Bitcoin Clocks Over 200,000 Ordinal Inscriptions to Date; Yuga Labs Enters Bitcoin-Based Digital Collectibles Market On Monday, Feb. 27, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain crossed 200,000 at 1:02 p.m. Eastern Time. In addition to the 200,000 inscriptions, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), revealed that the team had created a collection of 300 generative ordinal NFTs called Twelvefold.
Ordinal inscriptions have been a popular form of asset on the Bitcoin blockchain for some time now. The first Ordinal inscription was minted on Dec. 16, 2022, at block height #767,753. The second Ordinal inscription, #2, was embedded into the chain three days later on Dec. 19 at block height #768,094. It took 45 days to reach the 1,000th inscription, which was minted on Feb. 2, 2023. Since then, the rate of Ordinal inscription growth has increased by 19,900% up until Feb. 27, when the number of Ordinals surpassed the 200,000 mark at 1:02 p.m. Eastern Time.
Essentially, an Ordinal inscription is a non-fungible asset (NFT) produced by inscribing data on the smallest denomination of bitcoin (satoshis). So far, people have inscribed images, videos, text, and software applications to the blockchain. Images are by far the most common, but text inscriptions are also well-liked, and applications are becoming popular as well.
Similar to the well-established blue-chip NFT collections on the Ethereum blockchain, Bitcoin-based NFT collections are attempting to become fashionable. Yuga Labs has created 300 Ordinal inscriptions for a collection called Twelvefold. In fact, there is a significant number of collections within the first 6,900 Ordinal inscriptions. The Twelvefold auction will launch later this week, with a 24-hour notice providing auction details and exact timing.
In a blog post about the collection, Yuga Labs said, “Twelvefold is a base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain. The collection includes highly rendered 3D elements, as well as hand-drawn features, which serve as an homage to the Ordinal inscriptions currently done by hand.”
In addition to Bitcoin, people have also been minting ordinal inscriptions on the Litecoin (LTC) blockchain. To date, more than 56,000 LTC-based inscriptions have been minted on litoshis.
The increasing popularity of Bitcoin-based NFT collections is a testament to the power of the technology. Bitcoin-based NFTs are becoming more and more popular, and the fact that the number of Ordinal inscriptions has surpassed 200,000 is a clear indication of this trend. It is also a sign that the technology is maturing and becoming more accessible to the average user.
As the technology continues to evolve, we can expect to see more collections and applications being built on the Bitcoin blockchain. The fact that Yuga Labs has created a collection of 300 generative Ordinal NFTs is an indication of the potential of Bitcoin-based NFTs.
We are likely to see more collections being created and more people getting involved in the world of Bitcoin-based digital collectibles. The potential of this technology is immense, and it is exciting to see the possibilities that are emerging.
In conclusion, the increasing popularity of Bitcoin-based NFT collections is a sign that the technology is maturing and becoming more accessible to the average user. We can expect to see more collections and applications being built on the Bitcoin blockchain in the future. The fact that Yuga Labs has created a collection of 300 generative Ordinal NFTs is an indication of the potential of Bitcoin-based NFTs. The potential of this technology is immense, and it is exciting to see the possibilities that are emerging.
