The Rising Popularity of Ordinals: A Record-Breaking Day for Bitcoin NFT Protocol

04/24/2023 09:13 • Blockchain Briefs • 83 views

On April 24th, according to Dune Analytics data, the Bitcoin NFT protocol Ordinals, launched by software engineer Casey Rodarmor, had a record high of over 190000 inscriptions cast on a single day on April 23rd. The number of textual inscriptions is 190202, accounting for 98.5%. The total number of inscriptions cast based on the Bitcoin NFT protocol, Ordinals, has reached 1.58 million, and the total cost incurred so far has reached 181 BTCs.

Data: Bitcoin NFT protocol Ordinals has cast over 190000 inscriptions yesterday, setting a new record high

Bitcoin’s Non-Fungible Token (NFT) market has been growing exponentially in the last few years, with unique digital assets being sold for astronomical prices. NFTs have taken over the art world, with artists like Beeple selling their digital artwork for millions of dollars. Now, a Bitcoin NFT protocol named Ordinals has entered the scene with an impressive record-breaking day on April 23rd.

What is Ordinals?

Ordinals is a Bitcoin NFT protocol created by software engineer Casey Rodarmor. It is a platform that allows users to create and trade NFTs on the Bitcoin blockchain. Unlike other NFT platforms, Ordinals uses the Bitcoin protocol, which is known for being secure and decentralized.

Record-breaking Day for Ordinals

On April 24th, Dune Analytics data reported that Ordinals had a record high of over 190,000 inscriptions cast on a single day on April 23rd. This number broke the previous record of 126,000 inscriptions. Out of the 190,202 inscriptions, 98.5% were textual. This is a significant milestone for Ordinals and the Bitcoin NFT market.

The Growing Popularity of Bitcoin NFTs

The total number of inscriptions cast based on the Bitcoin NFT protocol, Ordinals, has reached 1.58 million. This indicates the growing interest in Bitcoin-based NFTs. Bitcoin has always been seen as a store of value, and now, with Ordinals, it can also be a platform for digital art and collectibles.

The Future of Ordinals

With the growing demand for NFTs and the increasing involvement of Bitcoin in the NFT market, Ordinals has a bright future. The secure and decentralized nature of the Bitcoin protocol also makes it an ideal platform for NFTs. Ordinals is still in its early stages, and there is much room for growth and innovation.

Conclusion

Bitcoin’s NFT market is evolving rapidly, and technological advancements like Ordinals are contributing to its growth. With a record-breaking day of over 190,000 inscriptions, Ordinals has proven its potential in the Bitcoin NFT market. The secure and decentralized nature of the Bitcoin protocol also makes it an ideal platform for NFTs. The future of Bitcoin-based NFTs looks promising, and Ordinals is sure to be a significant contributor to this burgeoning market.

FAQs

1. What makes Ordinals different from other NFT platforms?

Ordinals is unique because it uses the Bitcoin protocol instead of Ethereum, which is the most common NFT platform. Bitcoin is known for being secure and decentralized, making it a more reliable platform for creating and trading NFTs.

2. How does Ordinals work?

Ordinals allows users to create and trade NFTs on the Bitcoin blockchain. Users can create textual or image-based NFTs and determine the rarity and quantity of the token. Once created, the NFT can be traded on the marketplace.

3. What is the future of Bitcoin-based NFTs?

The future of Bitcoin-based NFTs looks promising, with technological advancements like Ordinals contributing to its growth. The secure and decentralized nature of the Bitcoin protocol makes it an ideal platform for NFTs, and as the market grows, we can expect more innovations in this space.

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