Beyond Ethereum: Bitcoin Ordinals Break $3m Subscriptions Take Crypto Industry by Storm | NFT CULTURE | NFT News | Web3 culture
Bitcoin Ordinals have recently taken the crypto industry by storm, with registrations rising to an all-time high of 3.4 million last week. This explosion of interest in the protocol is exciting news for the NFT market and suggests that the crypto industry is becoming more interested in NFTs and their applications beyond Ethereum.
The Ordinals Protocol allows users to enter data into the Bitcoin blockchain by entering references to digital art in small Bitcoin-based transactions. Despite the sky-high fees, the surge in daily sign-ups began on April 21 and peaked on May 1, with over 372,000 sign-ups in just 24 hours. This increase in registrations contributed to an all-time high in daily BTC transactions on May 1, reaching 682,281.
Although most registrations for the protocol are text-based, followed by applications and JPEG images, the increase in registrations is significant for the industry. Bitcoin Ordinal’s NFT complies with the BRC-20 standard – Bitcoin Request for Comment number 20 – which was introduced in March last year, enabling new tokens to be minted on the BTC network.
I can’t believe my eyes
BRC-20 demand leading to a 700% increase in fees AFTER what we have seen with Ordinal Inscriptions
12,800% increase in fees from BEFORE Ordinal Inscriptions launch
300,000 unconfirmed transactions in the mempool pic.twitter.com/oyLceu6ODE
— trevor.btc @ NYC (@TO) 2 May 2023
What’s also interesting is that BTC maximalists used to be very opposed to ordinals, but seem to be coming around. The increase in registrations may be evidence that Bitcoin Ordinals NFTs are gaining more acceptance among BTC maximalists as they realize the potential for NFTs on the Bitcoin blockchain.
The explosion in numbers and daily filings is exciting news for the crypto industry and suggests that there is a growing demand for NFTs on the Bitcoin blockchain. With the increase in interest in Bitcoin Ordinals NFT, we can expect to see more innovation and growth in the NFT market.
Bitcoin Ordinal’s NFTs contribute not only to the growth of the NFT market, but also to the overall Bitcoin network by incentivizing miners, prioritizing valuable transactions, and improving network security. While the high fees may put a higher price tag on transactions on the network, proponents of Ordinals believe that the benefits outweigh the costs and that it opens up new use cases for Bitcoin, bringing in liquidity, new users and developers, and ultimately making Bitcoin more valuable through better user experience and more use cases.
