Bitcoin Ordinal NFT’s Mark Surpasses 500,000 Mark – What’s Next?
Bitcoin Ordinal NFT’s mark surpasses 500,000 mark, what’s next?
Bitcoin ordinary NFTs are the trending resource on the bitcoin network, with more than 500,000 NFTs minted recently. These unique digital assets have taken the crypto community by storm, with creators switching from popular blockchains like Ethereum to create their NFTs on the Bitcoin network.
More than 500,000 ordinary NFTs minted in two months
At the time of writing, 520,200 NFT tokens have been minted on the bitcoin network in the past two months, according to data from Dune analysis. This growth is remarkable, considering that less than 50,000 NFTs were minted just five weeks ago.
Onchain data further reveals that March 9, 2023 recorded the most Ordinals transactions. More than 31,000 ordinals were minted that day, with the vast majority of images followed by videos and text. Additionally, around $2.6 million has been spent on transaction fees to create this unique form of digital asset. On average, around 10,000 Ordinal NFTs are minted daily, and this number is expected to grow due to the increased demand for this form of NFT.
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Bitcoin NFTs are created by assigning what are called “ordinals” to each satoshi. The order lists are linked to information such as videos, text, images, etc. – thus creating NFTs on Bitcoin. Unlike Ethereum NFTs, there are no specific token standards and the inscriptions created are permanent and cannot be edited or changed.
The growing popularity of Ordinal NFTs is largely related to the ease of creating them. Originally, it was only possible to create and manage Ordinal NFTs through the original wallet developed by Casey Rodarmor, the creator of this protocol. However, the tool required managing a full Bitcoin node locally and using lines of code that could have been more user-friendly.
Over time, various companies and programmers developed simpler products to enable the adoption of this technology. Wallet providers such as Hiro and Sparrow allow users to manage Bitcoin NFT Ordinals efficiently. While UniSat Wallet recently reviewed a feature that allows users to create and manage their Ordinal NFTs from their wallet.
Concerns continue to mount over mainstream NFTs
Despite the growing use of Ordinal NFT, a large part of the Bitcoin community remains opposed to this form of digital asset. Top developers like Adam Back and Luke Dashjr have previously spoken out against these types of NFTs on the Bitcoin network.
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Critics argue that Ordinal NFTs threaten the privacy, security and efficiency of the Bitcoin network. They see storing data such as photos, videos and games as a waste of space and believe it causes congestion on the Bitcoin network.
They may not be wrong, as the Bitcoin network has recently suffered from congestion. According to data from Mempool.space, more than 50,000 transactions have yet to be confirmed on the Bitcoin network. This equates to more than 160 blocks, leading to increased transaction fees.
Featured image from Unsplash.com, charts from TradingView