Bitcoin’s Ordinal Inscriptions Surpass 500,000 Mark as Miners Earn $2.66 Million in Added Fees

0 7

Bitcoin's Ordinal Inscriptions Surpass 500,000 Mark as Miners Earn $2.66 Million in Added Fees

knife

According to statistics, there are now more than 500,000 Ordinal inscriptions on the Bitcoin blockchain as the trend continues to gain significant traction. Onchain data also shows that since inscriptions started gaining popularity last month, Bitcoin miners have obtained 98 bitcoins worth $2.66 million in added fees.

The Rise of Ordinal Inscriptions on Bitcoin Blockchain

Ordinal inscriptions have surpassed the 500,000 mark, and at the time of writing, there are approximately 522,243 inscriptions on the Bitcoin blockchain. Essentially, the technology behind Ordinal inscriptions allows people to embed all types of arbitrary data into the blockchain. Inscriptions include data such as text, images, audio, video, and applications.

The number of Ordinal inscriptions surpassed the 500,000 range on March 17, 2023, according to data hosted on Dune Analytics. Statistics show that 31.1% of inscriptions are in PNG format, or a total of 162,615 PNG-based inscriptions. Approximately 14% of Ordinal inscriptions are in WEBP format, and roughly 7% are in JPEG format.

A total of 212,827 inscriptions are text-based, accounting for more than 40% of all the Ordinal inscriptions today. Dune Analytics data further shows that at block height 780,895, approximately 1,870 inscriptions were minted in the block with Ordinal inscriptions. The block with the second-largest number of inscriptions is block height 780,037, with approximately 610 Ordinal inscriptions minted in a single block.

Block 780,895, with 1,870 inscriptions, was only 2.83 megabytes (MB) in size, and a total of 3,598 transactions were confirmed in the block mined on March 15. In addition to the number of Ordinal inscriptions rising above the 500K range, a few collections have amassed a great deal of sales. Yuga Labs sold its collection of inscriptions called Twelvefold for $16.6 million.

The project Bitcoin Punks has seen 454.9 BTC, or roughly $11.1 million in sales, and Ordinal Punks have raked in 225.5 BTC, or $5.5 million in sales. An Ordinal inscription collection called Tradfilines has accrued 100.4 BTC, or roughly $2.4 million in sales. The compilation Unordinals has recorded 95.4 BTC or $2.3 million.

Other top-selling inscription collections include Inscribed Pepes, Punks on Bitcoin, Pixel Pepes, Bitcoin Rocks, and the art compilation called Xcpinata. The trend of Ordinal inscriptions on Bitcoin continues, and while there are more than 500,000 inscriptions on the blockchain, there are also 213,583 LTC-based Ordinal inscriptions on the Litecoin network today.

The Litecoin blockchain also has a wide variety of onchain collections like Litecoin Punks, Litecoin Bulls, and Ordinal Doges. Many people have high hopes for the Ordinal inscription trend, especially on the Bitcoin blockchain. Galaxy Digital recently published a report that predicts Bitcoin-based non-fungible token (NFT) assets using Ordinal inscription technology could be a $4.5 billion market by 2025.

