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