Bitcoin Ordinals Will Play a Pivotal Role in 2024 + More NFT News

This non-fungible token (NFT) day starts with a drop in the sales volume.

It is down 10% over the past 24 hours to $31,192,652, according to CryptoSlam.

NFT buyers are down 9% and sellers 5%. Transactions have also dropped by 5%.

Among the top ten collections by sales volume, AINN BRC-20 NFTs has increased the most over the past day: 224% to $613,159, making the top of NFT news rounds. Uncategorized Ordinals follows with a 76% spike to $1.83 million.

Meanwhile, LIGO BRC-20 NFTs have seen the largest drop: 45% to $565,295.

Overall, Froganas sits at the first spot by sales volume despite a drop of 13%, with $1.84 million.

Today in NFT news: Bitcoin Ordinals will have a “pivotal role” in 2024, OKX will integrate four new inscription standards, and Consensus’ NFT ticket mint starts today.

Bitcoin Ordinals Are Set for an Upward Trend

Bitcoin Ordinals will have a “pivotal role” this year, according to the ‘2024 Bitcoin Outlook’ report by OKX Ventures, the investment arm of crypto exchange OKX.

The forecast is based on “the remarkable growth of OKX Wallet’s total Ordinals trading volume in 2023,” said the report. The volume exceeded $1 billion across over 120,322 unique addresses for the year. There was also a total of 552,818 transactions recorded.

Per the press release,

“Following the success of Bitcoin Ordinals trading volumes on OKX Wallet’s Ordinals Market, which attained a leading market share of 91.7% on November 21, 2023, the report predicts an upward trend in the adoption of different asset issuance standards in 2024.”

Ordinals made significant strides in 2023 and represented “a groundbreaking advancement in asset issuance” within the Bitcoin ecosystem.

“This breakthrough has been met with widespread adoption,” the report noted.

It has led to a number of asset issuance protocols, such as BRC-20, RGB, Taproot Assets, Runes, Taro, Atomicals, TAP, PIPE, etc.

Per the report, these are the growth statistics:

• the cumulative number of BRC-20 transfers exceeds 45.4 million, and the cumulative transaction fees generated by BRC-20 exceed 4,290 BTC;
• the cumulative inscription total exceeds 53 million, and the cumulative transaction fees generated by Ordinals exceed 5,383 BTC.

Read more: Mysterious Ordinals Inscription Hints at ‘Cursed’ Bitcoin Art

OKX Set to Integrate Four Inscription Standards

And speaking of OKX: the exchange said it would integrate four new inscription token standards into its platform.

Per the press release, Atomicals (ARC-20), Stamps (SRC-20), Runes, and Dogecoin’s Doginals (DRC-20) will be added to its Web3 Wallet in the coming weeks. DRC-20 and ARC-20 to be added to its Marketplace.

More precisely, OKX Wallet will begin integrating Bitcoin token standard SRC-20 on February 5, enabling users to view and transfer inscription standards.

Then, in late February, OKX Wallet will integrate ARC-20, DRC-20, and Rune Alpha. OKX Marketplace will also integrate the DRC-20 and ARC-20 standards in late February, allowing users to buy and sell these inscriptions with zero fees.

After the Bitcoin halving, support for Runes will come online.

OKX Wallet’s inscriptions tool currently supports inscriptions minting on 23 networks, including Bitcoin, Dogecoin, Ethereum, Polygon, BNB Chain, Avalanche-C, Arbitrum One, and many others.

"We see inscriptions as a powerful innovation that unlocks new ways for creators and collectors to build and own truly immutable and dynamic items."#OKX CIO @jasonklau explains how we're becoming the largest one-stop inscription ecosystem in #Web3: https://t.co/DqWrEoVtE4 pic.twitter.com/xzx5jatEyk

— OKX (@okx) January 29, 2024

Read more: OKX to End Crypto Mining Pool-Related Services Over Realignment

Consensus x Fahad Karim NFTs Offer 3-Year Pro Pass Ticket with Extra Perks

Microcosms, a 1,000-piece NFT collection by Consensus and artist Fahad Karim, goes live today and reserves the top NFT news item spot. This generative art series is back for its second year.

According to the website, the mint starts at 13:00 ET (18:00 UTC) on January 31. Pieces will be available for 1 ETH.

Each piece of art is also the Consensus conference ticket for three years. Furthermore, it comes with a multi-tiered rewards system valued up to $19,000, the website claims.

The wait is almost over.

🎟️ Mint your #Consensus2024 NFT Ticket starting tomorrow at 1 p.m. ET.

The 1,000 limited-edition NFTs are 1 $ETH each.

Find out more:
👉 https://t.co/WrHpU1eik7 pic.twitter.com/INln1SH8jf

— #Consensus2024 (@consensus2024) January 30, 2024

The Consensus Limited Edition Collectible is a combined package of digital assets that include:

• a unique generative artwork by Fahad Karim;
• an airdropped Pro Pass ticket to Consensus for the next three years (min. value $3,600);
• on-the-ground perks and experiences at Consensus (value add ranging from $25 to $19,000 based on rarity);
• holders can use, gift, or sell randomized rewards;
• access to special community channels on the Consensus Telegram;
• additional partner and artist benefits.

The 2024 additional rewards are included in the image below.

Read more: What Are Generative Art NFTs & Are They Worth Collecting?