1. BITBILIHome
  2. Article

Bitcoin ordinal inscriptions hit a new record high

• 64 views

TL;DR Breakdown

  • Bitcoin ordinal inscriptions have hit a new high as NFTs and memecoins gain momentum.
  • The blockchain is a catalyst for the adoption of memecoins and NFTs.

Bitcoin-based non-fungible tokens (NFTs) and meme tokens are experiencing a surge in popularity, with Ordinals inscriptions surpassing 9 million on the BTC blockchain. This staggering figure reflects a tripling of digital artifacts since May 1 when the count stood at just over 3 million, according to data from Dune, a public blockchain curator.

Bitcoin ordinal inscriptions hit 9 million

Ordinals, a protocol launched in January, enables users to “inscribe” various digital assets, including artwork, profile pictures, applications, and playable games, onto the BTC blockchain. Despite some critics questioning its use on the network due to rising congestion and transaction fees, supporters like Michael Saylor, founder of MicroStrategy, view Ordinals as a catalyst for BTC adoption.

Saylor expressed his belief in the protocol’s significance during an interview on the PBD Podcast, stating that applications such as Ordinals drive up transaction fees and contribute to BTC’s broader adoption. MicroStrategy, known for holding a substantial amount of Bitcoin, is exploring ways to utilize Ordinals for launching blockchain-based applications, as revealed by Saylor at the recent Bitcoin 2023 event.

While Bitcoin Ordinals initially gained attention after its launch by developer Casey Rodamor, it remained uncertain whether the initial excitement would persist. However, the popularity of Ordinals experienced a renewed surge when the BRC-20 token standard was implemented in March. This allowed for the creation of fungible tokens, including meme tokens, on the BTC blockchain using the Ordinals protocol. Currently, daily text-based inscriptions used to mint BRC-20 tokens far outnumber inscriptions for artwork and other media. As developers began loading the Bitcoin network with meme tokens through the BRC-20 standard, the cost of network transactions skyrocketed. On May 8, the daily fees paid for creating Ordinals reached a peak of 257 BTC, equivalent to around $6.7 million at that time.

Analysts earmark Bitcoin as a catalyst to adopt NFTs and memecoins

Despite concerns raised in certain Twitter communities about higher fees on Bitcoin, pseudonymous Ord.io founder Leonidas believes they are a positive sign. He stated that increased fees indicate strong demand for Bitcoin’s block space, which is crucial for the long-term success of the protocol. Recognizing the popularity of Ordinals, NFT marketplaces have started supporting the protocol. Magic Eden integrated Ordinals in April, followed by Binance adding support to its marketplace in May.

The influence of NFTs and meme tokens created through Ordinals has extended beyond BTC. The protocol has been adapted for use on other blockchains such as Litecoin and Dogecoin, which share code origins with BTC. This expansion has led to a surge in transactions across these networks as well. The remarkable growth of Ordinals inscriptions underscores the growing appeal of Bitcoin-based NFTs and meme tokens. As the market continues to evolve, it is evident that Ordinals has become a significant force within the broader cryptocurrency ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Bitcoin ordinal inscriptions hit a new record high

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月28日 12:05
Next 2023年5月28日 13:37

Related articles

  • Putin talks Iran’s BRICS entry in call with Iranian leaders

    TL;DR Breakdown Russian President Vladimir Putin discussed Iran’s potential inclusion in the BRICS alliance during a call with Iranian leader Ebrahim Raisi. The BRICS group, comprising Brazil, Russia, India, China, and South Africa, is considering expanding its membership. The call also highlighted the commitment to enhance bilateral ties between Russia and Iran in areas like trade, energy, and logistics. Description In a move that has captured global attention, Russian President Vladimir Putin broached the topic of Iran’s potential entry into the influential BRICS consortium during a call with Iran’s leader. This discussion comes as BRICS, an alliance of burgeoning economies, contemplates its expansion, marking a significant moment in the geopolitical theater. A Pivotal Exchange: Putin … Read more In a move that has captured global attention, Russian President Vladimir Putin broached the topic of Iran’s potential entry into the influential BRICS consortium during a call with Iran’s leader. This discussion comes as BRICS, an alliance of burgeoning economies, contemplates its expansion, marking a significant moment in the geopolitical theater. A Pivotal Exchange: Putin and Raisi Dive into Iran’s Ambitions The…

