Key Points:
- The number of Bitcoin Ordinals engraved has reached a new daily all-time high.
- This increase is due to the recent addition of the BRC-20 standard to the Ordinals protocol.
- To implement token contracts, manufacture tokens, and transfer tokens, the standard token uses Ordinal inscriptions.
A new token standard dubbed BRC-20, which was just published on the Bitcoin network, has sparked a new frenzy, driving the number of “Inscriptions” being “Inscribed” of Bitcoin Ordinals on the network to ATH levels.
Inscription is the information etched into sats to produce Bitcoin NFT, and 1 Inscription equals 1 NFT on the Bitcoin network. The procedure of engraving Inscription on sats, which is equal to “mint” normal NFTs, is known as Inscribed.
Ordinals are NFT-like digital artifacts on the Bitcoin network that carry data in the form of text, JPEG images, PDFs, video, and audio formats, the BRC-20 token standard, like Ethereum’s ERC-20 token standard, uses Ordinal inscriptions to deploy token contracts, mint tokens, and transfer tokens.
According to Dune Analytics, Bitcoin Ordinals reached 58,179 Inscriptions on April 2, surpassing the previous all-time record of 31,692 on March 9, representing an 83.5% growth.
On April 2, about 62,000 Inscriptions based on the Ordinals text were produced, with a considerable number priced in BRC-20 (Bitcoin Request for Comment – 20) tokens.
This increase is linked to the introduction of new token standards on the Ordinals protocol in the beginning by an on-chain analyst called Domo.
Leonidis, a Bitcoin Ordinal collector, indicated on his own Twitter feed that the April 2 rise might be attributed to the new tools used to connect with the BRC currency. -20 has been released in recent days.
Ordinals and the BRC-20 token first appeared on Bitcoin on November 14, 2021, as a result of the Taproot soft fork. Nonetheless, members of the Bitcoin community are split on whether or not Ordinals fit within the Bitcoin environment for the time being.
Approximately 42,700 tokens have been created in the previous 24 hours, the majority of which have come from “wzrd,” “domo,” “BAYC,” “meme,” and “pups” tokens.
As Coincu reported, although the BRC-20 token presently has a market valuation of less than $10 million, digital asset investment company Galaxy Digital predicts the Bitcoin NFT market may reach $4.5 billion by 2025.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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