As per a report by Dune Analytics, the total network fees paid for the minting of Bitcoin Ordinals surged to 1,414 BTC or $38.2 million on May 20, marking a significant increase of 700% from April 20 and 831% from April. Despite the continued interest in Bitcoin NFTs, a recent analysis shows that the majority of Bitcoin Ordinals have shifted to text-based inscriptions, in contrast to a somewhat equal balance of text and image inscriptions recorded between February and April.
BitKeep, a cross-chain wallet, has clarified that Bitcoin Ordinals is a system that provides a unique number to each Satoshi, allowing for its tracking and transfer. This system is combined with the Inscription process, which adds an extra layer of data to each Satoshi, allowing users to create unique digital assets on the Bitcoin blockchain.
The developers at BitKeep have explained that Ordinals, unlike traditional NFTs, do not require a sidechain or separate token and are entirely hosted on the Bitcoin blockchain. In January 2023, the Bitcoin Ordinal theory framework was introduced by Web 3.0 developer Rodarmor. Additionally, in March 2023, Web 3.0 developer Domo created the BRC-20 Bitcoin token standard, which utilizes both Ordinals and Inscriptions to manage token contracts, minting, and transfers on the Bitcoin blockchain.
BitKeep developers have clarified that Ordinals are different from traditional NFTs as they are built on the Bitcoin blockchain and do not require a separate token or sidechain, unlike NFTs that use smart contracts and are hosted on solutions such as IPFS.
In January 2023, Rodarmor, a Web 3.0 developer, introduced the Bitcoin Ordinal theory framework. Later in March 2023, another Web 3.0 developer, domo, created the BRC-20 Bitcoin token standard that utilizes both Ordinals and Inscriptions to manage token contracts, token minting, and token transfers on Bitcoin. It should be noted that the language used for coding was not mentioned in the paragraph.
To date, more than 8 million Bitcoin Ordinals have been created, and 24,677 BRC-20 tokens have been minted, with a combined market capitalization of $612.5 million. On May 20, OKX, a cryptocurrency exchange, announced the addition of the ORDI BRC-20 token to its platform. This token is the most popular in its category, with a market capitalization of over $300 million.
