2023-12-16 14:33:44
On December 15, 2023, the world of the Bitcoin blockchain reached a major milestone. Although in terms of the exchange rate, BTC performed a little more restrained in recent days, the number of Ordinal engravings crossed the 48 million mark. All this while at the beginning many people doubted that its popularity would not fade away following a few days. But it didn’t happen that way, in fact, today half of the BTC transactions are made up of these engravings every day. The whole story began on December 16, 2022, when implemented the first Ordinal engraving. This is how Bitcoin broke into the world of non-fungible tokens (NFT).
Future vision and current situation of Ordinal engravings
Ordinal coining itself is a process by which the basic unit of BTC, the satoshi, becomes a digital asset with a life of its own. The notches were made possible by the 2017 Segwit protocol and the 2021 Taproot update. The latter provided the opportunity for additional data to be included in a transaction. And from a financial point of view, even more than the 48 million mentioned above, the mining generated almost 3700 BTC for the miners, which is an income of 150 million dollars. The game does not go to waste, on November 19, 2023, for example, there were 710,000 such transactions on the network in a single day. Then on November 12, 505,000 Ordinal engravings might be registered.
In any case, Ordinal and the BRC20 token standard appearing next to it have provoked serious criticism from the community. Many believe that Bitcoin should only handle financial transactions. The strengthening of these critical voices also contributed to the fact that due to the intrusions, the mempool filled up a bit, and the transaction fees on the chain also increased. There are currently many tens of thousands of unconfirmed transactions waiting for miners to validate. The average Bitcoin transaction fee is over $28 these days. Regardless, the success of Ordinals cannot be denied. In November and December, more Bitcoin NFTs were sold than Ethereum NFTs.
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