Bitcoin's Ordinal Inscriptions Surpass 500,000 Mark as Miners Earn $2.66 Million in Added Fees – Blockchain Bitcoin News
19 Mar 2023 3:00 PM
There are now more than 500,000 Ordinal inscriptions on the Bitcoin blockchain as the trend continues to gain significant traction....
- There are now over 500,000 Ordinal inscriptions on the Bitcoin blockchain, with miners obtaining 98 bitcoins worth $2.66 million in added fees since inscriptions started gaining popularity last month.
- Ordinal inscriptions allow people to embed all types of arbitrary data into the blockchain, including text, images, audio, video, and applications.
- The majority of inscriptions are in PNG format, followed by WEBP and JPEG formats, and over 40% of all inscriptions are text-based.
- Several collections of inscriptions have amassed millions of dollars in sales, with Yuga Labs' Twelvefold collection selling for $16.6 million.
- Galaxy Digital predicts that Bitcoin-based NFT assets using Ordinal inscription technology could be a $4.5 billion market by 2025.
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The article presents a positive outlook on the trend of Ordinal inscriptions on the Bitcoin blockchain and the potential for NFT assets using this technology. It also provides data and statistics to support the growth of this trend.
What are Ordinal inscriptions and how do they work on the Bitcoin blockchain?
What formats are used for the majority of Ordinal inscriptions?
What collections of inscriptions have sold for millions of dollars?
What is Galaxy Digital's prediction for the market of Bitcoin-based NFT assets using Ordinal inscription technology by 2025?
What is the disclaimer at the end of the article and what does it caution against?
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