2023-05-09 13:00:15
According to the latest development, the total number of Ordinal Enrollments on the Bitcoin network has doubled from 2.5 million to almost 4.8 million in the last eight days. The Ordinals protocol was initially released to coin images as NFTs, but it was only a matter of time before users realized that they might use text inscriptions to create these NFTs. However, the process was very similar compared to those minted using the ERC-20 standard on the Ethereum network.
Text Inscriptions, now classified as BRC-20 tokens, are responsible for the huge increase in Ordinal Inscriptions on the Bitcoin network. The co-founder and CTO of GlassnodeRafael Schultze-Kraft, noted that these text inscriptions have become a popular form of Ordinal Inscriptions, representing more than 2.8 million as of May 5.
7/ Separating transactions related to text inscriptions from all other #Bitcoin transactions, we clearly see that they are sole driver for the recent increase in Bitcoin activity – even surpassing the total number of all other transactions for a brief amount of time. pic.twitter.com/elXlT4zbPt
— Rafael Schultze-Kraft (@n3ocortex) May 4, 2023
At the same time, data from Dune Analytics highlights that a staggering 99% of all Ordinals have been text since April 25.
Schultze-Kraft further added:
“Those BRC20 signups also have an influence on the #Bitcoin fee market. A total of $3.5 million in transaction fees were paid to miners yesterday. This is the highest value in two years (#BTC price back then: $38,000).”
According to brc-20.io, a new tool that allows users to seamlessly keep track of BRC-20 tokens, there are currently a total of approximately 14,200 tokens on the Bitcoin network. Currently, the total market capitalization of BRC-20 tokens is still hovering around the $700 million mark. Besides, analysts in the crypto market speculate that the Bitcoin NFT market would inevitably rise to reach an impressive $4.5 billion by 2025.
OPINIONS ON BITCOIN ORDINAL REGISTRATIONS
Ordinals continued to rise not long following their release in the broader crypto market, but they have continued to spark debate among crypto geeks. It is argued whether or not Ordinals will prove beneficial to the Bitcoin ecosystem in the long run.
Some argue that Ordinals are meant to take Bitcoin into new horizons, including financial use cases for the cryptocurrency and some argue that they are taking away from Bitcoin’s original purpose, which was expected to be used as a peer-to-peer electronic cash system.
Aside from the ongoing arguments in the crypto space, it would not be fair to deny that the introduction of Ordinales has generated massive revenue as a result of transaction fees related to increased new activity on the network. The excitement around the Ordinals remains high and is expected to remain so for the time being.
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#Bitcoin #Ordinal #Signups #Approaching #4.8M
