Bitcoin Ordinals' total mintage fees increase 700% from April: Report

According to a report compiled by @dgtl_assets of Dune Analytics, the full web fees paid for the minting of Bitcoin Ordinals reached 1,414 Bitcoin (BTC), oregon $38.2 million, connected May 20, representing an summation of 700% from April 20 and 831% from April 1, respectively. An investigation shows that contempt continued involvement successful Bitcoin NFTs, the overwhelming bulk of Bitcoin Ordinals has since shifted to text-based inscriptions, compared to a somewhat adjacent equilibrium of substance and representation inscriptions from February to April. 

As explained by cross-chain wallet BitKeep, Bitcoin Ordinals "is a numbering strategy that assigns a unsocial fig to each idiosyncratic SAT [Satoshi, oregon 1/100 cardinal of a Bitcoin], enabling its tracking and transfer." Combined with the Inscription process, which adds an further furniture of information to each Satoshi, this allows users to mint unsocial integer assets connected the Bitcoin blockchain. 

Total Bitcoin Ordinal Inscriptions person accrued importantly implicit clip | Source: Dune Analytics 

In opposition to accepted NFTs, which are built utilizing astute contracts and hosted connected solutions specified arsenic IPFS, BitKeep developers explained that "Ordinals reside wholly connected the Bitcoin blockchain and bash not necessitate a sidechain oregon abstracted token."

In January 2023, Web 3.0 developer Rodarmor released the Bitcoin Ordinal mentation framework. On apical of this, Web 3.0 developer domo created the BRC-20 Bitcoin token modular successful March 2023 that employs some Ordinals and Inscriptions to make and negociate token contracts, token minting, and token transfers connected Bitcoin. 

Since then, implicit 8 cardinal Bitcoin Ordinals person been minted, on with 24,677 BRC-20 tokens created, boasting a full marketplace headdress of $612.5 million. On May 20, cryptocurrency speech OKX announced the listing of the ORDI BRC-20 token, the astir fashionable successful specified class with a marketplace headdress of implicit $300 million. 

Magazine: Ordinals turned Bitcoin into a worse mentation of Ethereum: Can we hole it?