Ordinals NFTs Capture 47% Market Share with $37M, Outperforming ETH and SOL

Ordinals, a new entrant in the NFT market, is currently outperforming Ethereum (ETH) and Solana (SOL) NFTs in trading volumes, capturing 47% of the market share with $37 million in 24-hour trading volume, compared to ETH's $26 million and SOL's $14.5 million. This surge positions Ordinals as a significant player, with its volume surpassing the combined volumes of ETH and SOL NFTs. The rise of Ordinals is seen as a pivotal moment for the NFT industry, with predictions of reaching volumes comparable to ETH NFTs in 2021. Amidst this shift, there's a growing sentiment that Ethereum NFTs may become non-existent in the future, with Ordinals and Solana gaining traction due to their user-friendly transaction processes and breaking the narrative of Ethereum hosting premium NFTs. This development is reshaping the landscape of the NFT market, suggesting a possible decline in Ethereum's dominance.