Tags in this story
Bitcoin Blockchain, Bitcoin Stamps, Blockchain Technology, Bug, Collections, Cryptocurrency, Digital Assets, Litecoin, Market Trends, NFTs, Ordinal Inscriptions, Trading
Bitcoin Blockchain Surpasses Milestone of 2 Million Ordinary Inscriptions in Just Over 4 Months – Bitcoin News
As of April 28, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain has passed 2 million, according to current statistics. This milestone has been reached in just over four months since the first Ordinal inscription was minted on December 16, 2022, at block height 767,753. In total, the registration fees have amounted to 196.22 bitcoin, equivalent to 5.78 million dollars.
More than 2 million ordinary inscriptions have now been engraved into the Bitcoin Blockchain
The trend of Ordinal inscriptions on the Bitcoin blockchain continues to grow, with over 2,116,396 inscriptions discovered at the time of writing. These inscriptions are composed of different formats such as text, video, images, applications and audio.
Dune Analytics statistics show that 67.6% of all inscriptions are in text form, while 22.6% are images in the form of JPG or PNG files. Also, more than 13,000 Ordinal inscriptions include an application, and over 6,000 image inscriptions are animated. There are several collections of Ordinal Inscriptions that have gained popularity and have established floor values and weekly trading volumes.
According to data from ordinalswallet.com, the highest trading volume this week was observed for Clay Pepes, with 4.57 BTC or $134,082 in seven-day trading volume. The collections that follow Clay Pepes in terms of trading volume are Sub-100K, Bitcoin Punks, Pixel Pepes, Sub-10K and BTC Machines, respectively. While the Ordinal inscription trend exceeded 2 million inscriptions, it coincided with the discovery of an error that resulted in the orphaning of 1,200 inscriptions from the index.
Leonidas.and, a historian of non-fungible tokens (NFTs), explained that the orphan inscriptions occurred just before inscription number 420,285. “The error was caused by the fact that the ordinal protocol only counts inscriptions that were in the first entry of a transaction,” added the NFT historian to. Furthermore, even with the introduction of new blockchain features such as Bitcoin stamps and Litecoin-based Ordinal Inscriptions, the trend of BTC-based Ordinal Inscriptions has not been affected.
Currently, there are over 18,500 stamps on the Bitcoin blockchain since the project’s inception. On the other hand, Litecoin Ordinal inscriptions have seen more activity with 224,060 inscriptions, but the trend of LTC-based inscriptions has slowed in recent times. Despite the introduction of these new features, the popularity of Ordinal inscriptions continues to grow, indicating a strong and resilient market for this type of digital collectible.
What do you think the future holds for the Ordinal Inscription trend on the Bitcoin blockchain? Will we see continued growth in popularity, or will it eventually plateau? Share your thoughts in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
