According to statistics, there are now more than 500,000 Ordinal inscriptions on the Bitcoin blockchain as the trend continues to gain significant traction. Onchain data also shows that since inscriptions started gaining popularity last month, Bitcoin miners have received 98 bitcoins worth $2.66 million in additional fees.
The Emergence of Ordinary Inscriptions on the Bitcoin Blockchain
Ordinary inscriptions have passed the 500,000 mark, and at the time of writing there are approximately 522,243 inscriptions on the Bitcoin blockchain. Essentially, the technology behind Ordinal Inscriptions allows people to enter any type of arbitrary data into the blockchain. Inscriptions include data such as text, images, audio, video and applications.
The number of Ordinal inscriptions surpassed the 500,000 mark on March 17, 2023, according to data hosted by Dune Analytics. Statistics show that 31.1% of inscriptions are in PNG format, or a total of 162,615 PNG-based inscriptions. About 14% of ordinary inscriptions are in WEBP format, and about 7% are in JPEG format.
A total of 212,827 inscriptions are textual, making up more than 40% of all Ordinal inscriptions today. Dune Analytics data further shows that at block height 780,895 approximately 1,870 inscriptions were struck in the block with Ordinal inscriptions. The block with the second largest number of inscriptions is block height 780,037, with approximately 610 ordinary inscriptions struck in a single block.
Block 780,895, with 1,870 inscriptions, was only 2.83 megabytes (MB) in size, and a total of 3,598 transactions were confirmed in the block mined on March 15. In addition to the number of Ordinal inscriptions rising above the 500,000 range, a few collections have amassed a lots of sales. Yuga Labs sold its collection of inscriptions called Twelvefold for $16.6 million.
The Bitcoin Punks project has seen 454.9 BTC, or roughly $11.1 million in sales, and Ordinal Punks has brought in 225.5 BTC, or $5.5 million in sales. An Ordinal collection of inscriptions called Trafilines has collected 100.4 BTC, or roughly $2.4 million in sales. The Unordinals collection has registered 95.4 BTC or $2.3 million.
Other best-selling inscription collections include Inscribed Pepes, Punks on Bitcoin, Pixel Pepes, Bitcoin Rocks and the art collection called Xcpinata. The trend of Ordinal inscriptions on Bitcoin continues, and while there are more than 500,000 inscriptions on the blockchain, there are also 213,583 LTC-based Ordinal inscriptions on the Litecoin network today.
The Litecoin blockchain also has a wide variety of onchain collections such as Litecoin Punks, Litecoin Bulls and Ordinal Doges. Many have high hopes for the Ordinal Inscription trend, especially on the Bitcoin blockchain. Galaxy Digital recently published a report predicting that Bitcoin-based non-fungible token (NFT) assets using Ordinal Inscription technology could be a $4.5 billion market by 2025.
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Random Data, Art, Bitcoin, Bitcoin (BTC), Bitcoin Punks, Bitcoin Rocks, Blockchain, BTC, Collections, Cryptocurrency, Dune Analytics, Embedded Data, Fees, Inscribed Pepes, JPEG, litecoin, litecoin (LTC), Litecoin Bulls, Litecoin Punks, LTC, Market Prediction, Miners, nft, NFT Collections, Non-fungible Token, Non-fungible tokens, Onchain data, Onchain NFTs, Ordinal Collections, Ordinal Doges, Ordinal Inscriptions, Ordinal Punks, Pixel Pepes, PNG, Punks on Bitcoin , text-based, Tradfilines, Twelvefold, Unordinals, WEBP, Xcpinata
What do you think the future holds for Ordinal Inscriptions on the Bitcoin blockchain and the NFT market? Share your thoughts in the comments section below.
Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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