The Bitcoin Ordinals Surge
On May 20, Bitcoin Ordinal minting fees hit astronomical heights, reaching a staggering 1,414 BTC, or about $38.2 million. This jaw-dropping figure marks a 700% uptick since April 20 and a whopping 831% increase since April 1. Clearly, the Bitcoin community is buzzing with excitement! Who needs a rollercoaster when you have the market for NFT fees soaring like this?
Shifting Trends: The Rise of Text-Based Inscriptions
Interestingly, while the interest in Bitcoin NFTs remains strong, there’s a notable shift in the types of inscriptions being minted. According to analyses, most recent Bitcoin Ordinals are leaning towards text-based inscriptions. Compare this to the earlier months of the year (February to April), when there was a relatively equal mix of text and images. It’s almost like we went from art galleries straight to poetry slams!
The Technical Backbone of Ordinals
So, what exactly are Bitcoin Ordinals? As defined by cross-chain wallet BitKeep, it’s a system that assigns unique identifiers to individual satoshis— the tiniest units of Bitcoin. This clever combination of numbering and inscription allows users to track and create unique digital assets right on the Bitcoin blockchain. Think of it as giving each grain of sand a name and a backstory. Super poetic, right?
Contrast with Traditional NFTs
For those familiar with traditional NFTs—built using smart contracts and hosted on platforms like the InterPlanetary File System—Bitcoin Ordinals present a different flavor. Developers from BitKeep explain that unlike conventional NFTs that rely on sidechains, Ordinals exist solely on the Bitcoin blockchain without necessitating any external tokens. It’s like having a standalone coffee shop that doesn’t need to be part of a chain.
The BRC-20 Token Standard: A Game Changer
In January 2023, the groundwork for Bitcoin Ordinals was laid by Web3 developer Rodarmor with the release of the Ordinal theory framework. Following this, in March 2023, developer domo introduced the BRC-20 Bitcoin token standard. This innovation utilizes both Ordinals and inscriptions for token management, making it a game changer. With over 8 million Bitcoin Ordinals minted and a cool 24,677 BRC-20 tokens floating around (total market cap: $612.5 million), it’s safe to say that the Bitcoin drama is just heating up!
Market Buzz: The Listing of ORDI Tokens
On May 20, in a twist that could rival any soap opera, Olympic cryptocurrency exchange OKX announced the listing of Ordinals BRC-20 token (ORDI). With a market cap of over $300 million, it appears Bitcoin Ordinals are not just a passing trend, but potentially here to stay.
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