A Bitcoin NFT, notable for its low inscription number among Bitcoin Ordinals, recently set a record by selling for 24.48 BTC, or $1.41 million.
Inscription numbers uniquely identify each NFT-like digital artefact, known as an “Ordinal,” on the Bitcoin blockchain.
These numbers are part of a scheme that assigns distinct identities to Bitcoin satoshis, allowing for data like JPEGs or source code to be attached. So far, 62.7 billion satoshis have been inscribed.
This sale of the second-ever inscription at $1.4 million marks a significant moment, although it falls short of the heights reached by some Ethereum NFTs during the 2021 boom.
At the time, individual jpegs fetched up to 91 million for the costliest sale, with many others selling for a couple of millions.
The buyer has already relisted the NFT for 222.22 BTC, aiming for nearly 10X returns. As Bitcoin NFTs gain momentum in trading volumes, second only to Ethereum NFTs, their potential to replicate past NFT frenzies remains to be seen.
