In just eight days, the number of Ordinals inscriptions on the Bitcoin network increased by 92% due to the BRC-20 token.
In a remarkable turn of events, the number of Ordinals inscriptions on the Bitcoin network has experienced a significant surge, skyrocketing from 2.5 million to 4.78 million in a mere eight days.
Initially, the Ordinals protocol was used to mint images as non-fungible tokens (NFTs). However, users soon realized that they could use text-based inscriptions to create fungible tokens, similar to how the ERC-20 token standard on the Ethereum (ETH) network mints fungible tokens.
These text-based inscriptions, which are now popularized as the BRC-20 token standard, have been the primary cause of the exponential increase in Ordinals inscriptions on the Bitcoin blockchain.
According to a May 5 tweet by Rafael Schultze-Kraft, co-founder and chief technology officer of Glassnode, text-based inscriptions are now the most prevalent form of Ordinals inscription, with over 2.8 million text-based inscriptions.
Recent information from the well-known blockchain data hub Dune Analytics shows that since April 25, 99% of all new Ordinals statements have been text-based.
According to brc20.io , a new tool that enables users to track BRC-20 tokens, the Bitcoin blockchain is currently hosting 14,200 new tokens. “ordi”, “nals”, and even a Bitcoin-based variant of the now-infamous memecoin Pepe (PEPE) are among the most popular Bitcoin-based tokens by market cap.
The total market value of BRC-20 tokens is currently around $700 million, but Galaxy Digital, a digital asset investment firm, says that the market for “Bitcoin NFTs” could hit $4.5 billion by 2025.
In recent months, the rise of Ordinals has continued to stir debate over whether they are ultimately beneficial to the Bitcoin ecosystem.
The recent surge in network activity has resulted in a significant increase in transaction fees, leading to a substantial influx of revenue for miners.
Content Source: cointelegraph.com
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