NFT
On May 15, 2023, the number of Ordinal Inscriptions passed the 7 million mark and as of Tuesday morning 9:00 AM Eastern Time, 7,204,882 Ordinal Inscriptions have been added to the Bitcoin blockchain. Miners have accumulated 1,324 bitcoin in fees by confirming subscription transactions, amounting to approximately $35.86 million in added onchain fees.
Bitcoin’s Inscription Frenzy: Over 7 Million Ordinal Inscriptions and Counting
The unstoppable momentum of Bitcoin’s Ordinal inscriptions continues to defy opponents and rise past several milestones. With over 7 million inscriptions now firmly entrenched in the blockchain, any skepticism towards the question surrounding this trend is shattered. Today, May 16, 2023, the counter stands at 7,204,882 inscriptions since the first on December 16, 2022.
The world of inscriptions experienced a significant acceleration on April 21, 2023, when the counter stood at just 1.24 million. In just 25 days since then, the number of Ordinal inscriptions has skyrocketed by over 480%, indicating an astonishing increase. In particular, May 7, 2023 emerged as the pinnacle of this inscription frenzy, with a record influx of inscriptions. It was on this day that Bitcoin’s mempool became overloaded with an overwhelming 500,000 unconfirmed transactions, a testament to the overwhelming demand and activity in the system.
30-Day Selling Stats Show Bitcoin’s Ordinal Inscriptions Boosted NFT Market
Bitcoin miners have been handsomely rewarded for their role in processing enrollment transactions, receiving 1,324 bitcoins (BTC) worth $35.86 million. Notably, the peak of these fees was seen on May 7, coinciding with the day when Bitcoin’s network fees surpassed the block subsidy of 6.25 BTC. Intriguingly, most ordinal inscriptions take the form of plain text rather than JPEG images, with an overwhelming number of 6,402,199 inscriptions embracing the plain text format.
The realm of NFT collection sales has proven profitable for Ordinal Inscriptions, with sales of $93 million in the past 30 days. As a result, Bitcoin has risen to become the second largest blockchain in terms of NFT sales this month, according to 30-day stats from cryptoslam.io. In particular, the market has recorded sales of popular Ordinal collections such as Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes, Bitcoin Punks, and Sub10k. Of the six best-priced NFTs sold this month, five emerged from the fertile soil of the Bitcoin blockchain’s Ordinal inscription technology.
