The Rise of Non-Pungible Tokens in the Bitcoin Network

Average transaction on the Bitcoin network was hovering at just under $20 earlier this morning, and that is up quite a bit from last week's average just above a dollar. Last time we saw levels like this was of course May 2021, when Bitcoin prices set a then-record peak of $60,000. The number of non-pungible tokens or NFTs tied to the Bitcoin blockchain through the ordinals protocol surged above $3 million last week after a one-day spike in activity mainly consisted of text-based assets.