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Bitcoin Ordinals Could Help Curb Wash Trading in NFT Markets

Bitcoin Ordinals, the non-fungible tokens minted on the Bitcoin blockchain, have emerged as serious competition to other networks and are changing trading behavior. While Ethereum still ranks number one in terms of trading volume, Bitcoin has maintained a firm grip on second place for more than three weeks.

This could have the knock-on effect of spurring a decline in wash trading, which can distort markets. Wash trading is harder to do on the Bitcoin network when it comes to NFT trading because it's not possible to create tokens and advance smart contracts on Bitcoin, making token incentives for trading near impossible. This could help restore legitimacy to NFT markets, which have been plagued by wash trading.

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