Despite recent suggestions that the enthusiasm around Bitcoin NFTs (Non-Fungible Tokens) has waned, Ordinals, a type of inscription on the Bitcoin network, continue to be a major driver of activity. On August 21, it was observed that of the 530,788 Bitcoin transactions in the previous 24 hours, 450,785 were related to Ordinals, making up approximately 84.9% of all Bitcoin activity.
Data from Dune Analytics confirmed this trend, stating that on August 20, there were over 400,000 Ordinal inscriptions, while Bitinfocharts recorded around 556,000 total Bitcoin transactions for the day. This implies that Ordinals constituted more than three-quarters of the network’s activity.
There have been 25.5 million Ordinal inscriptions so far, producing about $53.4 million in fees. The majority of these inscriptions are currently from BRC-20 token minting, with 1.9 million minted just last week.
Bitcoin Ordinals allow data to be inscribed onto a Satoshi, which is the smallest unit of a Bitcoin. The protocol debuted in January, and the subsequent months saw a surge in inscriptions, leading to network congestion and a spike in transaction fees during April and May.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/aug/21/
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