in_script_ions and Sat. This means that digital assets such as digital artworks and virtual real estate can be stored on the Bitcoin blockchain and become irreplaceable tokens.

In April 2023, Unisat launched a wallet and trading market that supports the issuance and trading of Bitcoin Ordinals NFTs and BRC20 tokens, once again igniting the Bitcoin NFT market and accelerating the development of Bitcoin NFTs.
![](https://gimg2.gateimg.com/image/article/1704680783img_v3_026t_b4e97b39-7e9b-4443-973a-c777cad32aix.jpg)

Due to the smart and secure storage of bound in_script_ions on the Bitcoin blockchain, they have the characteristics of tamper resistance, immutability, and easy transfer, making them unique and valuable. These smarts can be used as NFTs for trading and transfer, which is also one of the reasons why Bitcoin NFTs have quickly become popular in the NFT field.

After Bitcoin NFTs gradually calmed down between April and May, the smooth experience of Web3 wallets and the support of Bitcoin NFTs have once again injected vitality into this field, allowing us to see that Bitcoin NFTs may have even better prospects, surpassing Ethereum.

In December 2023, according to Cryptoslam data, the sales of NFTs on the Bitcoin chain reached $881,223,753.92, setting the highest monthly sales record to date. There were 111,713 buyer addresses and 98,744 seller addresses, both of which set the highest monthly sales records to date.

As of the time of writing, the total sales of NFTs on the Bitcoin blockchain have exceeded $1.9 billion, making it the fourth largest blockchain in NFT sales, after Ethereum ($42.12 billion), <a href="/pt/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ($4.62 billion), and Ronin ($4.25 billion).

## Trending Bitcoin NFTs
### Bitcoin Frogs
Bitcoin Frogs is a Bitcoin based NFT project that creates 10,000 unique frog collectibles on the Bitcoin blockchain through the Ordinals protocol. Each frog has unique attributes and characteristics, such as color, eyes, hat, clothing, etc.

Bitcoin Frogs was launched at the end of February 2023, with each frog priced at 0.01 Bitcoin (approximately $300). In recent months, this project has received much attention and support, especially among the Bitcoin community and Pepe enthusiasts.
![](https://gimg2.gateimg.com/image/article/1704680820img_v3_026t_6944b5a5-25ad-46d7-a61d-5fe05f3bf9ix.jpg)

It is worth noting that on May 18, 2023, Bitcoin Frogs surpassed the most popular NFT project on Ethereum, Bored Apes Yacht Club (BAYC), to become the NFT series with the largest transaction volume in the entire blockchain. This series generated over $2 million in trading volume in nearly 700 transactions, which is a milestone event for the emerging Ordinals market.

There are several reasons why Bitcoin Frogs has achieved such amazing results. Firstly, it is an NFT project based on Bitcoin, which has strong appeal and scarcity. Secondly, it is an NFT project with Pepe as its theme, which has cultural and emotional resonance. Finally, it is a high-quality and fun NFT project with exquisite and diverse frog designs, as well as rich and active community activities.

### Ordinal Maxi Biz (OMB)
The Bitcoin NFT Project Ordinal Maxi Biz (OMB) is a collection of NFTs based on the Bitcoin network. OMB is the top rare intelligent NFT project, with all collections inscribed on the ninth block of Block 9, with a total supply of 2,100 NFTs.

It is understood that the OMB project was founded by zk Shark, who previously worked on Wall Street and later resigned to launch this project with an anarchist theme. The OMB project is divided into three series: Blue eyes, Red eyes, and the latest Green eyes.
![](https://gimg2.gateimg.com/image/article/1704680858img_v3_026t_49e4de33-8ed6-44f1-a3b9-1a6109f2c4ix.jpg)

As of the time of writing, according to CoinGecko's information, the floor price of OMB is 0.47 BTC, and the 24-hour sales revenue is 2.73 BTC. As of January 5, 2024, the holder is 1225 and the total market value is 987.00 BTC (approximately $38,400,951).

### Goosinals 
The inspiration for Goosenals comes from the creation of the artwork Ringers # 879, which is jokingly referred to as the "Big Goose" due to its resemblance to a goose. Ringers is a generative art project released by Dmitri Cherniak in 2021, and its current floor price has reached 28.5 ETH.

Among them, Ringers #879, which has rare attributes, was once sold to crypto hedge fund Three Arrows Capital for 1800 ETH (approximately $5.6 million), making it one of the most expensive Art Blocks works on the market at that time.
![](https://gimg2.gateimg.com/image/article/1704680887img_v3_026t_62f53772-a5d7-4c7a-8f5d-146d7cdfa4ix.jpg)

However, due to the bankruptcy of Three Arrows Capital, Ringers #879 was liquidated and auctioned off by well-known auction houses such as Sotheby's, and ultimately sold to renowned NFT collector @Punk6529 for over $6.2 million, becoming the second highest selling generative art piece in history.

It is worth mentioning that Ringers # 879 recently appeared in the latest anime series of The Simpsons.

## Conclusion
Experts speculate that there is a correlation between the rise of Bitcoin NFTs and the rise in Bitcoin prices, suggesting that Bitcoin NFTs may be one of the factors driving Bitcoin prices up from $16,000 in early 2023 to over $25,000.

The reason is that Bitcoin NFTs have brought new growth potential to this old cryptocurrency network and stimulated more trading activities. A report by Galaxy Research predicts that the size of the Bitcoin NFT market may reach $4.5 billion by 2025.

Objectively speaking, the development of Bitcoin NFTs has groundbreaking significance in the crypto market, similar to the CryptoKitties craze on Ethereum. The bull market in the NFT market in recent years has been partly driven by the market's enthusiasm for Ethereum NFTs.

Nowadays, Bitcoin NFT has also opened the "second spring" of NFT, which marks the expansion of Bitcoin network functions, making it not only the mainstream of crypto transactions, but also a Xintiandi for artists and collectors.

The emergence of Bitcoin NFTs has added new dimensions to the development of digital art. With the casting of these unique digital assets on the Bitcoin blockchain, they have brought a new way of proof of ownership and collection.

The emergence of this trend has not only attracted the interest of artists and technology enthusiasts, but also attracted the attention of many investors. Bitcoin NFTs offer a different option from the traditional Ethereum NFT market, especially for users seeking more decentralization and security guarantees, the stability and security of Bitcoin blockchain are a huge attraction.

The addition of Bitcoin NFTs undoubtedly injects fresh blood into the current NFT market and may drive the entire industry towards a more diversified and inclusive direction. With the expansion of the Bitcoin NFT market, we can look forward to more innovation and opportunities in creating, trading, and collecting digital art in the future.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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