The Rise of Ordinals Inscriptions on the Bitcoin Network
Despite the recent price drop and fading hype over NFTs, Ordinals inscriptions remain prominent on the Bitcoin (BTC) network. Developer “Leonidas” revealed that out of the 530,788 transactions processed by Bitcoin in the past 24 hours, 450,785 were related to Ordinals, accounting for 84.9% of the activity on Bitcoin. This contradicts claims that Ordinals are dead, and data from Dune Analytics and Bitinfocharts supports this trend.
Key Points:
- Bitcoin processed 530,788 transactions in the past 24 hours, with 450,785 transactions related to Ordinals, making up 84.9% of the activity on Bitcoin.
- Data from Dune Analytics reports more than 400,000 Ordinal inscriptions on Aug. 20.
- Over the past week, 54% of transactions on the Bitcoin network were Ordinals.
- There have been 25.5 million Ordinal inscriptions, generating $53.4 million in fees on the Bitcoin network.
- Ordinals are primarily driven by BRC-20 token minting, with 1.9 million minted last week. Recursive inscriptions account for 140,000, allowing for more complex usages.
Bitcoin Ordinals Still Going Strong
Despite reports of a decline in Ordinals NFT usage and sales volume, the activity on the Bitcoin network tells a different story. With the majority of transactions being Ordinals-related and millions of inscriptions taking place, Ordinals are far from dead. The future of Bitcoin Ordinals NFTs remains uncertain, but their current activity and usage indicate that they still hold value and potential in the crypto space.
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