Ordinary Inscriptions Surpass 1M Mark, Miners Collect $4.7M In Fees As Bitcoin NFT Trend Continues – Bitcoin News

by James · April 9, 2023

Ordinary Inscriptions Surpass 1M Mark, Miners Collect .7M In Fees As Bitcoin NFT Trend Continues – Bitcoin News

On April 8, 2023, the number of Ordinal inscriptions crossed the million mark as the non-fungible token (NFT) trend has apparently become a mainstay. Currently, as of Sunday, April 9, the total number of Ordinal inscriptions is 1,049,263, and so far 169.85 bitcoins worth $4.7 million have been collected in fees.

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Ordinary inscriptions reach 1 million

This weekend, Ordinal Inscriptions reached a milestone by surpassing the 1 million mark on Saturday, April 8, 2023. Ordinal Inscriptions began to see significant demand after the Luxor mining pool mined Bitcoin block #774,628, which was not only close to 4 megabytes in size , but also contained ordinary inscription no. 652. Ordinary inscriptions are an idea that sprang from the mind of Casey Rodarmorwhich allows users to write satoshis (Bitcoin’s smallest unit) with arbitrary content such as text, images, video and even software.

Ordinary Inscriptions Surpass 1 Million Mark, Miners Collect $4.7 Million In Fees As Bitcoin NFT Trend Continues — Number of ordinary inscriptions via Dune Analytics data as of April 9, 2023.

Dune Analytics calculations compiled by user @dgtl_assets indicate that 169.85 BTC worth $4.7 million associated with Ordinal inscriptions have been collected by miners since the trend began. The same Dune user, @dgtl_assets, offers another page of analytical insights showing the aggregate volume between six different Ordinal Inscription marketplaces. The markets include Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma and Magic Eden.

These six Ordinal subscription markets have seen a combined total volume of $19.31 million. So far, 53,124 trades have been executed by 18,462 unique traders, according to Ordinal inscription marketplace data. Bitcoin controls much of the volume, but the Ethereum blockchain is also accounted for by volume. The leader in unique users by market is Ordinals Wallet, followed by Ordswap.

Meanwhile, the Ordinal inscription milestone reaching the 1 million mark comes at a time when a new way of stamping arbitrary content onto the Bitcoin blockchain has gained traction called Bitcoin Stamps. So far, there are only 17,293 Bitcoin stamps on the Bitcoin network at the time of writing, but the project has continued to see increased adoption since its creator, Twitter user Mike in space, started the project. Furthermore, on the Litecoin blockchain, there are 224,054 Litecoin-based Ordinal inscriptions since the idea was transferred to Litecoin.

Tags in this story

adoption, arbitrary content, Bitcoin, Bitcoin Stamps, Blockchain, Cryptocurrency, digital content, digital distribution, digital ownership, Dune Analytics, Ethereum, Fees, Gamma, litecoin, Luxor, Magic Eden, Marketplaces, Mike in Space, mining pool, nft, Non-fungible Token, Open Ordex, Ordinal inscriptions, Ordinals Market, Ordinals Wallet, Ordswap, satoshis, Software, Trades, unique traders

What are your thoughts on the plain inscription trend? Share your thoughts on this topic in the comments section below.

Jamie Redman

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.