Supremacy of Bitcoin: BAYC Developers Enter BTC NFTs, but Will the Excitement Last?

The NFT market has recently been displaying some very significant signs of resurgence. Over the last two months, gas costs for Ethereum smart contracts involving NFT have increased by 97%. However, Bitcoin Ordinals, which are inscriptions on the Bitcoin blockchain that resemble NFTs and have recently received support from a well-known NFTs figure, are the development that's garnering greater attention in the space.

Yuga Labs joins the action.

Yuga Laboratories, the company behind the wildly successful Bored Ape Yacht Club line, has dipped its toe into the Bitcoin Ordinals market with the 300-piece TwelveFold NFT collection. It's fewer than Yuga's collections would typically contain because BTC inscriptions cannot be made in bulk the way Ethereum NFTs can. It remains to be seen if its success will match that of the BAYC, but it's unquestionably a testament to the Bitcoin NFT ecosystem.

Will the mania over the Ordinals last?

While the NFT market as a whole is showing signs of revival and Bitcoin NFTs have been growing in popularity since its inception, some are unsure of how long their success can last. The introduction of BTC Ordinals has been accompanied by an increase in bitcoin fees, with excitement reaching a high on February 15 when over $170k in inscription costs were paid. Since then, though, the volume of fees earned has begun to decline, peaking at just $100k at the beginning of this week. This can be a little worrisome for the development of the technology.

On the other hand, the technology's applicability to other blockchains might guarantee its appeal. Litecoin now supports Ordinals, and layer 2 Bitcoin chains like Stacks have been promoting their compatibility with Ordinals in preparation for BTC NFT wallets and initiatives. As for Bitcoin, it has gained 1.7% over the previous month but has remained largely flat overall. Ethereum may have discovered fresh competitors when the NFT market is prepared to recover to its previous market highs.