Temporary fad?Bitcoin Ordinal Inscription Reaches New Milestone – Decryption

Bitcoin-based NFTs and meme tokens are not losing momentum. On the contrary, the number of ordinal registrations surpassed 9 million on Thursday, and the total number of his artifacts digitally on the blockchain has tripled since his just over 3 million on May 1st. sand dunes.

Ordinals is a protocol for “writing” artwork, profile pictures, and even applications and playable games onto the Bitcoin blockchain. It launched in January and quickly became a phenomenon with users etching media onto the blockchain.

While some critics continue to argue that Ordinals is an abuse of the Bitcoin blockchain and should be blocked on the network as network congestion and transaction fees rise, MicroStrategy founder Other Bitcoin advocates, such as Michael Saylor, have called the protocol a “catalyst” for Bitcoin adoption.

“Every time someone builds a cool application with Bitcoin, like ordinal numbers and inscriptions and all those things that are driving up transaction fees, it becomes a catalyst,” Thaler said. Said On the PBD podcast earlier this month.

Additionally, Thaler said at the Bitcoin 2023 event held last week that MicroStrategy, the publicly traded company with the largest Bitcoin holding on its balance sheet, will use Ordinals to launch applications that run on the blockchain. He said he was looking into ways.

Bitcoin ordinal numbers have already been a hot topic since bitcoin developer Casey Rodamour unveiled them in January, but it’s not immediately clear if the short-term buzz will persist. rice field.

Ordinals surged in popularity again after the BRC-20 token standard was implemented in March, allowing the creation of fungible tokens (including memetic tokens) on Bitcoin using the same protocol. Today, the number of daily text-based inscriptions used to mint BRC-20 tokens significantly exceeds the number of artwork and other media inscriptions.

At BRC-20, creative developers began loading meme tokens onto the Bitcoin network, causing network transaction costs to skyrocket. On May 8, the daily fees paid to create Bitcoin ordinals hit a high of 257 BTC (about $6.7 million at the time).

“It is very good that Bitcoin has higher fees as opposed to what we see in certain filter bubbles on Twitter.” Ord.io Founder Leonidas said: Decryption After the Ordinals tally reached 3 million. “This indicates a strong demand for Bitcoin blockspace, which is critical to the long-term success of the protocol.”

The NFT Marketplace notes the popularity of Ordinals. In April Magic Eden added support for Ordinals and Binance added support for his marketplace in May.

And the rise of NFTs and meme tokens via Ordinals has extended beyond Bitcoin. Ordinals was ported to both Litecoin and Dogecoin, which share Bitcoin’s code origins, leading to a surge in transactions across those chains as well.