Network Fees Linked to Bitcoin Ordinals Continue to Skyrocket

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The Bitcoin Ordinals realm has dramatically shifted, breaching the 8 million mark since its birth in January. Data meticulously curated by Dune Analytics’ digital asset specialist, @dgtl_assets, provides a comprehensive picture of this burgeoning trend.

Soaring Network Fees Signal Increased Interest

The study highlights that the network fees for minting Bitcoin Ordinals have exponentially surged to 1,414 Bitcoin (BTC), equivalent to a staggering $38.2 million on May 20th. This rise marks a 700% escalation from April 20th and an impressive 831% upsurge since April 1st, respectively. 

The analysis underscores the persisting fascination with Bitcoin NFTs, while revealing an intriguing shift in the Bitcoin Ordinals landscape.

Interestingly, the lion’s share of Bitcoin Ordinals has transitioned towards text-based inscriptions, superseding the hitherto equal blend of text and image inscriptions from February to April.

The Unique Nature of Bitcoin Ordinals

BitKeep, a cross-chain wallet pioneer, elucidates the concept of Bitcoin Ordinals as “a numeration system that confers a unique identifier to each individual Satoshi [1/100 million of a Bitcoin], facilitating its tracking and transfer.” 

Furthermore, the innovation of the Inscription process, which imbues an additional layer of data to each Satoshi, empowers users to forge unique digital assets on the Bitcoin blockchain.

In a distinct departure from conventional NFTs, which rely on smart contracts and are stored on platforms like IPFS, BitKeep developers articulate that “Ordinals exist exclusively on the Bitcoin blockchain and negate the need for a sidechain or an isolated token.”

The Advent of Bitcoin Ordinals and BRC-20

Web 3.0 developer Rodarmor unleashed the Bitcoin Ordinal theory framework in January 2023. Further propelling this revolution, fellow Web 3.0 developer domo unveiled the BRC-20 Bitcoin token standard in March 2023. This ground-breaking standard employs Ordinals and Inscriptions to forge and govern token contracts, enabling token minting and transfers on Bitcoin.

More than 8 million Bitcoin Ordinals have been minted since inception of these revolutionary standards. Additionally, 24,677 BRC-20 tokens have been created, amassing a total market cap of $612.5 million. Adding to the momentum, on May 20th, cryptocurrency exchange OKX heralded the listing of the ORDI BRC-20 token, the leading token in its class, boasting a market cap exceeding $300 million.

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