🤑 How to earn on Bitcoin's first-ever NFTs: Top crypto news analyzed.

GM!

It's Vanessa, here from the best crypto community to ever do it — buidlbee! Bringing you unmissable and market-shifting news and analyses from the Web3 world.

Let's get into it...

• Bitcoin now has NFTs 🚀

• But why's the NFT market doing so well in the first place? 🤔

• The Sandbox signed a new tropical deal 🏝

You know how we have "The Originals," a spin-off from Vampire Diaries with all the series' OGs? Well, the Ordinals are kinda the originals of the NFT industry. Ordinals NFTs are the first NFTs ever to be created on the OG of the crypto market — Bitcoin 😎

They are quite peculiar because Bitcoin was not made to support features like NFTs in the first place. Casey Rodarmor, the creator of the Ordinals protocol, implemented capabilities of BTC's latest extension — Taproot — to make this possible. Meaning you need modern wallets like Sparrow to use them.

Since its inception two weeks ago, 11,000 NFTs have been created and counting. Although the protocol has gained significant popularity, it has also caused major controversies. With the way it works, any artifact can be permanently stored on the blockchain. Asides from pictures, users can store confidential documents, forbidden literature, and, more recently, a video game.

Bitcoin is already known for being super slow, so you can imagine what the extra load is doing on the blockchain. Some developers are frustrated about this because transactions are now slower, and fees are more expensive. This is also a bummer for regular Bitcoin users. Miners, on the other hand, are saying, "don't get mad, get a bag." The more data in a transaction, the more commissions are. 

There are clearly a lot of mixed feelings over the Ordinals. Where do you stand? Drop a comment in our article, and let me know your thoughts.

The revival of digital assets this year has not left the NFT market out. We've seen some major wins for the industry already, with some market leaders taking the biggest portion of the cake.

• In early January, the NFT market reached a 90-day high in the number of daily unique users (27,800) and in the number of daily sales (85,700). Most of which were traded on OpenSea.

• The NFT market recorded $946 million in trading volume and 9.5 million in sales, up 38% and 42%, respectively, from December. OpenSea holds 58% of this volume.

• Polygon recorded a 124% increase in trading volume and a 157.39% increase in sales.

• NFT’s lending ecosystem reached a record high in January, with a total of 17,900 ETH provided in the form of 4,399 loans.

Now that we've addressed the booming points, let's talk about some new trends that could make the NFT market even more profitable than ever before.

• New NFT collections are taking up space. Checks VV recently entered the top 5 NFT collections and is literally various pictures of verified Twitter user checkmarks. Starting in January, he sold over 16,000, at $8 apiece. Now though, you have to pay at least a whopping 2.47 ETH (~ $4,100).

• Blur started outperforming OpenSea in February, in terms of trading volume, with an average of ~$14.3 million, compared with the latter's $11.3 million.

• A decentralized oracle network, Chainlink, is now targeting dynamic NFTs (dNFTs) that evolve over time, depending on certain conditions in the real world or actions by their creators. An example is the recent MMA fighter collections by OWNIC.

• Sewer pass sales reached $71,595,485 as of the last 30 days, with a floor price of 2.3 ETH (+69596.97%). These are the keys used to enter and play the Dookey Dash game btw.

• Moreover, the Ordinals are also causing a major shift in the NFT market. Learn about them in more detail here.

The Sandbox and its SAND token have been having a good rally this year so far, and it seems like it might get even better. On January 31, co-founder and COO, Sebastien Borget, took to LinkedIn to share a new alliance and metaverse deal with the Saudi Arabian Digital Government Authority (DGA).

Although the metaverse industry took a sharp pause in 2022 with the fall of the market and global recession, things seem to be picking up this year. The new partnership announcement didn't highlight a lot of details, but that doesn't take away from the importance of the event.

Partnerships like this set Sandbox apart from its other competitors like Decentraland. The news took the SAND token up by 20.53%, adding to its already 90% growth since the start of the year 🚀 

That's all the news I have for you today, friend. In the true nature of WAGMI, share this with a like-minded friend or two. See you tomorrow with more tips that will help you make it with crypto 🔥