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Crypto News - Archive

Bitcoin NFTs Break Milestone With 1 Million Ordinal Inscriptions, Generating $4.7M In Miner Fees

Author

Jay Solano

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Reading time

2 mins
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Author

Jay Solano

Tags

Category

Crypto News - Archive

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

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ordinal inscriptions

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The non-fungible token (NFT) trend had established itself as a pillar when the million-inscription threshold was passed on April 8, 2023. A total of 1,049,263 Ordinal inscriptions have been made as of April 9; fees have been received in the amount of 169.85 bitcoins, or $4.7 million.

Bitcoin NFTs Hit Major Milestone With 1 Million Ordinal Inscriptions

By hitting the million mark on April 8, Ordinal inscriptions accomplished a significant milestone this weekend. With the mining of Bitcoin block number 774,628 by the mining pool Luxor, which was about 4 gigabytes in size and also contained Ordinal inscription number 652, there was a huge increase in demand for Ordinal inscriptions. Casey Rodarmor came up with the concept of Ordinal inscriptions, which enables users to affix arbitrary material to satoshis (Bitcoin’s smallest unit), including text, images, video, and even software.

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According to Dune Analytics statistics published by the user @dgtl_assets, miners have amassed 169.85 BTC worth $4.7 million related to Ordinal inscriptions since the trend started. Another page of analytical insights from the same Dune user @dgtl_assets shows the overall volume for Ordinal inscriptions across six different markets. Several markets exist, including Magic Eden, Open Ordex, Ordinals Market, Ordswap, and Ordinals Wallet.

The combined total volume for these six markets for Ordinal inscriptions is $19.31 million. Presently, 53,124 trades have been completed by 18,462 different merchants, as shown by the data from the Ordinal Inscription Marketplace. Although Ethereum’s blockchain is now included in the volume calculations, Bitcoin still controls a sizable portion of it. Ordinals Wallet is the market leader in terms of unique users, followed by Ordswap.

The achievement of one million Ordinal inscriptions coincides with the rise in popularity of Bitcoin Stamps, a new method for minting arbitrary content to the Bitcoin blockchain. At the time of writing, there are only 17,293 Bitcoin Stamps on the Bitcoin network, but the initiative has seen increased adoption since its creator, Twitter user Mike in Space, launched it. Since the concept was introduced to Litecoin, there have been a total of 224,054 Ordinal inscriptions recorded on the Litecoin blockchain.