Data from the Dune blockchain shows surge in Bitcoin Ordinals Inscriptions
- On July 8, crypto enthusiasts minted 350,000 Bitcoin Ordinals Inscriptions, the highest daily record since May 14.
- The payment fee for these inscriptions remained low at 2.5 BTC.
- The surge in minting numbers could be attributed to the recent launch of recursive inscriptions and the implementation of BRC-69, which optimized costs.
- The number of Ordinals minted through applications reached an unprecedented 18,000 on the same day.
Increasing adoption of user-friendly platforms simplifying inscription process
- The milestone showcases the growing popularity of Bitcoin and the increasing adoption of user-friendly platforms that simplify the inscription process.
- BTC Ordinals trading volumes surpassed $210 million, indicating a significant increase in trading activities.
- Over 550,000 Ordinals trades occurred in the second quarter of 2023, with approximately 150,000 unique traders contributing to the trading volume.
- The Dune blockchain analytics dashboard reflects a sharp increase in unique users since May 2023.
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Bitcoin Ordinals impact the non-fungible token (NFT) landscape
- By the end of May 2023, Bitcoin surpassed Solana and became the second-most used NFT blockchain in terms of trade volumes.
- The uptick in Ordinals activity has revived the Bitcoin ecosystem and brought a renewed “builder culture,” as recognized by Ethereum co-founder, Vitalik Buterin.
