The Rise of Bitcoin NFT Protocol Ordinals: Over 400,000 Inscriptions and Counting

03/12/2023 06:40 • Tech Trends • 78 views

It is reported that the latest data from Dune Analytics shows that the cumulative number of NFT inscriptions on the Bitcoin NFT protocol Ordinals has exceeded 400000, reaching 429682 so far, and the total cost incurred so far has reached about 79 BTC (about $1622000). The historical data shows that the casting quantity of Ordinals inscription NFT reached 200000 pieces at the end of February, which means that the increase in the month has exceeded 100%.

The cumulative casting volume of the Bitcoin NFT protocol Ordinals exceeded 400000 pieces and the cost exceeded 1.6 million US dollars

Introduction

In recent years, non-fungible tokens (NFTs) have taken the digital world by storm. With the rise of blockchain technology, NFTs have allowed for the creation and exchange of unique digital assets. One such NFT protocol that has garnered significant attention is Bitcoin NFT Protocol Ordinals. The latest data from Dune Analytics reveals a remarkable increase in the number of NFT inscriptions on the platform, reaching over 400,000 with a total cost of about 79 BTC (approximately $1.62 million).

What is Bitcoin NFT Protocol Ordinals?

Bitcoin NFT Protocol Ordinals is a platform that leverages the Bitcoin blockchain to enable the creation and exchange of unique digital assets – NFTs. The protocol is based on a standard called Open Standard for Blockchain-Based Non-Fungible Tokens (ERC-721), which allows for the creation of NFTs as secure, transparent, and censorship-resistant tokens on the network.

The Latest Data

The latest data from Dune Analytics shows that the number of NFT inscriptions on the platform has exceeded 400,000, reaching 429,682 so far. This marks a significant milestone for the platform, indicating that there is significant demand for NFTs created through Bitcoin NFT Protocol Ordinals. Furthermore, the total cost incurred so far has reached about 79 BTC, highlighting the economic value of these digital assets.

Historical Data

Historical data reveals that the casting quantity of Ordinals inscription NFT reached 200,000 pieces at the end of February, which means that the increase in NFTs inscribed on the platform has exceeded 100% in just a few months. This significant increase underscores the growing interest in NFTs and their potential to revolutionize the way in which digital assets are created and exchanged.

Benefits of Bitcoin NFT Protocol Ordinals

Bitcoin NFT Protocol Ordinals offers many benefits to users, including increased transparency, security, and immutability. By leveraging the Bitcoin blockchain, the platform ensures that each NFT inscription is unique and cannot be replicated or counterfeited. Furthermore, the use of smart contracts ensures that the terms of each transaction are executed automatically, reducing the risk of fraud or error.

Future Outlook

The future of NFTs created through Bitcoin NFT Protocol Ordinals looks promising. With increasing demand for digital assets and growing interest in blockchain technology, NFTs have the potential to become a mainstream asset class. Furthermore, the platform’s use of the Bitcoin blockchain ensures that NFTs created through Bitcoin NFT Protocol Ordinals are highly secure, transparent, and stable.

Conclusion

The rise of NFTs created through Bitcoin NFT Protocol Ordinals is a testament to the growing interest in unique digital assets. With over 400,000 inscriptions on the platform and a total cost of about 79 BTC, the value of these NFTs is evident. The platform’s use of the Bitcoin blockchain ensures that the NFTs are highly secure, transparent, and stable, making them a valuable addition to any digital asset portfolio.

FAQs

1. What are NFTs?

NFTs or non-fungible tokens are unique digital assets created through blockchain technology.

2. What is Bitcoin NFT Protocol Ordinals?

Bitcoin NFT Protocol Ordinals is a platform that leverages the Bitcoin blockchain to enable the creation and exchange of unique digital assets – NFTs.

3. How are NFTs created through Bitcoin NFT Protocol Ordinals stored?

NFTs created through Bitcoin NFT Protocol Ordinals are stored on the Bitcoin blockchain, ensuring that they are highly secure and transparent.

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