The Significance of Bitcoin Ordinals in 2024

The Significance of Bitcoin Ordinals in 2024 and Latest Developments in the NFT Space

NFTs have been experiencing a decline in Sales volume for quite some time but Bitcoin Ordinals according to the report by OKX suggest that the Bitcoin Ordinals have been playing a significant role this year and the Ordinals Trading volume in 2023 surpassed $1 Billion.

The Significance of Bitcoin Ordinals in 2024

The NFT market opens with a decline in sales volume, experiencing a 10% drop over the past 24 hours to $31,192,652, as reported by CryptoSlam. NFT buyers and sellers see a decrease of 9% and 5%, respectively, while transactions also decline by 5%.

AINN BRC-20 NFTs lead the top ten collections with a remarkable 224% increase to $613,159, capturing attention in the NFT news landscape. Following closely, Uncategorized Ordinals shows a 76% spike to $1.83 million.

Conversely, LIGO BRC-20 NFTs experience the most significant drop, falling 45% to $565,295. Despite a 13% drop, Froganas retains the top sales volume spot at $1.84 million.

In today’s NFT news, the ‘2024 Bitcoin Outlook’ report by OKX Ventures suggests a pivotal role for Bitcoin Ordinals this year, driven by the significant growth of OKX Wallet’s total Ordinals trading volume in 2023, surpassing $1 billion across 120,322 unique addresses with 552,818 transactions recorded.

Advancement in Bitcoin Ecosystem

The report anticipates an upward trend in the adoption of various asset issuance standards in 2024, following the success of Bitcoin Ordinals trading volumes, reaching a market share of 91.7% on November 21, 2023.

The report highlights the Ordinals’ significant strides in 2023, representing a groundbreaking advancement in asset issuance within the Bitcoin ecosystem.

Integration of four New Inscription token standards

OKX announces the integration of four new inscription token standards—Atomicals (ARC-20), Stamps (SRC-20), Runes, and Dogecoin’s Doginals (DRC-20) into its platform. OKX Wallet will initiate the integration of Bitcoin token standard SRC-20 on February 5, with subsequent integrations of ARC-20, DRC-20, and Rune Alpha in late February.

The OKX Marketplace will also integrate DRC-20 and ARC-20 standards in late February, enabling users to buy and sell inscriptions with zero fees. Support for Runes will be introduced after the Bitcoin halving. Currently, OKX Wallet’s inscriptions tool supports minting on 23 networks.

Consensus x Fahad Karim NFT collection

The Consensus x Fahad Karim NFT collection, Microcosms, goes live today, featuring a 1,000-piece generative art series for its second year. The mint starts at 13:00 ET on January 31, with pieces available for 1 ETH. Each art piece also serves as a three-year Consensus conference ticket, offering a multi-tiered rewards system valued up to $19,000.

The Consensus Limited Edition Collectible includes a unique generative artwork, an airdropped Pro Pass ticket to Consensus for three years, on-the-ground perks and experiences, the ability to use, gift, or sell randomized rewards, access to special community channels on the Consensus Telegram, and additional partner and artist benefits.


To conclude, while the NFT market faces a sales volume decline, the ‘2024 Bitcoin Outlook‘ by OKX emphasizes the significance of Bitcoin Ordinals, showcasing their significant contributions to the crypto world. As the integration of new inscription standards unfolds and innovative NFT collections like Consensus x Fahad Karim emerge, the blockchain ecosystem continues to evolve, promising dynamic trends and advancements in the coming year.

Note: It’s a research based article not a financial advice

Leave a Comment

Your email address will not be published. Required fields are marked *