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Bitcoin Ordinals, a relatively new way to create non-fungible tokens through imprinting, continues to bring more new collections of NFTs and smart contracts to the Bitcoin blockchain network. In less than two years, the number of inscribed ordinal numbers exceeded 60 million.
Summary: What is Bitcoin Ordinal Inscription?
According to the description, Bitcoin inscription is the process of inserting arbitrary data or content, such as text, images, or video, into Satoshi, the smallest unit of Bitcoin. During this process, the sats are inscribed with random content, creating a Bitcoin-based digital artifact commonly known as a non-fungible token.
These engraved sats can be transferred via Bitcoin transactions, sent to Bitcoin addresses, and stored in Bitcoin UTXOs. These transactions, addresses and UTXOs are in all respects ordinary Bitcoin transactions, addresses and UTXOs, except that in order to send individual sats, transactions must control the order and values of their inputs and outputs according to ordering theory.
In its early stages, the Bitcoin inscription was famous for its Bitcoin ordinal number, which took the cryptocurrency and NFT markets by storm. Nonetheless, these digital artifacts have recently evolved to offer more forms of NFT collections, including the most hyped BRC-20 NFT collection.
Bitcoin inscriptions have also inspired creators to inscribe content on other blockchains, including Solana and Ethereum. Derived from Bitcoin, Ethscriptions are a new way to create and share digital artifacts on the decentralized Ethereum blockchain network that is cheaper than regular non-fungible tokens.
The total number of inscriptions exceeds 62 million.
Data collected by Dune.com, an on-chain market data tracker, shows that the bitcoin blockchain continues to surge. At the time of this writing, there are over 62 million inscriptions, generating a total of $232 million in fees. From December 2022 to March 2024, there were 51 million BRC-20 events, costing more than $173 million in fees.
Source: Dune.com, analysis of ordinal inscriptions.
In the meantime, even though the BRC-20 non-fungible token collection appears to have lost some of its initial hype, Bitcoin Ordinals is leading the best-selling table following the recent increase in Bitcoin liquidity. Since the beginning of this month, the price of Bitcoin has shown a rapid rise, reaching an all-time high of $73,000 for the first time in cryptocurrency history.
Data pulled from on-chain market data aggregator Cryptoslam.io indicates that Bitcoin Ordinals are the best-selling collection of NFTs today. In the last 24 hours, Bitcoin Ordinal recorded a trading volume of $4.8 million. Other top NFT collections, such as Bitcoin Ordinals and the NodeMonkes NFT collection, have driven Bitcoin NFT trading sales to over $12 million.
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