Ordinals inscriptions approach 4.8M, nearly doubling in just over a week

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The number of ordinal inscriptions on the Bitcoin (BTC) network nearly doubled from 2.5 million to 4.78 million over the past eight days, witnessing another sharp increase.

The Ordinals protocol was originally used to create images as Non-Fungible Tokens (NFTs), but users can use text-based inscriptions to create images as if they were created via the ERC-20 token standard. I’m starting to realize that you can create fungible tokens in a similar way. Ethereum (ETH) network.

These text-based inscriptions, now prevalent as the BRC-20 token standard, are largely responsible for the significant increase in ordinal inscriptions on the Bitcoin blockchain.

As Glassnode co-founder and chief technology officer Rafael Schultze-Kraft highlights on Twitter, text-based inscriptions are now the most popular form of Ordinals inscription, and will be released on May 5. There are over 2.8 million text-based inscriptions as of .

8/ In fact, the textual inscription is now the most prominent ordinal inscription in the world. #bitcoin Communication network.

Text: 2.8M
Image: 650k
Video: 1.8k
Audio: 347
Others: 19k

Inscription dashboard: https://t.co/YKwAbthEXL pic.twitter.com/O12MZj0qLT

— Rafael Schultze-Kraft (@n3ocortex) May 4, 2023

Latest data from popular blockchain data hub Dune Analytics show After April 25th, the vast majority (99%) of all new Ordinals inscriptions are text-based.

according to brc-20.ioa new tool that allows users to track BRC-20 tokens, and there are now a total of 14,200 new tokens hosted on the Bitcoin blockchain. ordi”, “nals” and even the Bitcoin-based version of the now infamous memecoin Pepe (Pepe) is listed third in terms of market capitalization.

BRC-20 tokens currently have a market cap of around $700 million, but digital asset investment firm Galaxy Digital claims the market for ‘Bitcoin NFTs’ could reach $4.5 billion by 2025. increase.

Related: Bitcoin Ordinals Community Discussion Fixed After Inscription Validation Bug

The rise of ordinal numbers over the past few months continues to spark debate as to whether ordinal numbers will ultimately be positive for the Bitcoin ecosystem.

Some Bitcoin proponents, such as Dan Held, Claim Ordinal Offers A Wider Range Of Financial Use Cases For Bitcoin, But More Hardened Bitcoiners quarrel The ordinals depart from Satoshi Nakamoto’s original vision of using Bitcoin as an electronic peer-to-peer cash system.

Miners, on the other hand, enjoy huge revenues due to transaction fees associated with the surge of new activity on the network.