The Emergence and Evolution of Bitcoin NFT Marketplaces

The Bitcoin ecosystem has been significantly transformed by the innovative Ordinals Protocol, which integrates art into the Bitcoin blockchain through unique inscriptions on individual satoshis. Introduced in January by Casey Rodarmor, this groundbreaking fusion of art and blockchain has spurred the growth of a thriving marketplace for Bitcoin-based Non-Fungible Tokens (NFTs). An in-depth coverage of Ordinals can be read in a prior research piece. 

The Ordinals Protocol's launch had a significant impact on the Bitcoin NFT market, as evidenced by a surge in activity in May. Bitcoin NFT marketplaces saw their share of total NFT volume rise to 20-30%, compared to Ethereum, although this has since stabilized at around 5-6%.