It was another transformative year for NFTs, both for better and for worse. We saw the emergence of the Ordinals protocol on Bitcoin, which rejuvenated creators and boosted excitement around the chain—but fomented a split between Bitcoin purists and expansionists. Meanwhile, as sales kept dropping for much of the year, collectors only got louder in expressing their frustrations, and creator royalties diminished further.

Despite the backlash, NFTs aren’t dead—and some are still in demand. But the NFT market is in a much different place than in 2021 or 2022, and this year’s events revealed a space grappling with how to evolve and move forward now that the early outsized hype has faded. Here’s a look at the defining NFT stories and trends from 2023.

Ordinals emerge

There was no bigger NFT story in 2023 than the emergence of Ordinals, a.k.a. the native Bitcoin counterpart to NFTs. Created by Bitcoin developer Casey Rodarmor, the Ordinals protocol lets users “inscribe” media, apps, and text files to individual satoshis—the smallest unit of measurement on the original blockchain—and then collect and trade them thanks to emerging marketplaces and infrastructure.

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Author: Andrew Hayward

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