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A report generated by @dgtl_assets of Dune Analytics indicates that the total network fees for minting Bitcoin Ordinals reached 1,414 Bitcoin (BTC), equivalent to $38.2 million, on May 20. This marks a 700% increase from April 20 and an 831% rise from April 1. Analysis reveals that while interest in Bitcoin NFTs persists, the vast majority of Bitcoin Ordinals have transitioned to text-based inscriptions, contrasting with the relatively balanced distribution of text and image inscriptions observed from February to April.
As detailed by cross-chain wallet BitKeep, Bitcoin Ordinals “is a numbering system that assigns a unique number to each individual SAT [Satoshi, or 1/100 million of a Bitcoin], enabling its tracking and transfer.” When combined with the Inscription process, which adds an extra layer of data to each Satoshi, this enables users to mint distinctive digital assets on the Bitcoin blockchain.
Total Bitcoin Ordinal Inscriptions have increased significantly over time | Source: Dune Analytics
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Unlike traditional NFTs, which are constructed using smart contracts and hosted on platforms like IPFS, BitKeep developers clarified that “Ordinals reside entirely on the Bitcoin blockchain and do not require a sidechain or separate token.”
In January 2023, Web 3.0 developer Rodarmor introduced the Bitcoin Ordinal theory framework. Following this, Web 3.0 developer domo established the BRC-20 Bitcoin token standard in March 2023, which utilizes both Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers on Bitcoin.
Since that time, over 8 million Bitcoin Ordinals have been minted, along with 24,677 BRC-20 tokens created, which together have a total market cap of $612.5 million. On May 20, cryptocurrency exchange OKX announced the listing of the ORDI BRC-20 token, the leading token in this category with a market cap exceeding $300 million.
Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?
