Bitcoin Ordinals NFT with 9 million inscriptions
The number of Bitcoin Ordinal NFT inscriptions does not seem to want to stop and to date the 9 million mark has been surpassed.
Michael Saylor, founder of MicroStrategy, called this phenomenon a “catalyst for BTC adoption.”
Bitcoin Ordinals NFTs: Inscriptions tripled in May
The Ordinals protocol, which allows objects such as artwork, profile pictures, memes, apps and games to be “written” onto Bitcoin’s Blockchain, is reaching incredible numbers.
And actually only in May, the number of Bitcoin Ordinals NFT inscriptions tripled, surpassing 9 million. Earlier this month, subscriptions were over 3 million, despite transaction fees skyrocketing.
If you look at Dune’s data, at the time of writing it is total 9,230,732 Bitcoin Ordinals NFT Inscriptionsof which more than 8 million are of the text typefollowed by the image and application type. The total transaction fees paid as of today turns out to be more than 1500 BTCwith a counter value of more than 40 million dollars.
Certainly the fee situation has calmed down more than at the beginning of the month. For example, as of yesterday, there were a total of almost 150 thousand Bitcoin Ordinals NFT registrations, against 20.3 BTC in fees paid.
Not only that, supporters of the new Bitcoin Ordinals NFT also includes Michael Saylor, the co-founder of MicroStrategy, who had said the following in a PBD podcast in early May:
“Anytime someone builds an application that’s cool on Bitcoin, like all the Ordinals and inscriptions and whatever drives up transaction fees, that’s a catalyst.”
Therefore, Saylor believes that the protocol works as one catalyst for mass adoption of Bitcoin (BTC).
Bitcoin Ordinals: the history of the BRC-20 token standard
The Ordinals Protocol is a product launched on January 21 by software engineer Casey Rodarmorwhich made headlines right from the start to be able to create NFTs on Bitcoins Blockchain.
This was followed in March by the official release of the BRC-20 standard, Bitcoin Request for Comment number 20which enabled the minting of new tokens on the BTC network.
Then, in this month of May, BRC-20 tokens experienced tremendous growth, fueled in part by the emergence of new memecoins such as Pepe (PEPE) and Memetic (MEME).
And indeed, in addition to the increase in the NFT inscription of Bitcoin Ordinals, there has also been an increase in the market value of BRC-20 tokens, which has risen from $95 million to an impressive $279 million in just four days.
Investors and crypto enthusiasts are eager to participate in this new trend involving the queen of crypto assets: Bitcoin.
With this movement, NFT marketplaces have also taken steps to add support for Ordinals. Magical Eden did it back in April, while Binance NFT only this May.
Not only that, Ordinal’s NFT protocol has since expanded to the Litecoin Blockchain and Dogecoin Blockchain.
The price of BTC has not increased in the last 30 days
Provided that May was the month of Bitcoin Ordinals NFTs and that Michael Saylor claims they are a catalyst for BTC adoption, it is appropriate to look at the price the performance of the queen of crypto assets.
Unfortunately, the result does not live up to expectations, and the graph actually shows that BTC has had a price dump of 7% in the last thirty daysgoing from $28,400 to the current $26,390.
BTC’s total market capitalization has also followed the same price development, and today stands at 511 billion dollars.
In any case, there is no shortage of optimists. In fact, a new forecast was recently given for Bitcoin’s price will rise above $160,000 after the halving in 2024.