The Rise of Bitcoin Ordinal Inscriptions
The number of Bitcoin Ordinal inscriptions on the blockchain has steadily increased over the past 218 days, reaching nearly 19 million. Here are the key points:
- As of July 22, 2023, there have been approximately 18,599,837 Ordinal inscriptions issued on the bitcoin blockchain.
- 78.5% of all inscriptions are in plain text form or character sets, while another 13.5% is plain text, making up a total of 92% of all inscriptions.
- The remaining inscriptions consist of images, GIF files, animations, applications, and more.
- The largest number of daily Ordinal inscriptions occurred on May 7, 2023, with 400,091 inscriptions.
- The number of inscriptions per block has significantly increased in July, with some blocks confirming over 5,000 inscriptions.
Fees and Backlog of Transactions
Despite the increasing number of inscriptions, people are paying less in fees to confirm them. Here are the key points:
- At block height 799,832, there are over 300,000 unconfirmed transactions on the bitcoin blockchain.
- A low-priority transaction costs 71 cents, while a high-priority transaction costs around $1.88 or 0.000063 BTC.
- Both financial transactions and Ordinal inscriptions contribute to the backlog of transactions.
NFT Sales on the Bitcoin Blockchain
The bitcoin blockchain has seen a significant number of nonfungible token (NFT) sales, but there has been a slight decrease in sales compared to the previous month. Here are the key points:
- In the past 30 days, $98.85 million in NFT sales were recorded on the bitcoin blockchain.
- Bitcoin has the second highest number of NFT sales among 22 different blockchain networks.
- Only two bitcoin-based NFT collections are among the top 10 in terms of 30-day sales, with the Uncategorized Ordinals collection being the second largest with $41 million in sales.
Hot Take: Bitcoin Ordinal Inscriptions Continue to Soar, but NFT Sales Show Some Decline
The rise in Bitcoin Ordinal inscriptions is an impressive trend, showcasing the growing popularity and adoption of the blockchain technology. However, the decrease in NFT sales on the bitcoin blockchain suggests a possible shift in market interest towards other blockchain networks. It will be interesting to see how these trends evolve in the coming months and how they impact the overall crypto ecosystem.
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