• NFTs have been experiencing a resurgence in the crypto space, thanks to the Ordinals series.
• In 2022, bearish trends in the crypto space caused the NFT industry to suffer major losses.
• However, with success of Ordinals, many analysts think it could potentially have positive repercussions for bitcoin and the entire crypto space.
NFTs Making a Comeback
Non-fungible tokens (NFTs) are making a comeback in the crypto space due to recent progress of the Ordinals series. Despite having an overall valuation that stood in billions at the end of 2020, NFTs were hit hard by bearish trends in 2022 which saw their usage drop by more than 97 percent.
Ordinals Series
The Ordinals series is comprised of pixelated art tokens logged on blockchain and has seen 122,500 individual units minted so far. There was an increase of 40 percent within just a few weeks and 21,000 new units were created in one day during early February. Casey Rodarmor -the creator of Ordinals- commented on this exponential growth: “It has really escaped… I thought I was meeting an unmet market demand that NFT collectors had expressed a desire for”.
Positive Repercussions
With its success, many industry heads and analysts believe that the Ordinals series could be beneficial for bitcoin and other cryptocurrencies as well. Alex Adelman -co-founder and CEO of bitcoin rewards program Lolli- stated: “If bitcoin wants to stay decentralized, widespread, and prolific cryptocurrency it needs something like this [Ordinals]”.
Conclusion
The resurgence of NFTs through the success of Ordinals indicates that there is potential for positive repercussions throughout the entire crypto space if usage continues to grow as it has recently done so far. As more users adopt NFTs such as those offered by Ordinal even further growth can be expected within this sector of cryptocurrency markets over time.
Takeaways
• Non-fungible tokens (NFTs) are making a comeback due to recent progress of the Ordinals series;
• 122,500 individual units have been minted so far;
• Success of Ordinals indicates potential for positive repercussions throughout entire crypto space;
