Bitcoin Ordinals: By the Numbers
On May 20, a whopping 1,414 Bitcoin (BTC), equivalent to around $38.2 million, was shelled out in total network fees for minting Bitcoin Ordinals. That’s an increase of 700% from April 20 and a staggering 831% from April 1! Talk about a growth spurt that even the most ambitious teenagers would envy.
The Shift to Text Inscriptions
As the craze for Bitcoin non-fungible tokens (NFTs) continues, it’s interesting to note that the majority of Bitcoin Ordinals are now leaning toward text-based inscriptions. This marks a sneaky little shift from previous months where both text and image inscriptions were more evenly matched. Reminds me of that time when the sci-fi section suddenly took over the entire library.
Understanding Bitcoin Ordinals
You might be wondering how this magical system works. According to BitKeep, Bitcoin Ordinals operate as a numbering system that assigns a unique number to each SAT—that’s a Satoshi for those who don’t speak crypto. This allows users to track and transfer their precious digital assets with ease, all while sprinkling an additional layer of data onto each satoshi. It’s like adding extra toppings to your favorite pizza, but, you know, more digital and less greasy.
Ordinals vs. Traditional NFTs
What sets Bitcoin Ordinals apart from your average NFT? Well, these bad boys reside entirely on the Bitcoin blockchain and can live happily ever after without a sidechain or any separate tokens. Traditional NFTs, on the other hand, often rely on smart contracts and need a buddy to hang out with, like the InterPlanetary File System. It’s like comparing a lone wolf to a loyal pack!
Recent Developments in the BRC-20 Arena
Fast forward to January 2023, Rodarmor and domo made headlines by rolling out the Bitcoin Ordinal theory framework and the BRC-20 token standard, respectively. Together, they crafted a system that allows the minting and management of tokens with over 8 million Bitcoin Ordinals minted and 24,677 BRC-20 tokens created—with a market cap hitting a jaw-dropping $612.5 million.
Even cryptocurrency exchange OKX is riding the wave, with their recent listing of the Ordinals (ORDI) BRC-20 token which already boasts a market cap exceeding $300 million!
