Bitcoin Ordinals NFT: Inscription Over 3 Million
Bitcoin Ordinal’s NFT registrations literally shot to 3.4 million last week.
This was an all-time high for daily BTC transactions, despite sky-high fees.
Bitcoin Ordinals NFT and all-time high in daily BTC transactions
At the time of writing, the total enrollment for Bitcoin Ordinals NFT is 3.31 millionmost of which happened in the last week.
In fact, if you look at the chart reported by Dune Analytics, as of April 21st, the daily sign-ups were 55,000, 193,000 and 223,000, to its peak on Monday 1 May, which saw over 372,000 entries in just 24 hours.
This contributed to ATH – All Time High or all-time high in daily BTC transactions, as in Monday was 682,281.
These records are also accompanied by daily network fees that have skyrocketed, so much so that only lon Monday, total fees reached 23 BTC, or about $656,000.
Yesterday, however, the total fees paid to register Ordinals reached 278 BTC, or around $7.6 million.
Bitcoin’s NFT ordinals match BRC-20 Standard – Bitcoin Request for Comment Number 20 – introduced last March, which allows new tokens to be minted on the BTC network.
Bitcoin Ordinals NFT: a real and explosion of numbers
The last week has seen a veritable explosion of interest in Bitcoin NFT Ordinals.
In fact, according to Mempool, memory usage on the bitcoin network is currently over 650MB, double the original capacity of 300MB, indicating a greater demand for data memory due to increased transactions and fuller blocks.
This increase can make a node more difficult to manage, but proponents of the protocol say it makes the network safer and stronger.
Not only that, but going back to the Dune Analytics data, it’s easy to see how the BRC-20 standard records, namely NFT Ordinals, break down.
In this regard, on Monday alone, which saw the boom in total daily registrations, more than 371,000 records are of text, followed by 1326 programs and 316 JPEG images.
NFTs bet on Litecoin.
In February, a user on Twitter reportedly offered up to 5 LTC to anyone who could convert Ordinal NFT to Litecoin. This “bet” was then joined by other users who helped raise total prize to 22 LTC.
Developer Anthony Guerrera then responded to the call saying that it would be possible due to the fact that Ordinals could work with SegWit and Taproot.
Guerrera announced it then he had succeeded and created the first Ordinal NFT on Litecoin.
At the time of writing, the LTC address he provided to receive the reward contains exactly the 22 LTC promised.
