Bitcoin Ordinals May Have Proved the Naysayers Wrong – Here’s Why
- Inscription coins via Bitcoin Ordinals hit a daily ATH.
- The BRC-20 experiment has been distributed, but users may need to be wary of mass embossing.
Quite a few people cast doubt on the long-term relevance of Bitcoin [BTC] Ordinals after it was launched in January.
The reason for this was due to the assumption that miners would hesitate to work with NFTs within the Bitcoin network. But the recent landmark match on March 9 may have put an abrupt end to the skepticism.
How much is 1,10,100 BTCs worth today?
BRC-20: The spear against the doubting Thomases
According to Dune Analytics, the number of Ordinals Inscriptions imprinted on the aforementioned data hit an All-Time High (ATH) of 31,692. The new limit on the Bitcoin blockchain now has 392,495 inscriptions since its inception.
Source: Dune Analytics
These digital assets range from text, audio and applications to images. However, Inscriptions was able to reach milestone mostly due to the text cutout dominance.
This was because the information from the public blockchain tracker revealed that others were far from reaching the sharing text Inscriptions received.
Moreso, most of the inscriptions appeared after the BRC-20 execution. BRC-20 offers a way for Ordinals users to mint and transfer their assets within the Bitcoin blockchain.
Source: Dune Analytics
This hike meant that the BRC-20 chain on which NFT minting takes place has appreciated in the number of users. Although BRC-20 is still in the experimental stage, it is a reflection of Ethereum [ETH] ERC-20 standard.
Additionally, the increase in adoption may be linked to the public disclosure of how to go about minting Ordinals and creating fungible assets on the blockchain.
There have been 23,926 BRC-20 ordinary inscriptions during the last 24 hours.
It only took 6 weeks for people to figure out how to use ordinals to make fungible meme coins. At this point nothing surprises me. pic.twitter.com/CnHD3qRTcA
— Leonidas.og (@LeonidasNFT) March 9, 2023
However, there is a slight misunderstanding between Bitcoin Ordinals and Inscriptions. While inscriptions are metadata that store transactions executed on Bitcoin nodes However, ordinals are small bits of Bitcoin called satoshis that users can use to apply different rarity traits to individual inscriptions.
At the time of writing, the generated Ordinals fees have risen to 75.29 BTC. Despite the increase, overtime size use had decreased.
Is the race to $5 billion still intact?
Before the milestone, Galaxy Research had developed a white paper with details of the Bitcoin inscriptions. The March 3 analysis from the crypto insight platform noted that the Bitcoin NFTs work very differently than the collections on the Ethereum blockchain
Realistic or not, here it is BTC’s market value in ETH’s terms
Defending its position on a possible market value of $5 billion in the future, the research paper reads,
“From a custodial standpoint, Inscriptions may actually be better than Ethereum NFTs, at least for institutional investors.”
Despite the success achieved, the BRC-20 developer advised participants to remain cautious and also avoid mass extraction.
g.m. I’m glad someone likes the experiment. Some additional notes.
1. These will be worthless. Please don’t waste money on mass minting.
2. Due to how some inscription tools are set up, the “balance” may be stamped to the intermediate address used in— domo (@domodata) March 9, 2023
