- May 24, 2023
- Posted by: [email protected]
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Since its inception in January, the total number of Bitcoin Ordinals has exceeded 8 million, according to a report by Dune Analytics. The report reveals that the total network fees paid for minting Bitcoin Ordinals reached 1,414 BTC, equivalent to $38.2 million, on May 20. This represents a significant increase of 700% from April 20 and 831% from April 1. The majority of Bitcoin Ordinals have shifted towards text-based inscriptions, diverging from the previous balance between text and image inscriptions observed from February to April.
Bitcoin Ordinals utilize a unique numbering system assigned to individual Satoshis, enabling their tracking and transfer. The inscription process adds an additional layer of data to each satoshi, allowing users to create distinct digital assets on the Bitcoin blockchain. Unlike traditional NFTs that rely on smart contracts and solutions like IPFS, Bitcoin Ordinals are fully integrated within the Bitcoin blockchain and do not require a separate sidechain or token.
The Bitcoin Ordinal Theory framework was introduced by Web 3.0 developer Rodarmor in January 2023. In March 2023, another Web 3.0 developer named Domo created the BRC-20 Bitcoin token standard, which incorporates both Ordinals and inscriptions for token contracts, minting, and transfers on the Bitcoin network. As of now, over 8 million Bitcoin Ordinals have been minted, along with 24,677 BRC-20 tokens, boasting a total market cap of $612.5 million.
The popularity of Bitcoin Ordinals is evident with the listing of the ORDI BRC-20 token on cryptocurrency exchange OKX. This token holds the highest market capitalization among similar tokens, exceeding $300 million.
The increasing adoption of Bitcoin Ordinals highlights the growing interest in unique digital assets built on the Bitcoin blockchain. The use of Ordinals and inscriptions provides a distinct approach to creating and managing tokens, expanding the capabilities and possibilities within the Bitcoin ecosystem.
