Ordinals still make up majority of Bitcoin txs despite price collapse

Data from Dune Analytics supports the trend as it reports that there were more than 400,000 ordinal inscriptions on Aug. 20, while Bitinfocharts reports an everyday Bitcoin transaction count of around 556,000. This implies that more than three-quarters of the present network activity was Ordinals related on Aug. 20.85% of on-chain bitcoin transactions in the past 24 hours are ordinals relatedEIGHTY FIVE PERCENTthe main usecase of the bitcoin chain is ORDINALS pic.twitter.com/PCZt4if5jf— Udi Wertheimer (@udiWertheimer) August 20, 2023

Ordinal inscriptions have actually continued to control activity on the Bitcoin network over the past week regardless of the cryptocurrencys current rate decline and tips that the hype around Bitcoin NFTs have “died. Over the previous 24 hours Bitcoin had 530,788 transactions.450,785 of those transactions were Ordinals related.In the midst of everybody declaring “Ordinals are dead” they have actually literally accounted for 84.9% of the activity on Bitcoin.You cant make this stuff up.

Market scientist Eric Wall contributed to that, observing that over the week, 54% of the transactions on the Bitcoin network were Ordinals.According to Dune, the overall number of Ordinal inscriptions is 25.5 million which has generated $53.4 million in fees on the Bitcoin network.Inscriptions are currently dominated by BRC-20 token minting, with 1.9 million of them minted last week. Weekly Inscriptions by Type – Dune AnalyticsThe current observations paint a various image to a DappRadar report on Aug. 17 that declared that Ordinals NFT usage and sales volume had tanked because its peak in May, triggering some crypto observers to state the hype as having “passed away down.” However, this hype has actually died down in current months, which has most likely added to the decrease in #trading volume.What does the future hold for #Bitcoin Ordinals NFTs?It is unclear what the future holds for Bitcoin Ordinals NFTs.– Cheeky Crypto (@CheekyCrypto) August 20, 2023

The report tracked the sales and trading volume of NFTs minted on the Bitcoin network, not the actual inscription activity which still appears to be high. Related: Bitcoin Ordinals rolls out upgrade to correct Cursed Inscriptions issueBitcoin Ordinals are nonfungible asset artifacts that allow inscribing data onto a Satoshi, the smallest division of a Bitcoin.The procedure was released in January and the following months saw the inscription hype take off as countless them were minted on the Bitcoin network triggering congestion and spikes in transaction costs which reached a peak in April and May. Publication: Blockchain games arent really decentralized … however thats about to alter