Assess Bitcoin Ordinal’s Resurgence as Inscriptions Set New Record
- Ordinals Inscriptions are unique digital assets created using Bitcoin’s native scripting language.
- Bitcoin Ordinals struggle with enhanced activity on several marketplaces.
Bitcoin [BTC] Ordinals Inscriptions, a collection of Non-Fungible Tokens (NFT) on the Bitcoin network, has reached a new milestone.
Number of daily inscriptions struck in a single block surpassed 14,000. And this happened at a time when interest in the assets seemed to have simmered down.
Realistic or not, here it is BTC’s market value in ETH’s terms
Breakthrough in Satoshi land
This new landmark has helped the total inscriptions struck to rise above 1.5 million. According to Dune Analytics, the total inscription minted to date was 1,555,971.
Source: Dune Analytics
Ordinals Inscriptions are unique digital assets created using Bitcoin’s native scripting language. These assets can represent anything from music to images, texts or applications. And since they stayed mainstream in January they have been in the spotlight.
In a more detailed context, the Ordinal is the serial number for each satoshi, the smallest Bitcoin value assigned to an input. Therefore, Ordinals Inscriptions allow digital assets to be stamped on these satoshis.
These bits of engraved data appeared as a result of Bitcoin’s ability to include data directly on the chain. Unlike Ethereum [ETH]-based NFTs, images are not the most popular collectible on the Bitcoin network.
Instead, textual inscriptions have been at the helm of government. Even with the recent peak, lyrics took over the show again, amassing over 190,000 on April 23. Images, on the other hand, could only record a meager 2,174 identified.
Source: Dune Analytics
Trips down the hill
Despite the increase in Inscriptions production, there have been some disadvantages of Bitcoin Ordinals’ activity. According to the blockchain query dashboard, volume across all marketplaces hit a two-month low.
Remember that the hype around the assets drove an expansion into other NFT marketplaces. Around that time, earlier Solana [SOL] sole-based marketplace Magic Eden joined to increase protection.
Source: Dune Analytics
However, it seemed that the move has yet to pay off in a big way. At press time, the volume recorded on April 23 was less than $130,000 as shown above.
Although this increased the all-time volume above $22 million, the decline suggested that participation had decreased as there were fewer transactions successfully completed.
How much is 1,10,100 BTCs worth today?
However, Bitcoin Ordinals can take solace in the fact that it is constantly attracting owners of the assets. At the time of writing, the cumulative number of unique users had increased.
In a related development, Ordinal’s open source extension, UniSat Wallet, revealed that it had been subjected to a dual-use attack. This has happened despite being the first marketplace to offer BRC-20 wallet.
A double-spend attack is a flaw unique to digital assets where multiple transactions sharing the same input are broadcast on a network. However, UniSat noted that it will compensate those affected.
We will compensate all affected users at a specific time in the next few days, and conduct a comprehensive inspection and consolidation of the issues that have been exposed.
The following service opening hours will be updated here.
Thank you for your support and patience.❤️
— UniSat Wallet – Save, enter and search. (@unisat_wallet) 24 April 2023
