Orange Is The New Blue

GM Readers!📪 It's BitDegree Insider, and let's row that Web3 canoe.

⭐️Today's selection:

• 🐸Not Ordinary Ordinals Stuff
• 🧩️Thursday Quiz
• 👌Selected Meme of The Day
• 📰Bite-Sized News

NOT ORDINARY ORDINALS UPDATES

Another day, another Bitcoin Ordinals update.

BTW, what are Bitcoin Ordinals? Reminder: Bitcoin Ordinals enable the numbering, identification, and embedding of information into satoshis, the indivisible, smallest units of Bitcoin. This process effectively converts them into NFTs.

So, here are some new records that Bitcoin Ordinals just set:

• Bitcoin Ordinals 24h trading volume broke $8M.
• Bitcoin Ordinals 24h sales volume reached and surpassed 50% of the Ethereum network NFT sales volume.
• Bitcoin Ordinals marketplaces unique daily users reached all-time high.

One more thing. A more colorful thing.

Bitcoin Frogs (a Bitcoin Ordinals NFT collection) flipped the Bored Ape Yacht Club in terms of 24H trading volume.

This means that Bitcoin Frogs took over the #1 place as the most popular NFT collection out there (at the time of writing).

And that's... across all chains.

So, that's massive. Keep in mind how quickly this phenomenon is evolving, since Bitcoin Ordinals were launched less than 4 months ago!

But... What are these frogs?

Bitcoin Frogs, the newly-launched NFT collection, was launched in late February on Bitcoin Ordinals. The is described as "10,000 unique frog collectibles minted directly on the Bitcoin Blockchain."

Well, that is pretty direct, and accurate. Because... They are exactly that, and they look exactly like it sounds.

Well, it looks like Bitcoin Frogs are the first ever "orange chip", having generated a volume of 240 Bitcoin since their start… and counting.

BTW. This 'orange chip' expression was a great pun, okay? But still, feels like some explaining wouldn't hurt.

The expression 'blue chip NFTs' refers to an NFT collection which is widely regarded as a low risk, high value investment, and consistently gives great market performance.

So... the Bitcoin Frogs collection does match the criteria of a blue chip NFT collection. But... it's on Bitcoin network. So... orange is the new blue.

Okay, let's see the numbers that make this collection so big.

For example, the early buyers got more than 10x return. And the collection has already generated over 240 Bitcoin in total volume.

As of today, 240 Bitcoin is only around $6.5M. Meanwhile, the Bored Apes Yacht Club has a sales volume of 1M ETH. This translates to almost 2 billion in USD.

Okay, those are some... intense numbers. However, the BAYC were present for 2 years already, whereas, in general, Bitcoin Ordinals are just starting out.

How about one more interesting fact?

The fees that buyers and sellers are paying for the ability to quickly trade Bitcoin Frogs NFTs range from $50 to over $1,200.

In the meantime, the mining difficulty increased and broke the all-time high again!

Which literally means that the Bitcoin Ordinals rekindled the popularity of Bitcoin mining, and it resulted in more mining rigs being plugged in and revved up.

Keep in mind, the data portrayed in the screenshot above is quickly changing, don't rely too much on it.

What's important is the fact that the Bitcoin NFT collection is on the #1 throne.

For those who may consider obtaining a Bitcoin Frog or two, the floor price, at the time of writing, is 0.1 Bitcoin ($2,700)

TL;DR: Bitcoin Ordinals NFTs are increasing in popularity. One collection in particular, Bitcoin Frogs, have skyrocketed in popularity, with the early investors receiving a nearly x100 return. In terms of 24 hours sales volume, the collection overtook the BAYC.

THURSDAY QUIZ

It's Thursday. It's Quizday.

Can you guess the floor price for the first 10,000 Bitcoin Ordinals inscriptions? Being the initial batch, might they fetch a higher value?

To help you out, have a look at the inscription numbers from other collections. And, here are the current floor prices for those collections (right at the bottom of the img):

Good luck!

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Lightning Labs Updates Taproot Assets Protocol to Resolve Issues with BRC-20. The team plans to allow BRC-20 token integration on Lightning Network.
• Signature Bank Exec Faces Criticism from Senators for Shifting Blame on Crypto. US Senator Cynthia Lummis did not hold back her criticism.
• Creditors Accuse Bankrupt BlockFi of Misusing Funds for $30M Insurance Purchase. BlockFi and its creditors clash over a recently published restructuring plan.