Bitcoin NFTs Gain Momentum With 350K Daily Inscriptions
- Activity in Bitcoin Ordinals is on the rise following the BRC-69 token standard launch.
- The number of new inscriptions has surged by over 250% since the launch.
- BTC-69 has reduced the cost of inscriptions for Ordinals by over 90%.
Bitcoin Ordinals market has been on the rise since the BRC-69 token standard launch.
This method generates Bitcoin non-fungible tokens (NFTs) through a process called inscribing, and has become increasingly popular. In fact, the number of new inscriptions has already risen to over 350,000 on Monday, according to data tracked by Glassnode, a blockchain analytics firm.
This increase in daily inscriptions represents a surge of over 250% since Ordinals launchpad Luminex unveiled the BRC-69 token standard on July 3. This modified version of the BRC-20 standard has reduced the cost of inscriptions for Ordinals by over 90%.
Luminex said in a Tweet thread that with BRC69, the costs of inscriptions for Ordinals collections can be reduced by over 90% through a 4-step process: (1) inscribe traits, (2) deploy collection, (3) compile collection, and (4) mint assets. The brilliance of BRC69 lies in its simplicity, as minters only need to inscribe a single line of text instead of a full image. This text allows the final image to be automatically rendered on all ordinals-frontends, using solely on-chain resources, thanks to recursive inscriptions.
While the number of new inscriptions has surged, the daily fees paid for inscriptions remain stagnant, according to data tracked by Dune Analytics. This trend suggests that the BRC-69 token standard has delivered on its promise.
Ordinals was launched in January, bringing the NFT and smart contracts narrative to the Bitcoin blockchain and spurring investor interest in tokens like STX, the native token of Bitcoin layer 2 Stacks Network.
The Ordinals boom can be divided into two waves, according to Glassnode. The first wave represents activity between early February and late April, when image-based inscriptions led the way. The second wave began in May, with high free-paying text-based inscriptions leading the way. This trend suggests that the Ordinals market is still evolving and that we can expect to see more exciting developments in the future.
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