Massive Uptick in Ordinals Inscriptions
The number of Ordinals inscriptions on the Bitcoin network has witnessed another meteoric rise, almost doubling from 2.5 million to 4.78 million in just the last eight days.
BRC-20 Token Standard Takes Center Stage
These text-based inscriptions, now popularized as the BRC-20 token standard, have been the main cause of the massive uptick in Ordinals inscriptions on the Bitcoin blockchain.
Popularity of Text-based Inscriptions
As highlighted by Glassnode co-founder and chief technology officer Rafael Schultze-Kraft on Twitter, text-based inscriptions are now the most popular form of Ordinals inscription, with more than 2.8 million text-based inscriptions as of May 5.
Bitcoin-based Tokens Rising
According to brc-20.io, a new tool that allows users to track BRC-20 tokens, there are currently a total of 14,200 new tokens hosted on the Bitcoin blockchain. Counted among the most popular Bitcoin-based tokens are “ordi”, “nals” and even a Bitcoin-based version of the now-notorious memecoin Pepe (PEPE) being listed at number 3 by total market cap.
Bitcoin NFT Market Predictions
While the total market cap of BRC-20 tokens currently hover around the $700 million mark, digital asset investment firm Galaxy Digital asserts that the market for “Bitcoin NFTs” may reach $4.5 billion by 2025.
Debating the Role of Ordinals in the Bitcoin Ecosystem
The rise of Ordinals over the last few months has continued to spark debate around whether Ordinals are ultimately a positive for the Bitcoin ecosystem.
Miners Reap the Benefits of Increased Activity
Meanwhile, miners have enjoyed an enormous influx of revenue due to the transaction fees related to the burst of new activity on the network.
The rapid growth in Ordinals inscriptions, primarily driven by the BRC-20 token standard, has sparked both excitement and debate within the cryptocurrency community. As the total market cap of Bitcoin-based tokens continues to rise, it remains to be seen how these new assets will impact the broader Bitcoin ecosystem. While some see Ordinals as a means to expand Bitcoin’s use cases, others argue that it strays from Satoshi Nakamoto’s original vision. Regardless of the differing opinions, one thing is certain: the surge in Ordinals inscriptions has brought significant revenue to miners and highlights the ever-evolving nature of the blockchain and cryptocurrency space.