Tron Blockchain Set to Launch Inscription Market

Tron blockchain’s inscription market, set to be released soon, has been developed in collaboration with the APENFT NFT marketplace team.

It is expected that the Tron blockchain’s inscription market would be released soon. The team responsible for the APENFT NFT marketplace on Tron is now developing the market in partnership with Tron developers, according to a post by Justin Sun, founder of Tron (TRX), on the social networking platform X.

Last year, Bitcoin Ordinals made it possible for non-fungible tokens (NFTs) to trade on Bitcoin (BTC). This was a big deal because NFTs had previously only been able to exist on blockchains that enabled smart contracts, like Ethereum and Solana.

Inscriptions on different chains are now supported by several NFT marketplaces. Examples of such updates include Magic Eden’s support for Solana chain inscriptions and the POLS Market’s compatibility with Polygon chain inscriptions. Inscription marketplaces, which allow users to purchase, sell, and even mint their own inscription tokens, were recently introduced by cryptocurrency exchanges like Binance and OKX.

An NFT ecosystem with the goal of connecting the NFT and fine art industries, APENFT is the brains behind the future Inscription market on Tron. Supporting prominent NFT artists and registering famous works of art as NFTs on the blockchain are two parts of this process. Tron, BitTorrent, HTX (formerly Huobi), and Poloniex are all supporting APENFT’s decentralized marketplace, which is a location where collectors and artists can trade non-fungible tokens.

Increase in Bitcoin NFTs Revives Market Hopes

The announcement and subsequent spike in NFT token values and trading volumes reflect the widespread confidence felt by cryptocurrency market participants in response to Bitcoin’s potential to challenge its all-time high.

Trades in Bitcoin Ordinals just hit $51 million, a record not seen since December 2023. At the same time, both the number of transactions and the indicators related to users reached record highs.

A 24-hour trading volume of about 282 BTC was accompanied by a price spike of approximately 25% in NodeMonkes, the main NFT for Bitcoin, reaching 0.875 BTC on Magic Eden. The collection’s sales have increased significantly by more than 56%. The floor price of Bitcoin Puppets has also risen substantially, and it is currently more than 25% of a Bitcoin. As for Ordinals trading platforms, Magic Eden further cemented its dominance with roughly 77% of the overall volume.

A new inscriptions market on Tron is going to help the NFT market grow and contribute to the blockchain ecosystem’s expansion.