What do you think the future holds for Ordinal inscriptions on the Bitcoin blockchain and the NFT market? Share your thoughts in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 51,100.69
ethereum
Ethereum (ETH) $ 3,051.96
tether
Tether (USDT) $ 0.999435
bnb
BNB (BNB) $ 387.24
solana
Solana (SOL) $ 101.60
staked-ether
Lido Staked Ether (STETH) $ 3,048.44
xrp
XRP (XRP) $ 0.533037
usd-coin
USDC (USDC) $ 0.999109
cardano
Cardano (ADA) $ 0.576791
avalanche-2
Avalanche (AVAX) $ 36.60
dogecoin
Dogecoin (DOGE) $ 0.08455
tron
TRON (TRX) $ 0.137807
chainlink
Chainlink (LINK) $ 18.21
polkadot
Polkadot (DOT) $ 7.65
matic-network
Polygon (MATIC) $ 0.985271
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,150.70
uniswap
Uniswap (UNI) $ 10.57
the-open-network
Toncoin (TON) $ 2.11
internet-computer
Internet Computer (ICP) $ 12.19
shiba-inu
Shiba Inu (SHIB) $ 0.00001
bitcoin-cash
Bitcoin Cash (BCH) $ 263.18
litecoin
Litecoin (LTC) $ 69.49
dai
Dai (DAI) $ 0.995881
immutable-x
Immutable (IMX) $ 3.16
filecoin
Filecoin (FIL) $ 7.84
cosmos
Cosmos Hub (ATOM) $ 10.41
near
NEAR Protocol (NEAR) $ 3.73
leo-token
LEO Token (LEO) $ 4.15
ethereum-classic
Ethereum Classic (ETC) $ 26.68
kaspa
Kaspa (KAS) $ 0.16169
bittensor
Bittensor (TAO) $ 585.12
blockstack
Stacks (STX) $ 2.47
optimism
Optimism (OP) $ 3.67
hedera-hashgraph
Hedera (HBAR) $ 0.104
aptos
Aptos (APT) $ 9.40
vechain
VeChain (VET) $ 0.047949
first-digital-usd
First Digital USD (FDUSD) $ 0.998594
stellar
Stellar (XLM) $ 0.11431
injective-protocol
Injective (INJ) $ 35.39
okb
OKB (OKB) $ 49.90
lido-dao
Lido DAO (LDO) $ 3.32
mantle
Mantle (MNT) $ 0.889361
the-graph
The Graph (GRT) $ 0.294009
celestia
Celestia (TIA) $ 16.43
render-token
Render (RNDR) $ 7.10
crypto-com-chain
Cronos (CRO) $ 0.092683
monero
Monero (XMR) $ 128.41
arbitrum
Arbitrum (ARB) $ 1.81
sei-network
Sei (SEI) $ 0.791816
maker
Maker (MKR) $ 2,057.61
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,357.30
sui
Sui (SUI) $ 1.59
beam-2
Beam (BEAM) $ 0.032122
thorchain
THORChain (RUNE) $ 5.39
flare-networks
Flare (FLR) $ 0.046029
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,113.58
algorand
Algorand (ALGO) $ 0.198773
elrond-erd-2
MultiversX (EGLD) $ 57.62
quant-network
Quant (QNT) $ 104.53
flow
Flow (FLOW) $ 0.987615
aave
Aave (AAVE) $ 99.55
bitcoin-sv
Bitcoin SV (BSV) $ 73.53
dydx-chain
dYdX (DYDX) $ 3.41
theta-token
Theta Network (THETA) $ 1.41
bitget-token
Bitget Token (BGB) $ 0.988705
starknet
Starknet (STRK) $ 1.87
mina-protocol
Mina Protocol (MINA) $ 1.25
ordinals
ORDI (ORDI) $ 62.83
havven
Synthetix Network (SNX) $ 3.96
true-usd
TrueUSD (TUSD) $ 0.973381
tokenize-xchange
Tokenize Xchange (TKX) $ 15.45
helium
Helium (HNT) $ 8.27
chiliz
Chiliz (CHZ) $ 0.133487
worldcoin-wld
Worldcoin (WLD) $ 8.20
the-sandbox
The Sandbox (SAND) $ 0.521086
fantom
Fantom (FTM) $ 0.414304
apecoin
ApeCoin (APE) $ 1.93
gala
GALA (GALA) $ 0.032988
axie-infinity
Axie Infinity (AXS) $ 8.18
fetch-ai
Fetch.ai (FET) $ 1.06
blur
Blur (BLUR) $ 0.724284
whitebit
WhiteBIT Coin (WBT) $ 7.13
dydx
dYdX (ETHDYDX) $ 3.40
kucoin-shares
KuCoin (KCS) $ 10.53
bittorrent
BitTorrent (BTT) $ 0.000001
arweave
Arweave (AR) $ 15.26
cheelee
Cheelee (CHEEL) $ 18.51
tezos
Tezos (XTZ) $ 1.09
osmosis
Osmosis (OSMO) $ 1.56
sats-ordinals
SATS (Ordinals) (SATS) $ 0.00000045882293
decentraland
Decentraland (MANA) $ 0.518501
frax-ether
Frax Ether (FRXETH) $ 3,038.52
singularitynet
SingularityNET (AGIX) $ 0.723438
woo-network
WOO (WOO) $ 0.494238
conflux-token
Conflux (CFX) $ 0.240863
akash-network
Akash Network (AKT) $ 3.95
ronin
Ronin (RON) $ 2.99
dymension
Dymension (DYM) $ 6.13
eos
EOS (EOS) $ 0.781138
astar
Astar (ASTR) $ 0.159371