Ordinals inscriptions approach 4.8M, nearly doubling in just over a week

More recent information from popular blockchain information center Dune Analytics reveals that since April 25, the frustrating majority (99%) of all brand-new Ordinals engravings have actually been text-based. Ordinals inscriptions by type given that December 14. Source: Dune Analytics.According to a new tool that permits users to track BRC-20 tokens called brc-20. io, there are presently a total of 14,200 new tokens hosted on the Bitcoin blockchain. Counted among the most popular Bitcoin-based tokens are “ordi”, “nals” and even a Bitcoin-based version of the now-notorious memecoin Pepe (PEPE) being noted at number 3 by overall market cap. The total variety of BRC-20 tokens currently readily available. Source: brc20.io.While the overall market cap of BRC-20 tokens currently hover around the $700 million mark, digital property investment company Galaxy Digital asserts that the market for “Bitcoin NFTs” might reach $4.5 billion by 2025. Related: Bitcoin Ordinals community disputes repair after inscription recognition bugThe rise of Ordinals over the last few months has actually continued to trigger debate around whether Ordinals are eventually a positive for the Bitcoin environment. Some Bitcoin proponents such as Dan Held claim that Ordinals provides a broader spread of financial usage cases for Bitcoin, while more hardline Bitcoiners argue that Ordinals stray from the original vision of Satoshi Nakamoto, who intended for Bitcoin to be utilized as an electronic, peer-to-peer money system.Meanwhile, miners have enjoyed an enormous influx of revenue due to the deal charges associated with the burst of new activity on the network.

Source: Dune Analytics.These text base inscriptions, now popularized as the BRC-20 token standard, have actually been the primary cause of a the massive uptick in Ordinals engravings on the Bitcoin blockchain. As highlighted by Glassnode co-founder and CTO, Rafael Schultze-Kraft on Twitter, the text-based engravings are now the most popular kind of Ordinals engraving, with more than 2.8 million text-based inscriptions as of May 5. 8/ In reality, text engravings are now the most popular Ordinal inscription type in the #Bitcoin network.Text: 2.8 MImages: 650kVideo: 1.8 kAudio: 347Other: 19kInscriptions control panel: https://t.co/YKwAbthEXL pic.twitter.com/O12MZj0qLT— Rafael Schultze-Kraft (@n3ocortex) May 4, 2023

Other Questions People Ask

What factors contributed to Ordinals inscriptions approaching 4.8M in just over a week?

The rapid increase in Ordinals inscriptions, nearing 4.8 million, can be attributed primarily to the surge in text-based engravings, which account for 99% of new inscriptions since April 25. This trend has been fueled by the introduction of the BRC-20 token standard, which has made it easier for users to create and track new tokens on the Bitcoin blockchain. Additionally, the influx of miners benefiting from increased transaction fees has further stimulated activity on the network.

How do text-based inscriptions impact the growth of Ordinals approaching 4.8M?

Text-based inscriptions have significantly impacted the growth of Ordinals, now representing over 2.8 million of the total inscriptions as of early May. This format has become the most popular type of Ordinal due to its simplicity and the ability to create various tokens easily. As more users engage with this format, it not only drives up the total number of inscriptions but also enhances the overall visibility and utility of Bitcoin within the digital asset ecosystem.

What are the implications of Ordinals inscriptions nearing 4.8M for Bitcoin's future?

The surge in Ordinals inscriptions approaching 4.8 million raises important questions about Bitcoin's future and its use cases. While some proponents argue that this expansion offers broader financial applications for Bitcoin, others believe it diverges from Satoshi Nakamoto's original vision for a peer-to-peer currency. The ongoing debate may influence how developers and investors perceive Bitcoin's role in the evolving landscape of digital assets.

What role do BRC-20 tokens play in the increase of Ordinals inscriptions to 4.8M?

BRC-20 tokens have played a crucial role in driving the increase of Ordinals inscriptions to nearly 4.8 million by providing a standardized method for creating new tokens on the Bitcoin blockchain. Currently, there are over 14,200 new tokens, including popular ones like "ordi" and "nals," which have attracted significant interest from users and investors alike. This growing ecosystem not only boosts inscription numbers but also enhances Bitcoin's appeal as a platform for innovation in digital assets.

How has miner revenue changed with the rise of Ordinals inscriptions approaching 4.8M?

With the rise of Ordinals inscriptions nearing 4.8 million, miners have experienced a substantial increase in revenue due to heightened transaction fees associated with this surge in network activity. As more users engage with the Bitcoin blockchain through various inscriptions, miners benefit from the increased demand for processing transactions. This influx of revenue could incentivize further investment in mining infrastructure, potentially enhancing the overall security and efficiency of the Bitcoin network.