Bitcoin NFT Protocol Ordinals sees soaring demand

03/05/2023 08:36 • Tech Trends • 89 views

It is reported that according to the latest data of Dune Analytics, the cumulative number of NFT inscriptions on the Bitcoin NFT protocol Ordinals has exceeded 300000, reaching 301644 so far, and the total cost incurred so far has reached about 66 BTC. Historical data shows that the casting volume of the Ordinals agreement NFT exceeded 100000 pieces on February 15 and 200000 pieces on February 28, which means that the new casting volume in the past week exceeded 100000, with a weekly increase of more than 50%.

The cumulative casting volume of Bitcoin NFT protocol Ordinals exceeded 300000, and the new casting volume this week exceeded 100000

Analysis based on this information:

The latest data from Dune Analytics reports that Ordinals, a Bitcoin-based NFT protocol, has surpassed 300,000 cumulative inscriptions, with the total expenditure reaching 66 BTC. The record shows that the protocol’s casting volume has been continuously increasing since February, with the past week alone witnessing more than 100,000 new NFTs created, reflecting a 50% increase.

The market for Non-Fungible Tokens (NFT) is on the rise, and the Ordinals protocol is experiencing significant demand, with users attracted by its ability to turn digital collectibles into unique, authenticated assets using blockchain technology. The protocol operates on Bitcoin’s blockchain, where users can create, buy, sell and trade NFTs, as well as obtain authenticity and rarity of ownership.

The Ordinals protocol offers users some unique features, including offering developers customisation options, creating NFTs as a batch or individually, attaching a description or using a URL, and setting the transferable property of the asset. The possibilities for creating and selling digital assets, such as trading cards, gifs and other digital items, are endless.

The surge in demand for the Ordinals protocol shows the continuing attraction of NFTs for digital creators, investors and collectors alike. While there have been questions around the value of NFTs, enthusiasts have argued that their value is rooted in their scarcity and authenticity, making them attractive to collectors and investors alike. The Ordinals protocol operates on a secure and traceable blockchain, offering additional assurance on the authenticity of assets purchased.

In conclusion, Ortinals’ continued rapid growth highlights NFTs’ expanding importance in the digital asset ecosystem. The protocol acknowledges the importance of scarcity, verifiability and authenticity, marking them assets that can track value better than traditional contracts. Its unique features also set it apart, and it is likely to draw even more interest with such surging demand.

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