Bitcoin Ordinals: Boost in Activity and Reduced Costs with BRC-69 Token Standard
Bitcoin Ordinals introduced the concept of generating non-fungible tokens (NFTs) on the Bitcoin blockchain through inscribing. The recently launched BRC-69 token standard has significantly increased activity in Bitcoin Ordinals, with over 350,000 new inscriptions on Monday alone. This marks a surge of more than 250% since the launch of the BRC-69 token standard. The modified version of the BRC-20 standard has successfully reduced the cost of inscriptions for Ordinals by over 90%.
Key Points:
– BRC-69 token standard launch leads to a surge in new inscriptions for Bitcoin Ordinals.
– Luminex, the Ordinals launchpad, introduced the BRC-69 standard to significantly reduce inscription costs.
– The simplicity of the BRC-69 standard allows minters to inscribe a single line of text instead of a full image, reducing costs.
– BTC-69 has delivered on its promise, with low fees and increased activity in inscriptions.
– The Ordinals boom can be divided into two waves, with the second wave seeing an increase in text-based inscriptions since May.
The sustained surge in new inscriptions has not resulted in a significant increase in daily fees paid for inscriptions. Despite the increased activity, fees remain stagnant. Since its launch in January, Ordinals has brought the NFT and smart contract narrative to the Bitcoin blockchain, attracting investor interest in tokens like STX. Glassnode reports that the Ordinals boom can be categorized into two waves, with the second wave showing a decline in activity since May. However, there has been a recent uptick in text inscriptions, although unconfirmed transactions across Bitcoin mempools are starting to clear.
Hot Take
The introduction of the BRC-69 token standard has undoubtedly sparked a surge in activity for Bitcoin Ordinals. By significantly reducing inscription costs, more users are able to participate in the creation of NFTs on the Bitcoin blockchain. This development not only demonstrates the expanding capabilities of Bitcoin but also opens new opportunities for artists, collectors, and investors in the NFT space. With the sustained interest in Bitcoin Ordinals and the continuous advancements in token standards, the future of NFTs on the Bitcoin blockchain looks promising.
Cora Skindell is a standout figure in the world of cryptocurrency analysis, research, and editorial expertise. As a seasoned crypto analyst and researcher, Cora’s insights delve deep into the complexities of digital assets, resonating with a diverse audience. Her ability to dissect intricate crypto concepts is complemented by her adept editorial skills, enabling her to distill complex information into easily understandable content.