Bitcoin’s ordinal inscriptions top 500,000 marks while miners earn $2.66 million in additional fees – Blockchain
According to statistics, there are now more than 500,000 ordinal enrollments on the Bitcoin–Blockchain, as the trend continues to gain traction. Onchain data also shows that bitcoin miners have received 98 bitcoins worth $2.66 million in additional fees since inscriptions surged in popularity over the past month.
The Rise of Ordinals on the Bitcoin Blockchain
Ordinal enrollments have surpassed the 500,000 mark, and at the time of writing, there are approximately 522,243 enrollments on the Bitcoin blockchain. Essentially, the technology behind ordinal inscriptions allows people to embed all kinds of arbitrary data on the blockchain. Inscriptions include data such as text, images, audio, video, and applications.
The number of ordinal inscriptions passed the 500,000 mark on March 17, 2023, according to data hosted on Dune Analytics. Statistics show that 31.1% of captions are in PNG format, or a total of 162,615 PNG-based captions. About 14% of the ordinal inscriptions are in WEBP format and about 7% in JPEG format.
A total of 212,827 inscriptions are text-based, accounting for more than 40% of all ordinal inscriptions today. Dune Analytics data also shows that at a block height of 780,895, approximately 1,870 inscriptions were minted into the block with ordinal inscriptions. The block with the second largest number of inscriptions has a block height of 780,037, with approximately 610 ordinal inscriptions minted in a single block.
Block 780,895, with 1,870 enrollments, was only 2.83 megabytes (MB) in size, and a total of 3,598 transactions were confirmed in the block mined on March 15. In addition to the number of ordinal enrollments rising above the 500,000 range, some collections have amassed a a lot of sales. Yuga Labs sold its collection of inscriptions called Twelvefold for $16.6 million.
The Bitcoin Punks project has generated 454.9 BTC, or about $11.1 million in revenue, and Ordinal Punks has generated 225.5 BTC, or $5.5 million in revenue. An ordinal collection of inscriptions named translations has accumulated 100.4 BTC, or about $2.4 million in revenue. The Unordinals compilation has recorded 95.4 BTC or $2.3 million.
Other best selling inscription collections are Inscribed Pepes, Punks on Bitcoin, Pixel Pepes, Bitcoin Rocks and the art collection called Xcpinata. The trend of ordinal enrollments on Bitcoin continues, and while there are more than 500,000 enrollments on the blockchain, there are also 213,583 today LTC-based ordinal enrollments in the Litecoin network.
The Litecoin blockchain also has a wide variety of onchain collections such as Litecoin Punks, Litecoin Bulls, and Ordinal Doges. Many people have high hopes for the ordinal trend, especially the Bitcoin blockchain. Galaxy Digital recently released a report predicting that Bitcoin-based non-fungible tokens (NFT) assets using ordinal inscription technology could reach a $4.5 billion market by 2025.
What do you think the future holds for ordinal inscriptions on the Bitcoin blockchain and the NFT market? Do share your thoughts in the comment section below.
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Source: Crypto News Deutsch