The network fees paid for minting Bitcoin Ordinals surpassed 1,414 BTC ($38.2 million) on May 20, according to a report from @dgtl_assets. This is a startling gain of 700% from April 20 and an increase of 831% from April 1. The increase in costs reflects the increased demand for Bitcoin NFTs, which has resulted in a considerable shift away from the more evenly distributed text and picture inscriptions seen in earlier months.
Each SAT (Satoshi) is given a distinct number via the Bitcoin Ordinals system, enabling tracking and transfer inside the Bitcoin network. Users can build and mint distinctive digital assets on the Bitcoin network by combining the Inscription process, which adds an additional layer of data to each Satoshi. The crypto community has taken notice of this novel strategy.
Implications and Rising Popularity
The increase in network fees for minting Bitcoin Ordinals demonstrates the increasing adoption of Bitcoin NFTs as well as the need for distinctive digital assets on the Bitcoin blockchain. The desire for linguistic features in these digital treasures can be seen in the shift towards text-based inscriptions.
It is still unclear how the Bitcoin Ordinals ecosystem will develop and what opportunities it will bring for both authors and collectors as interest in the project continues to grow.
The BRC-20 Bitcoin token standard was developed by Web 3.0 developer domo in March 2023 and uses both Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers on Bitcoin. In January 2023, Web 3.0 developer Rodarmor released the Bitcoin Ordinal theory framework.