Bitcoin NFTs Break Record with 9 Million Inscriptions

Bitcoin NFTs Break Record with 9 Million Inscriptions

The number of Bitcoin Ordinals NFT inscriptions has tripled in May, surpassing 9 million, with transaction fees of over 1,500 BTC and more than $40 million counter value, as supporters including Michael Saylor believe it’s a catalyst for the mass adoption of Bitcoin.

The number of Bitcoin (BTC) Ordinals Non-Fungible Token (NFT) inscriptions does not appear to want to stop, and to date the 9 Million mark has been surpassed. 

Michael Saylor, founder of MicroStrategy, was known this phenomenon a “catalyst for Bitcoin adoption.” 

Bitcoin (BTC) Ordinals NFTs: tripled the number of inscriptions in May

The Ordinals protocol, which allows objects such as artwork, profile pictures, memes, applications and games to be “inscribed” on Bitcoin’s Blockchain Tech, is reaching incredible numbers. 

And yes, in May alone, the number of Bitcoin (BTC) Ordinals Non-Fungible Token (NFT) inscriptions tripled, surpassing 9 million. Earlier these 30 days, inscriptions were over 3 Million, even though transaction charges had skyrocketed. 

Looking at Dune’s data, at the time of publication, there are a total of 9,230,732 Bitcoin (BTC) Ordinals Non-Fungible Token (NFT) inscriptions, of which greater than 8 Million are of the text type, followed by the picture and app  type. The transaction charges totally paid as of today turn  out to be greater than 1,500 BTC, with a counter value of greater than $40 million

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Certainly, the fee situation has settled down greater than at the beginning of the 30 days. For instance, as of yesterday, there were a total of nearly 150 thousand Bitcoin (BTC) Ordinals Non-Fungible Token (NFT) registrations, against 20.3 Bitcoin in charges paid. 

Not only that, supporters of the new Bitcoin (BTC) Ordinals NFT likewise include Michael Saylor, the co- founder of MicroStrategy, who has  stated the next in a PBD podcast in early May:

“ Each time someone builds an app  that’s cool on Bitcoin, like all the Ordinals and inscriptions and whatever that are driving up transaction charges, it’s a catalyst.”

Hence, Saylor believes the protocol is acting as a catalyst for the mass adoption of Bitcoin (BTC) (BTC). 

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Bitcoin (BTC) Ordinals: the history of the BRC-20 crypto token standard 

The Ordinals protocol is a product that was launched on Jan. 21 by software engineer Casey Rodarmor, who from the outset made headlines for precisely being able to create Non-Fungible Token (NFTs) on Bitcoin’s Blockchain. 

This was followed in March by the official release of the BRC-20 standard, Bitcoin (BTC) Request for Comment number 20, which made possible the minting of new crypto tokens on the Bitcoin network. 

Then, in these 30 days of May, BRC-20 crypto tokens experienced tremendous growth, partly driven by the emergence of new memecoins such as Pepe (PEPE) and Memetic (MEME). 

And yes, in addition to the boost in Non-Fungible Token (NFT) inscription of Bitcoin (BTC) Ordinals, there has likewise been a surge in the market cap of BRC-20 crypto tokens, which has been  growing from $95 Million to an impressive $279 Million in just four days. 

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Investors and cryptocurrency enthusiasts are eager to engage in this emerging tendency involving the queen of cryptocurrency assets: Bitcoin. 

With this movement, Non-Fungible Token (NFT) marketplaces have likewise taken steps to add their support for Ordinals. Magic Eden did so back in April, while Binance Crypto exchange NFT only this May. 

Not only that, The Ordinals Non-Fungible Token (NFT) protocol has since expanded to the Litecoin Blockchain Tech and the Dogecoin (DOGE) Blockchain. 

The price of Bitcoin does not boost in the past 30 days

Given that May was the 30 days of Bitcoin (BTC) Ordinals NFTs and that Michael Saylor states they are a catalyst for Bitcoin adoption, it is fitting to look at the price performance of the queen of cryptocurrency assets. 

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Unfortunately, on the other hand, the result does not live up to expectations, and in reality the graph shows that Bitcoin has had a 7 percent price dump in the last thirty days, going from $28,400 to the present $26,390. 

BTC’s total market capitalization has likewise followed the same price tendency, and today stands at $511 billion

Still, there is no shortage of optimists. In reality, a new forecast was recently given for Bitcoin’s price to boost over $160,000 following the halving of 2024.


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