Non-fungible tokens, or NFTs, have lost much of their cachet since the bull run of 2021-2022. Many of these digital assets, permanently inscribed on the Ethereum blockchain, used to trade hands for millions of dollars. Today, however, an estimated 95 percent of NFTs are “worthless,” according to dappGambl.
Is the market ready for a renaissance? I believe so, though the bitcoin network is fast becoming the preferred platform. One year ago this week, people began inscribing text, images and other media on bitcoin, and by May, it was being reported that the bitcoin blockchain was the second-most popular NFT platform after Ethereum.
Ordinals, as NFTs on the bitcoin network are called, now account for more than half of all daily bitcoin transactions, and trading volumes recently hit a new record high, soaring to $36 million on Dec. 12.