• Bitcoin NFT inscription activity remains strong and the infrastructure to foster Bitcoin trading is finally coming together with the launch of wallets and marketplaces.
• Gamma and Magic Eden added support for Bitcoin NFTs this week, while Hiro and Xverse are the leading wallet providers in the space.
• Improving the infrastructure around Bitcoin NFTs sets the stage for ecosystem growth.
Improving Bitcoin NFT Marketplace Infrastructure
Bitcoin Non-Fungible Token (NFT) inscription activity has been steady since its launch late January, with nearly 580,000 NFTs inscribed in less than three months. To further facilitate increased trading volume of these tokens, wallets and marketplaces have been developed to improve infrastructure around Bitcoin NFTs.
Wallets Supporting Ordinals
Hiro and Xverse have emerged as leading wallet providers in the space, with active users up significantly this year by 350%. The Hiro wallet was initially designed for Stacks blockchain which supports smart contract ability, while Xverse added support for bitcoin NFTs on February 15th through a Chrome browser extension that has been downloaded over 10,000 times so far.
Marketplaces Supporting Trading
Gamma and Magic Eden were two of the biggest marketplaces to add support for bitcoin NFTs this week which should help increase trading volume as more traders become aware of these platforms.
Improving Infrastructure Sets Stage For Ecosystem Growth
The addition of wallets and marketplaces supporting Ordinals has set the stage for increased ecosystem growth as traders are now better equipped to purchase bitcoins using these tools. As more people become familiar with how bitcoin works, it could lead to a surge in usage across different applications from digital art to games or even real estate purchases.
As more people learn about what bitcoin is capable of doing and how to use it safely, we will likely see an increase in demand for BTC specific products like wallets and marketplaces that allow traders to buy coins easily without having any technical knowledge about cryptocurrency itself. Improving infrastructure sets a solid foundation for ecosystem growth that could lead us into another hype cycle soon!