The Rise of Bitcoin Ordinals: A Milestone for the Protocol
The number of inscriptions on the Bitcoin network has surpassed 25 million, marking a significant achievement for the protocol. Despite a decline in trading volume for these digital assets, the interest in inscriptions on the flagship digital asset blockchain has been tremendous and has had a significant impact on network activities.
Key Points:
- The number of inscriptions on Bitcoin has reached over 25 million, with a daily all-time high of 422,164 on July 30.
- Recursive inscriptions, an upgrade on ordinals, account for about 140,000 of the total inscriptions.
- Ordinals have played a significant role in fee generation for Bitcoin’s network, with miners earning over $50 million in fees.
- However, the fee generation rate has declined, indicating a gradual decrease in interest over time.
- Trading volume and sales count of Bitcoin ordinals have fallen by more than 97% since May, raising concerns about their longevity and relevance in the NFT space.
Hot Take: While Bitcoin ordinals have achieved a remarkable milestone with over 25 million inscriptions, the decline in trading volume and transaction count raises concerns about their future. The waning enthusiasm and confidence in Bitcoin NFTs highlight the challenges they face in maintaining their relevance in the rapidly evolving NFT market.
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