The number of inscriptions has surpassed one million less than three months after the Ordinals initiative was begun. As of press time, there are 1,058,189 Ordinals NFTs that have earned miners over 170 BTC in fees, or $4.8 million.
Bitcoin Ordinals, which debuted on January 21, is a technology that allows digital assets to be stored on satoshis (sats), the smallest Bitcoin denomination. It quickly became a fad after its debut in the NFT market, with over 50,000 Ordinal inscriptions received as of February 10.
Read Here: Impact of Ordinals on the Bitcoin Ecosystem
The important milestone of Bitcoin Ordinals was reached on April 8 at 17:44:24 UTC with an inscription consisting of the single, now immortal, word ‘Piggy.’ The ‘Piggies World‘ project, comprising hand-drawn graphics attached to the Bitcoin Ordinals protocol, has an enviable asset.
Now with the rapid growth of Bitcoin Ordinals in the NFT world, many more exciting projects are heading to this protocol for their collection’s launch, including Bit Apes by BAYC Members.
Key Highlights of Bitcoin Ordinals Rapid Success:
- Caser Rodarmor, a software developer, created the protocol last year. It is based on Bitcoin’s Segwit and Taproot updates, which improved the blockchain’s smart contract functionality.
- Ordinal inscriptions are analogous to Bitcoin’s non-fungible tokens (NFTs). They enable users to mint images, videos, text, and even video games on satellites, taking advantage of the network’s immutability.
- According to Dune Analytics data, over 170 Bitcoin (US$4.8 million) in fees were paid to inscribe the assets on the Bitcoin blockchain.
- The millionth inscription occurs as interest in Bitcoin Ordinals grows. According to Dune Analytics statistics, there were 76,374 inscriptions on the network on Tuesday, April 4, a daily high.
- CoinMarketCap announced that Bitcoin increased 1.23% from 24 hours to 9:30 p.m. Hong Kong time, to trade at US$28,263.
- With its rising trend, more platforms and corporations are also stepping into the Bitcoin Ordinals world. Last week, Bugatti also announced cooperation with Asprey Studio, a branch of luxury retailer Asprey, to produce a Bitcoin-native NFT collection.
Now, despite its popularity, Ordinals has caused controversy in both Bitcoin and NFT circles, with some saying it undermines the broader message of the world’s largest blockchain network. But, with over a million inscriptions, the Ordinals freight train shows no signs of stopping down – picking Bitcoin back up on its strong grounds in the crypto market.
Related Article: NFTs Launching on Bitcoin Unsurprisingly Sparks Controversy
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