The number of inscriptions of ordinals in Bitcoin (BTC) has witnessed another meteoric rise, nearly doubling from 2.5 million to 4.78 million in the past eight days.
While the Ordinals protocol was initially used to mint images as non-fungible tokens (NFTs), users began to realize that they could use text-based inscriptions to create fungible tokens similar to those minted through the ERC token standard. -20 on the Ethereum (ETH) network.
These text-based inscriptions, now popularized as the standard BRC-20 tokenhave been the main cause of the massive increase in Ordinals signups on the Bitcoin blockchain.
As Glassnode co-founder and CTO Rafael Schultze-Kraft highlighted on Twitter, text-based registrations are now the most popular form of Ordinals registration, with over 2.8 million text-based registrations as of May 5. .
8/ In fact, text inscriptions are now the most prominent type of ordinal inscription in the #Bitcoin grid.
Text: 2.8M
Images: 650k
Video: 1.8k
sound: 347
Other: 19kRegistration board: https://t.co/YKwAbthEXL pic.twitter.com/O12MZj0qLT
โRaphael Schultze-Kraft (@n3ocortex) May 4, 2023
Latest data from popular blockchain data center Dune Analytics shows that since April 25, the vast majority (99%) of all new ordinal registrations have been text-based.
According brc-20.io, a new tool that allows users to track BRC-20 tokens, there are currently a total of 14,200 new tokens hosted on the Bitcoin blockchain. Among the most popular Bitcoin-based tokens are "ordinary", "nal", and even a Bitcoin-based version of the now notorious memecoin Pepe (Pepe) ranking at number 3 by total market capitalization.
While the total market capitalization of BRC-20 tokens is currently hovering around the $700 million mark, digital asset investment firm Galaxy Digital claims that the "Bitcoin NFT" market may reach $4.5 billion by 2025.
Related: Bitcoin Ordinals Community Discussions Fixed After Enrollment Validation Error
The rise of ordinals in recent months has continued to spark debate about whether ordinals are ultimately positive for the Bitcoin ecosystem.
Some Bitcoin advocates, such as Dan Held, say that Ordinals offer a broader range of financial use cases for Bitcoin, while more hardline Bitcoiners argue that ordinals deviate from the original vision of Satoshi Nakamoto, who intended Bitcoin to be used as a peer-to-peer electronic cash system.
Meanwhile, the miners have enjoyed a huge influx of income due to transaction fees related to the outbreak of new activity on the network.
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