{"id":138888,"date":"2023-05-09T11:31:55","date_gmt":"2023-05-09T11:31:55","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=138888"},"modified":"2023-05-09T13:03:21","modified_gmt":"2023-05-09T13:03:21","slug":"bitcoin-ordinals-inscriptions-have-doubled-to-approach-the-4-8m-mark","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitcoin-ordinals-inscriptions-have-doubled-to-approach-the-4-8m-mark\/","title":{"rendered":"Bitcoin Ordinals Inscriptions have Doubled to Approach the 4.8M Mark"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-weight: 400\">As per the recent development, <strong>the total number of Ordinals Inscriptions on the <a href=\"https:\/\/crypto-economy.com\/what-is-bitcoin\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> network has doubled from 2.5 million to almost 4.8 million in the previous eight days<\/strong>. The Ordinals protocol was initially launched to mint images as NFTs, but it was only a matter of time till users began to realize that they could use text-based inscriptions to create these NFTs. However, the way was pretty much the same in comparison to those minted using the <strong>ERC-20 standard on the Ethereum network<\/strong>.<\/span><\/p>\n<p><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The text-based inscriptions, now classified as BRC-20 tokens, are responsible for the massive surge in Ordinals Inscriptions on the Bitcoin network. The co-founder and CTO of <a href=\"https:\/\/glassnode.com\" target=\"_blank\" rel=\"noopener\">Glassnode<\/a>, Rafael Schultze-Kraft <\/span>highlighted<span style=\"font-weight: 400\"> that these text-based inscriptions have become a <a href=\"https:\/\/crypto-economy.com\/glassnode-non-zero-bitcoin-wallets-explode-thanks-to-ordinals\/\" target=\"_blank\" rel=\"noopener\">popular form<\/a> of Ordinals Inscriptions, <strong>accounting for more than 2.8 million as of May 5<\/strong>.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">7\/ Separating transactions related to text inscriptions from all other <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Bitcoin<\/a> transactions, we clearly see that they are sole driver for the recent increase in Bitcoin activity \u2013 even surpassing the total number of all other transactions for a brief amount of time. <a href=\"https:\/\/t.co\/elXlT4zbPt\" target=\"_blank\">pic.twitter.com\/elXlT4zbPt<\/a><\/p>\n<p>&mdash; Rafael Schultze-Kraft (@n3ocortex) <a href=\"https:\/\/twitter.com\/n3ocortex\/status\/1654146523330953216?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 4, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">At the same time, data from Dune Analytics highlights that a whopping <strong>99% of all Ordinals have been text-based since April 25<\/strong>.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-138892 size-full\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/05\/bitcoin-ordinals.webp\" alt=\"Bitcoin Ordinals Inscriptions have Doubled \" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/bitcoin-ordinals.webp 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/bitcoin-ordinals-300x109.webp 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/bitcoin-ordinals-768x279.webp 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Schultze-Kraft further added,<\/span><\/p>\n<p style=\"text-align: center\"><em><span style=\"font-weight: 400\">&#8220;Those BRC20 inscriptions have an influence on the #Bitcoin fee market as well. Yesterday, a total of $3.5m were paid in transaction fees to miners. This is the highest value in two years (#BTC price back then: $38k).&#8221;<\/span><\/em><\/p>\n<p style=\"text-align: justify\">According to brc-20.io, a new tool that empowers users to seamlessly track BRC-20 tokens, there are currently a total of approximately 14,200 tokens on the Bitcoin network. Currently, the total market cap of BRC-20 tokens continues to hover around the $700 million mark. Moreover, <strong>analysts in the crypto market speculate that the market for Bitcoin NFTs would inevitably surge to reach a whopping $4.5 billion by 2025<\/strong>.<\/p>\n<h2 style=\"text-align: left\"><span style=\"font-weight: 400\">Opinions Surrounding Bitcoin Ordinals Inscriptions<\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Ordinals continued to rise not too long after its launch in the wider crypto market but have continued to spark a debate among crypto geeks. It is argued whether or not Ordinals would prove to be beneficial for the <strong><a href=\"https:\/\/crypto-economy.com\/cryptocurrencies\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a><\/strong> ecosystem in the longer run.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-138890 size-full\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/05\/Bitcoin-Cryptocurrency.jpg\" alt=\"Opinions Surrounding Bitcoin Ordinals Inscriptions\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Bitcoin-Cryptocurrency.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Bitcoin-Cryptocurrency-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Bitcoin-Cryptocurrency-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Some argue that Ordinals is bound to take Bitcoin into the world of other uses, including financial use cases for the cryptocurrency, <strong>and some of them argue that Ordinals is stripping away the original purpose of Bitcoin, which was initially expected to be used as an electronic, peer-to-peer cash system<\/strong>.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Apart from the ongoing arguments in the crypto space, it won\u2019t be fair to deny that the introduction of Ordinals has generated massive revenue as a result of the transaction fees related to the burst of new activity on the network. <strong>The hype surrounding Ordinals is still on the higher side and is expected to stay that way for the time being<\/strong>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As per the recent development, the total number of Ordinals Inscriptions on the Bitcoin network has doubled from 2.5 million to almost 4.8 million in the previous eight days. The Ordinals protocol was initially launched to mint images as NFTs, but it was only a matter of time till users began to realize that they &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Bitcoin Ordinals Inscriptions have Doubled to Approach the 4.8M Mark\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/bitcoin-ordinals-inscriptions-have-doubled-to-approach-the-4-8m-mark\/#more-138888\" aria-label=\"More on Bitcoin Ordinals Inscriptions have Doubled to Approach the 4.8M Mark\">Read more<\/a><\/p>\n","protected":false},"author":22,"featured_media":138891,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[100,70,74],"tags":[4602,9467],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/138888"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=138888"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/138888\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/138891"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=138888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=138888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=138888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}