NFT

The Total Minting Volume Of Bitcoin Ordinals Inscriptions Exceeded 1 Million

Key Points:

  • Bitcoin Ordinals is currently recording positive data after its launch.
  • Its inscriptions has exceeded 1 million, currently, 1,040,881, and the cumulative fee income has reached $4,758,619
Bitcoin Ordinals are the hot new thing in the network. So far this year, the protocol for inscribing digital assets on Bitcoin—similar to NFTs on Ethereum and other blockchain networks—has taken off in a huge manner.
The Total Minting Volume Of Bitcoin Ordinals Inscriptions Exceeded 1 Million 3

Duna Analytics data shows that the cumulative minting volume of Bitcoin Ordinals inscriptions has exceeded 1 million, currently, 1,040,881, and the cumulative fee income has reached $4,758,619. This increase is equivalent to 2364.4% in 30 days. This shows how attractive users are to the NFT ecosystem on Bitcoin.

The Total Minting Volume Of Bitcoin Ordinals Inscriptions Exceeded 1 Million 4

Bitcoin Ordinals function by linking data (such as photos, text, and so on) to a unit of satoshi, from which an NFT may be formed.

Satoshi is the Bitcoin network’s smallest currency. It is used in Bitcoin network transactions and exchanges, as well as a unit of measurement for the value of other currencies on the Bitcoin market.

Since each Bitcoin contains 100,000,000 satoshis, individuals may mint up to 100 million NFT for each Bitcoin.

Bitcoin Ordinals-generated NFTs may be purchased, traded, converted, and operated on the Bitcoin network without the requirement for Layer 2 solutions.

NFTs have been the breakthrough application for Ethereum and other blockchains in recent years. Although much of this mainstream user base left as NFT costs fell, many others remain.

On February 13, people inundated the network with photographs, video games, and other information, pushing the number of Inscriptions employing Ordinals to 100,000.

Despite the fact that Bitcoin is the biggest cryptocurrency by market cap and has the greatest degree of security and the most demonstrated capability as a store of value, the first rise in NFT interest led the majority of these users to blockchain initiatives other than Bitcoin. Unexpectedly, a protocol like Ordinals seemed to allow NFTs to exist on Bitcoin.

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.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

2 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

5 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

7 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

8 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

11 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

14 hours ago

This website uses cookies.