Ordinal Inscriptions Surpass 1 Million Mark, Miners Collect $4.7M in Fees as Bitcoin NFT Trend Continues

On April 8, 2023, the variety of Ordinal inscriptions surpassed the million mark because the non-fungible token (NFT) pattern has seemingly turn into a mainstay. Presently, on Sunday, April 9, the overall variety of Ordinal inscriptions is 1,049,263, and thus far, 169.85 bitcoins value $4.7 million have been collected in charges.

Ordinal Inscriptions Reach 1 Million

This weekend, Ordinal inscriptions reached a milestone by surpassing the 1 million mark on Saturday, April 8, 2023. Ordinal inscriptions began to see vital demand after the mining pool Luxor mined Bitcoin block No. 774,628, which was not solely near 4 megabytes in dimension but additionally contained Ordinal inscription No. 652. Ordinal inscriptions is an concept that sprang from the thoughts of Casey Rodarmor, which permits customers to inscribe satoshis (Bitcoin’s smallest unit) with arbitrary content material corresponding to textual content, photos, video, and even software program.

Dune Analytics metrics compiled by the consumer @dgtl_assets point out that 169.85 BTC value $4.7 million related to Ordinal inscriptions have been collected by miners because the pattern started. The identical Dune consumer, @dgtl_assets, affords one other web page of analytical insights that reveals the collective quantity between six totally different Ordinal inscription marketplaces. Markets embrace Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Magic Eden.

These six Ordinal inscription markets have seen an mixture whole quantity that quantities to $19.31 million. So far, 53,124 trades have been executed by 18,462 distinctive merchants, in response to the Ordinal inscription market information. Bitcoin instructions a substantial amount of the amount, however the Ethereum blockchain can also be accounted for by way of quantity. The chief in distinctive customers by market is Ordinals Wallet, adopted by Ordswap.

Meanwhile, the Ordinal inscription milestone reaching the 1 million mark comes at a time when a brand new means of minting arbitrary content material to the Bitcoin blockchain has gained traction known as Bitcoin Stamps. So far, there are solely 17,293 Bitcoin Stamps on the Bitcoin community on the time of writing, however the mission has continued to see elevated adoption since its creator, Twitter consumer Mike in Space, launched the mission. Furthermore, on the Litecoin blockchain, there are 224,054 Litecoin-based Ordinal inscriptions because the thought was ported over to Litecoin.

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