Bitcoin’s inscriptions via the Ordinals protocol have surpassed the 500,000 mark, a significant milestone for the technology. Moreover, according to onchain data, Bitcoin (BTC) miners have earned an additional $2.66 million in fees since the growing popularity of inscriptions.
Bitcoin Inscriptions on Ordinals: Breakdown
There are now approximately 538,094 Bitcoin inscriptions made via Ordinals. This technology allows users to embed various types of data, including text, images, audio, video, and applications. Data from Dune Analytics indicates that the 500,000 threshold was crossed on March 17, 2023.
Most of these Bitcoin inscriptions are text-based, accounting for over 40% of the total. Additionally, PNG format inscriptions comprise 32.3%, with WEBP and JPEG formats representing 14.3% and 6.8%, respectively.
CryptoPunks and BAYC Come to the Bitcoin Blockchain
CryptoPunks, a well-known group of unique digital assets originally on the Ethereum blockchain, has recently become available on the Bitcoin blockchain through the Ordinals project. Although not officially produced or sanctioned by Yuga Labs, the concept has already attracted prominent collectors. The Ordinals project achieves this by attaching metadata to satoshis, giving each one a unique identity and making them non-fungible and trackable, similar to NFTs.
Meanwhile, Yuga Labs has officially launched the Bored Apes Yacht Club (BAYC) on the Bitcoin blockchain. While the company was initially exploring Bitcoin inscriptions via Ordinals to do so, they have settled for an alternative method. Yuga Labs’ NFT collection has achieved significant success, garnering 733 BTC, or approximately $16.5 million at the time, during its first Bitcoin NFT auction for the TwelveFold collection on March 6, 2023.
The TwelveFold collection, consisting of 300 NFTs, reserved 12 for contributors and future philanthropic initiatives. Yuga Labs released a leaderboard displaying each winning user address and corresponding BTC bid. There are plans to publish a directory tracking the inscription process. Notably, the project faced controversy due to its utilization of the Bitcoin blockchain and even received some backlash from the creator of Ordinals himself.
Ordinals come to the Litecoin blockchain
Recent reports reveal that a crypto developer successfully minted the first-ever Litecoin Ordinals after forking the Bitcoin Ordinals protocol. The developer, associated with the Litecoin network, utilized the new fork to create the pioneering Litecoin ordinal NFT.
Launched in 2011 as an indirect Bitcoin network fork, Litecoin (LTC) has consistently remained a powerful crypto asset. The development of Litecoin continues to evolve, with the latest and most intriguing achievement being the creation of the first Litecoin ordinal NFT.
Bitcoin Inscriptions continue to Trend in the NFT Market
The Ordinals inscription trend continues to gain traction, particularly on the Bitcoin blockchain. Additionally, a recent report from Galaxy Digital predicts that Bitcoin-based non-fungible token (NFT) assets using Ordinal inscription technology could represent a $4.5 billion market by 2025. There are now over 500,000 Bitcoin inscriptions now on the blockchain and miners are reaping the benefits. As so, the future appears promising for this innovative technology.
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