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According to a report compiled by @dgtl_assets of Dune Analytics, total network fees paid for minting Bitcoin ordinals reached 1,414 Bitcoin (BTC), or $38.2 million, on May 20th, representing a 700% increase from April 20th and 831%. from April 1, respectively. The analysis shows that despite continued interest in Bitcoin-NFT, the vast majority of Bitcoin ordinals have since switched to text labels, compared to a roughly equal balance of text and image labels from February to April.
As cross-chain wallet BitKeep explains, Bitcoin Ordinals “is a numbering system that assigns a unique number to each individual SAT [сатоши, или 1/100 миллиона Биткоин], which allows it to be tracked and transmitted.” Combined with the Inscription process, which adds an extra layer of data to every Satoshi, this allows users to mint unique digital assets on the Bitcoin blockchain.
Unlike traditional NFTs, which are created using smart contracts and hosted on solutions such as IPFS, BitKeep developers explained that “sequence numbers reside entirely on the Bitcoin blockchain and do not require a sidechain or separate token.”
In January 2023, Web 3.0 developer Rodarmor released the bitcoin serial number theory. Additionally, in March 2023, Web 3.0 developer domo created the BRC-20 bitcoin token standard, which uses both sequence numbers and labels to create and manage token contracts, mint tokens, and transfer tokens to bitcoin.
Since then, more than 8 million Bitcoin ordinals have been minted and 24,677 BRC-20 tokens have been created with a total market capitalization of $612.5 million. , with a market capitalization of over $300 million.