The largest Bitcoin Ordinals and BRC-20 service provider, UniSat Wallet, has achieved a remarkable milestone by raising funds with a valuation of $50 million. Many investors have been decided upon, and Binance Labs is on the communication, according to Wu Blockchain, citing numerous sources.
The UniSat team has expertise working on the hard fork of Bitcoin Cash [BCH] now known as Bitcoin Satoshi Vision [BSV]- supported by Craig Steven Wright. According to Domo & cszeth’s Dune data panel, the transaction volume on UniSat Wallet has so far been between 10% and 20% when compared to the entire Ordinals trading marketplace.
Meanwhile, the number of unique users of UniSat Wallet is thought to be over 60,000. One user remarked, “Huge if they pull this off. Great exposure for ordinal builders.” Not long ago, the leading digital asset wallet service announced that it would launch BRC20-swap, calling it the first native Ordinals swap to use the BRC20 protocol and function on the Bitcoin mainnet.
The announcement caused quite a commotion in the community. While some maintained that it was a legitimate switch that tapped into the power of the Ordinals, others opposed it. OKX CEO Star Xu has questioned whether this move counts as a centralized swap. As per the top exec, the current Bitcoin network does not support smart contracts, so a truly decentralized DEX Swap is challenging to implement.
Bitcoin Ordinals Contest Ethereum’s NFT Dominance
Xu also stated that in the current industry environment, all centralized swaps, exchanges, and bridges without full compliance controls including KYC AML and others will be high risk in every jurisdiction, citing the example of Multicoin to validate his argument.
Nevertheless, the investment would prove beneficial for Bitcoin Ordinals which from time to time has challenged Ethereum’s dominance in the NFT market in terms of sales and active buyers. Data from a popular NFT industry data aggregator, Crypto Slam, previously revealed that sales of Ordinals had surged by a staggering 130% in USD, accounting for almost 10% of the market.
While Ethereum is still king of the NFT market with sales of over $24 million, the rapid rise of BTC’s Ordinals suggests that a “flip” may be imminent. Following its initial launch in January, the Ordinals protocol quickly gained traction and emerged as the most popular way to add new assets to the Bitcoin network.
