Bitcoin Ordinals See Surge in Network Fees, Majority Shift to Text-Based Inscriptions
Bitcoin Ordinals have seen a surge in network fees, with the total fees paid for their minting touching 1,414 Bitcoin (BTC), equivalent to $38.2 million, on May 20, marking an increase of 700% from April 20 and 831% from April 1. The trend shows that despite continued interest in Bitcoin NFTs, the overwhelming majority of Bitcoin Ordinals has shifted to text-based inscriptions, compared to a somewhat equal balance of text and image inscriptions from February to April.
Bitcoin Ordinals assign a unique number to every individual Satoshi enabling its tracking and transfer. This combined with Inscription process allows users to mint unique digital assets on the Bitcoin blockchain. While traditional NFTs are built using smart contracts and hosted on solutions such as IPFS, Ordinals entirely reside on the Bitcoin blockchain and do not require a sidechain or separate token.
Web 3.0 developer Rodarmor released the Bitcoin Ordinal theory framework in January 2023. On top of this, another developer, domo, created the BRC-20 Bitcoin token standard in March 2023 that employs both Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers on Bitcoin. Since then, over 8 million Bitcoin Ordinals have been minted, along with 24,677 BRC-20 tokens boasting a total market cap of $612.5 million.
On May 20, cryptocurrency exchange OKX announced the listing of the ORDI BRC-20 token, the most popular in its category with a market cap of over $300 million.
Source: Dune Analytics
Explanation: BitKeep
BRC-20 Token Standard: BitKeep
Magazine: Cointelegraph
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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