A contributor to Dune Analytics has helped in the compilation of a report that states that 1414 Bitcoin in total fees for the network has been spent to mint Bitcoin Ordinals on May 20th. This amounts to $38.2Mn. Since April 20th, this represents a 700% increase and since April 1st, this represents an 831% increase.
Interest In Bitcoin Ordinals Grow
A different analysis indicates that the majority of Bitcoin Ordinals has undergone a shift to inscriptions based on text, even though there NFTs (non-fungible token) of Bitcoin has continued interest. Between February and April, Bitcoin Ordinals featured a more balanced spread between the image as well as text inscriptions.
As per BitKeep’s (a wallet that features cross-chain data) explanation, Bitcoin Ordinals stands for a system of numbering that gives every individual SAT (Satoshi, or a millionth part of one BTC) their unique number. This enables its transfer and tracking. In combination with the process of inscription, which gives another data layer to every satoshi, Bitcoin Ordinals lets users mint one-of-a-kind digital assets on the blockchain of Bitcoin.
Traditional NFTs are built on smart contracts. Furthermore, they employ hosting solutions like the InterPlanetary File System. In contrast, BitKeep’s developers clarified that the entire residency of Bitcoin Ordinals is inside the blockchain of Bitcoin. As such, there is no need for any separate tokens or sidechains.
In January of this year, Rodarmor, a Web3 developer, published Bitcoin Ordinal’s theoretical framework. Furthermore, domo, another developer of Web3, made the BRC-20 token standard for Bitcoin in March of this year. This made use of bother inscriptions as well as Ordinals to manage and create token transfers, minting, and contracts on Bitcoin. Since these developments, minted Ordinals have surpassed the 8 million mark, as well as the creation of BRC-20 tokens numbering 24,667.