From Records to Recursive Ordinals
This article discusses the growth of Ordinal inscriptions on the Bitcoin blockchain, the impact of recursive Ordinals, and Bitcoin’s declining position in the NFT sales market.
- On August 11, 2023, the Bitcoin blockchain recorded over 23 million Ordinal inscriptions.
- The highest daily tally of inscriptions occurred on August 6, with 408,810 records.
- Bitcoin miners have accumulated 1,902.58 BTC from inscriptions, worth over $55 million.
- Most Ordinal inscriptions (72.3%) use the “text/plain;charset=utf-8” format.
- Recursive Ordinals, which allow the invocation of other inscriptions’ content, have had a significant impact.
- 138,365 recursive Ordinals have been engraved on the Bitcoin blockchain.
- NFT sales on Bitcoin have declined, ranking seventh out of 21 blockchain networks.
- Solana, BNB, Polygon, Mythos, and Immutable X have surpassed Bitcoin in NFT sales.
Hot Take: While the growth of Ordinal inscriptions is impressive, Bitcoin’s decline in the NFT sales market suggests a shift in popularity towards other blockchain networks.
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