NFT News by Thebittimes.Com

Bitcoin transaction fees have soared above Ethereum’s amid a renewed appetite for Ordinals-inscribed assets. Average daily transaction fees on Bitcoin (BTC)  have flipped with Ethereum following a frenzy of Ordinals-related activity on the Bitcoin network.  On Nov. 20, the average daily transaction fee for Bitcoin stood at $10.34, while Ethereum’s transaction fees came to an average of $8.43, according to BitInfoChart data. Bitcoin’s average daily trading fee notched a new six-month high on Nov.16, reaching a peak of $18.67, while Ethereum fees reached $7.90. Bitcoin’s average daily fees have surged above Ethereum’s in the last five days. Source: BitInfoCharts The sudden uptick in Bitcoin transaction fees stems from a renewed market appetite for assets inscribed with the Ordinals Protocol — a tool for creating nonfungible token (NFT)-like assets and BRC-20 tokens on Bitcoin. Following a significant lull in activity between Sept. 25 and Oct. 23, Ordinals-based assets saw a drastic ...

The program will provide seed money, mentoring and support to approved applicants. The Bitcoin Frontier Fund, formerly Stacks Ventures, launched what it’s calling the first Bitcoin Ordinals accelerator program on Aug. 14. Program Information This program is led by VC @TO & is a 4-month program for builders to raise funding, connect with mentors, & be guided by the best in the industry (sneak peak below). It will help with co-founder relationships, mentors & advisors, fundraising & pitching. pic.twitter.com/MSykk2l7Dl — Bitcoin Frontier Fund (@BTCFrontierFund) August 14, 2023 According to the program ’s website, the Bitcoin Frontier Fund is offering seed money to startups innovating in the Ordinals space along with access to funding pipelines and mentorship: “We offer $100k in investment and a badass program and community to take your startup to the next level, in exchange for 2-3% equity in common shares.” Startups with no “substantial funding” will be required...

The BRC-721E token standard was launched by the Ordinals market and the Bitcoin Miladys NFT collection, allowing traders to transfer their ERC-721 NFTs to Ordinals. Bitcoin Ordinals are the latest layer-2 solution enabling decentralized storage of digital art on the Bitcoin blockchain. Ordinals will now allow users to migrate their Ethereum ERC-721-based nonfungible tokens (NFTs) to the Bitcoin blockchain with the launch of the BRC-721E standard. The BRC-721E standard was jointly launch ed by the Ordinals market — an Ordinals-based marketplace — and the Bitcoin Miladys NFT collection. The new BRC-721E standard enables the conversion of immutable, verifiable ERC-721 NFTs to Ordinals. Initially, metadata is not stored on-chain, but users can store a lower-quality preview image and include a reference to the Ether (ETH) burn in the raw image data. Our #Bitcoin Ordinals bridge is now live In collaboration with @OrdinalsMarket_ & @xverseApp Bridge: https://t.co/T9UhTNVp4W New token s...

Bitcoin’s NFT market is growing, but it is primarily driven by newfound hype for memecoin trading on the blockchain. The monthly trading volume of nonfungible tokens (NFTs) and memecoins on Bitcoin in May surpassed Solana’s volume, according to data from CryptoSlam.  Bitcoin ordinals trading volume currently stands in second place behind Ethereum, which did $393 million in NFT volume, more than twice that of ordinals on Bitcoin (BTC) in 30-days starting April 23. Bitcoin gained a significant lead over popular block chain s like Polygon, ImmutableX, BNB Chain and Solana during this period. According to a Dune dashboard by BRC-20 token standard creator Domo, BRC-20 token transactions accounted for the majority of ordinals activity on Bitcoin. The BRC-20 token standard is an experimental fungible token standard built using ordinals. It has harbored hype for memecoin, speculative cryptocurrencies whose price action is fueled by certain enthusiastic communities. The total market capitali...