    Article 2023年8月18日

  • SEC commissioner strikes back at chief accountant

    TL;DR Breakdown Hester Pierce, the commissioner of the United States Securities and Exchange Commission (SEC), recently voiced her concerns about a statement made by the SEC’s chief accountant, Paul Munter.  Pierce expressed skepticism about discouraging good-faith efforts to provide more transparency, questioning the reasoning behind accounting firms being cautious about providing assurance work to crypto firms. The SEC, as the primary regulatory authority, aims to strike a balance between encouraging transparency and accountability while also addressing potential risks and misleading practices. Description Hester Pierce, the commissioner of the United States Securities and Exchange Commission (SEC), recently voiced her concerns about a statement made by the SEC’s chief accountant, Paul Munter. The statement advised accounting firms to exercise caution when taking on non-audit work for crypto firms. In a tweet on July 28, Pierce challenged the notion of … Read more Hester Pierce, the commissioner of the United States Securities and Exchange Commission (SEC), recently voiced her concerns about a statement made by the SEC’s chief accountant, Paul Munter. The statement advised accounting firms to exercise caution when taking on non-audit…

    Article 2023年7月29日

  • Oman takes a significant leap forward with Proposed 2023 Digital Asset Laws

    TL;DR Breakdown Oman’s financial regulator has published a proposal to regulate digital assets and crypto service providers. The draft framework covers licensing, custody requirements, token issuance rules, and seeks industry feedback. Oman aims to enable digital asset innovation while managing risks as adoption grows in the Middle East. Description The Capital Market Authority (CMA) of Oman is finalizing a comprehensive framework to regulate digital assets and virtual asset service providers (VASPs) in the country. The CMA recently published a consultation paper outlining key aspects of the proposed regulations. The framework aims to provide a platform for digital asset issuance and investment while mitigating risks. … Read more The Capital Market Authority (CMA) of Oman is finalizing a comprehensive framework to regulate digital assets and virtual asset service providers (VASPs) in the country. The CMA recently published a consultation paper outlining key aspects of the proposed regulations. The framework aims to provide a platform for digital asset issuance and investment while mitigating risks. Key areas covered include licensing requirements, minimum capital requirements for VASPs, secure custody of digital assets, and disclosure…

    Article 2023年8月14日

  • Everything to know about the list of tokens that the SEC says are securities

    TL;DR Breakdown The US Securities and Exchange Commission (SEC) has publicly listed a series of crypto assets it deems as securities, applying the Howey Test. Prominent tokens listed include XRP, Decentraland (MANA), and Beaxy Token (BXY). Binance and its CEO, Changpeng Zhao, face SEC scrutiny for alleged securities law violations. In the fluid universe of cryptocurrency, the US Securities and Exchange Commission (SEC) has recently sharpened its perspective on regulations, laying out a clear delineation of tokens it deems to be securities. The declaration came in April in the form of a list that was shared publicly by the Commission’s five members, an aggregation that comprises high-profile crypto assets that are considered to have been put forth as unregistered securities. The Howey Test: The regulatory litmus test For the classification of these digital assets, the SEC employed the widely accepted Howey Test. This established legal precedent comes with four tenets: the act of investing money, participation in a common business, harboring a reasonable expectation of profits, and the derivation of those profits from the efforts of other parties. A token…

    Article 2023年6月10日

  • Canadian crypto investors under siege as home invasions send shockwaves across the nation

    TL;DR Breakdown According to a joint release published by Delta Police and Richmond Royal Canadian Mounted Police (RCMP) on Wednesday, the perpetrators behind these robberies seem to be well-informed about their victims’ heavy investments in cryptocurrency.  In some cases, the criminals have already been successful in gaining entry into their victims’ homes by assuming various false identities, such as delivery persons or individuals with authority. Description Canadian law enforcement has issued a public warning in response to a concerning trend of home invasion-style robberies targeting large crypto investors in the country. According to a joint release published by Delta Police and Richmond Royal Canadian Mounted Police (RCMP) on Wednesday, the perpetrators behind these robberies seem to be well-informed about their victims’ … Read more Canadian law enforcement has issued a public warning in response to a concerning trend of home invasion-style robberies targeting large crypto investors in the country. According to a joint release published by Delta Police and Richmond Royal Canadian Mounted Police (RCMP) on Wednesday, the perpetrators behind these robberies seem to be well-informed about their victims’ heavy…

    Article 2023年7月21日
TOP