NFT

Ordinals Minted Hit A New All-time High, Reaching Over 300,000

Key Points:

According to Dune Analytics, daily Ordinals Inscriptions set a new all-time high of more than 300,000 yesterday.
The all-time high daily average transaction count on Bitcoin might be attributed to Inscriptions, which have boosted demand for block space on the dominant blockchain.

The number of daily Inscriptions for Bitcoin Ordinals hit a new all-time high, a remarkable achievement while it was still in development.

Ordinals Minted Hit A New All-time High, Reaching Over 300,000 3

At least, it seems like Bitcoin Ordinals have taken over Web3. Since software programmer Casey Rodarmor unveiled the protocol on January 21, the area has been humming, with some delighted about the new improvement and others swearing off Ordinals completely. At the time of writing, there are over 2,690,204 Ordinals in circulation.

Grayscale indicated in an April 27 Market Byte blog post that Ordinals give two significant advantages to the growth and development of the Bitcoin ecosystem. The first is a significant rise in fees paid to miners since the protocol’s inception in January. Grayscale said that this would assure continuous network security throughout the Bitcoin network’s existence.

Ordinals and the velocity of NFT adoption, according to the firm, might also attract new Bitcoin users and spur additional development on the Bitcoin network.

According to a frequently used Dune dashboard, Ordinals set a new record on April 30 with over 300,000 daily inscriptions.

Ordinals Minted Hit A New All-time High, Reaching Over 300,000 4

The daily record for inscriptions created was broken four more times in April alone. On April 2, there were around 72,000 inscriptions, and on April 23, there were over 193,000 inscriptions.

Despite what appears to be a large number, the vast majority of people simply do not know how to buy them, let alone create them. With increasing entrance hurdles, intriguing possibilities exist. However, it also means greater risks.

At the same time, according to blockchain analytics startup IntoTheBlock, the quantity of Bitcoin transactions is approaching levels not seen in many years. According to the business, the weekly average of daily Bitcoin transactions was over 396,000 on Sunday, the highest level since December 2017.

All of this is to imply that Ordinals on Bitcoin may not only represent a cultural shift for Bitcoin, but they may also be a technological upgrade over NFTs. Ordinals’ dramatic ascent has been a contentious subject in the larger Bitcoin community, with Bitcoin maximalists heavily criticizing them for deviating from Bitcoin’s initial purpose as a peer-to-peer electronic money and cluttering up precious block space.

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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.