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 becoming more popular last month, Bitcoin miners have received 98 bitcoins worth $2.66 million in additional fees.
The Rise of Ordinal Inscriptions on the Bitcoin Blockchain
Regular subscriptions have passed the 500,000 mark, and at the time of writing, there are approx. 522,243 inscriptions on the Bitcoin blockchain. Essentially, the technology behind Ordinal inscriptions allows people to embed all kinds of arbitrary data into the blockchain. Entries include data such as text, images, audio, video and applications.
The number of regular entries surpassed the 500,000 mark on 17 March 2023, according to details hosted on 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 normal inscriptions are in WEBP format, and about 7% in JPEG format.
There are 212,827 text-based inscriptions, more than 40% of all Ordinary inscriptions today. Dune Analytics data further shows that at block height 780,895, approximately 1,870 inscriptions were struck in the block with ordinary inscriptions. It is the block with the second largest number of inscriptions block height 780,037with about 610 Ordinary inscriptions struck in one block.
Block 780,895, with 1,870 entries, 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 500K range, some collections. gathered a the sale is great. Yuga Labs sold its collection of inscriptions called Twelvefold for $16.6 million.
The Bitcoin Punks project has seen 454.9 BTCor approximately $11.1 million in sales, and Ordinal Punks has a guaranteed 225.5 BTC, or $5.5 million in sales. A collection of Ordnance inscriptions called Lines 100.4 has accrued BTC, or about $2.4 million in sales. Recorded 95.4 in the Unordinals compilation BTC or $2.3 million.
Top selling inscription collections include Inscribed Pepes, Punks on Bitcoin, Pixel Pepes, Bitcoin Rocks, and the art compilation called Xcpinata. The trend of Ordinal inscriptions continues on Bitcoin, and although there are more than 500,000 inscriptions on the blockchain, there are also 213,583 Ordinance based on LTC 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 people are looking forward to the Ordinal inscription trend, especially on the Bitcoin blockchain. Galaxy Digital recently published a report predicting that Bitcoin-based non-mungible token (NFT) assets using Ordinal inscription technology could become a $4.5 billion market by 2025.
What do you think is the future of conventional inscriptions on the Bitcoin blockchain and the NFT market? Share your thoughts in the comments section below.
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