Statistics show that there are currently over 500,000 Ordinal Inscriptions on the Bitcoin blockchain as this trend continues to gain significant traction. In addition, according to on-chain data, bitcoin miners have earned 98 bitcoins worth $2.66 million in additional fees since inscriptions began gaining popularity last month.
The Rise of Ordinal Inscriptions in the Bitcoin Blockchain
Inscriptions have surpassed 500,000, with approximatelyinscriptions as of this writing. 522,243 inscriptionson the Bitcoin blockchain. Essentially, the technology behind Ordinal inscriptions allows people to embed any kind of arbitrary data into the blockchain. Inscriptions can include text, images, audio, video, applications, and other data.
According todatahosted on Dune Analytics, the number of inscriptions in Ordinal surpassed the 500,000 mark on March 17, 2023. Statistics show that 31.1% of inscriptions are in PNG format, with a total of 162,615 PNG-based inscriptions; about 14% of Ordinal inscriptions are in WEBP format, and about 7% are in JPEG format.
A total of 212,827 inscriptions are text-based, representing more than 40% of all current Ordinal inscriptions; Dune Analytics data further shows that there are 780,895inscriptions atblock height. and about 1,870 inscriptions were minted in the block with the Ordinal inscription. The block with the second highest number of inscriptions isblock height 780,037and about 610 Ordinal inscriptions were cast in one block.
Block 780,895 with 1,870 inscriptions was only 2.83 megabytes (MB) in size, and a total of 3,598 transactions were seen on the block mined on March 15. Ordinal inscription counts exceeded the 500K range In addition to the rise in Ordinal subscriptions above the 500K range, several collections have amassedsignificant sales. Yuga Labs sold a collection of inscriptions called Twelvefold for $16.6M.
project “Bitcoin Punks” saw 454.9BTCand Ordinal Punks recorded sales of 225.5BTCwith sales of $5.5 million 43} and an Ordinal inscription called collection; Tradfilinesearned 100.4 BTC, or roughly $2.4 million in sales; and the “Unordinals” collection, “The Unordinals”, earned 100.4BTCin sales, or roughly $2.4 million in sales. The compilation Unordinals scored 95.4BTCor $2.3 million.
Other top-selling inscription collections include Inscribed Pepes, Punks on Bitcoin, Pixel Pepes, Bitcoin Rocks, and an art compilation called Xcpinata. The trend of Ordinal inscriptions on Bitcoin continues, with over 500,000 inscriptions on the blockchain, while there are also213,583 LTC-based Ordinal inscriptionson the Litecoin network today.
The Litecoin blockchain also has a wide variety of on-chain collections, such as Litecoin Punk, Litecoin Bull, and Ordinal Doge. Many are particularly excited about the Ordinal inscription trend in the bitcoin blockchain; Galaxy Digital recently published a report predicting that bitcoin-based non-fossil token (NFT) assets using Ordinal inscription technology will be a $4.5 billion market by 2025 The report predicts that.
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