The number of Bitcoinย (BTC) Ordinals Non-Fungibleย Tokenย (NFT) inscriptions does not appearย to want to stop, and to date the 9 Million mark has been surpassed.
Michael Saylor, founder of MicroStrategy, wasย known this phenomenon a โcatalyst for Bitcoin adoption.โ
Bitcoinย (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 โinscribedโ on Bitcoinโs Blockchainย Tech, is reaching incredible numbers.
Andย yes, in May alone, the number of Bitcoinย (BTC) Ordinals Non-Fungibleย Tokenย (NFT) inscriptions tripled, surpassing 9 million. Earlier theseย 30ย days, inscriptions were over 3 Million, evenย though transaction charges had skyrocketed.ย
Looking at Duneโs data, at the time of publication, there are a total of 9,230,732 Bitcoinย (BTC) Ordinals Non-Fungibleย Tokenย (NFT) inscriptions, of which greaterย than 8 Million are of the text type, followed by theย picture and appย type. The transaction charges totally paid as of today turnย out to be greaterย than 1,500 BTC, with a counter value of greaterย than $40 million.ย
Certainly, the fee situation has settled down greaterย than at the beginning of the 30ย days. Forย instance, as of yesterday, there were a total of nearly 150 thousand Bitcoinย (BTC) Ordinals Non-Fungibleย Tokenย (NFT) registrations, against 20.3 Bitcoin in charges paid.
Not only that, supporters of the new Bitcoinย (BTC) Ordinals NFT likewise include Michael Saylor, the co- founder of MicroStrategy, who hasย stated theย next in a PBD podcast in early May:
โ Eachย time someone builds an appย thatโs cool on Bitcoin, like all the Ordinals and inscriptions and whatever that are driving up transaction charges, itโs a catalyst.โ
Hence, Saylor believes the protocol is acting as a catalyst for the mass adoption of Bitcoinย (BTC) (BTC).
Bitcoinย (BTC) Ordinals: the history of the BRC-20 cryptoย 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-Fungibleย Tokenย (NFTs) on Bitcoinโs Blockchain.ย
This was followed in March by the official release of the BRC-20 standard, Bitcoinย (BTC) Request for Comment number 20, which made possible the minting of new cryptoย tokens on the Bitcoin network.
Then, in theseย 30ย days of May, BRC-20 cryptoย tokens experienced tremendous growth, partly driven by the emergence of new memecoins such as Pepe (PEPE) and Memetic (MEME).ย
Andย yes, in addition to the boostย in Non-Fungibleย Tokenย (NFT) inscription of Bitcoinย (BTC) Ordinals, there has likewise been a surge in the marketย cap of BRC-20 cryptoย tokens, which hasย beenย growing from $95 Million to an impressive $279 Million in just four days.
Investors and cryptocurrency enthusiasts are eager toย engage in this emerging tendency involving the queen of cryptocurrency assets: Bitcoin.
With this movement, Non-Fungibleย Tokenย (NFT) marketplaces have likewise taken steps to add their support for Ordinals. Magic Eden did so back in April, while Binanceย Cryptoย exchange NFT only this May.
Not only that, The Ordinals Non-Fungibleย Tokenย (NFT) protocol has since expanded to the Litecoin Blockchainย Tech and the Dogecoinย (DOGE) Blockchain.ย
The price of Bitcoin does not boostย in the past 30 days
Given that May was the 30ย days of Bitcoinย (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.
Unfortunately, onย theย otherย hand, the result does not live up to expectations, and inย reality the graph shows that Bitcoin has had a 7 percent price dump in the last thirty days, going from $28,400 to theย present $26,390.
BTCโs total market capitalization has likewise followed the same price tendency, and today stands at $511 billion.
Still, thereย is no shortage of optimists. Inย reality, a new forecast was recently given for Bitcoinโs price to boost over $160,000 following the halving of 2024.
