Bitcoin’s Ordinal inscriptions surpassed the 7 million mark on May 15, 2023, marking an unstoppable momentum for this trend. As of 9:00 a.m. Eastern Time on Tuesday morning, 7,204,882 Ordinal inscriptions have been added to the Bitcoin blockchain. These inscription transactions have earned miners 1,324 bitcoin in fees, equivalent to roughly $35.86 million.
The surge in Ordinal inscriptions continues to shatter any skepticism towards demand surrounding this trend. In fact, the number of inscriptions has skyrocketed by over 480% in just 25 days since it stood at a mere 1.24 million in April 21, 2023. May 7, 2023, witnessed a record-breaking influx of inscriptions which led to the Bitcoin mempool becoming congested with an overwhelming 500,000 unconfirmed transactions, a testament to the overwhelming demand in the system.
Bitcoin miners have received handsome rewards for their role in processing inscription transactions. They have received 1,324 bitcoins, valued at $35.86 million. The majority of Ordinal inscriptions take the form of plain text rather than JPEG images, with 6,402,199 embracing the plain text format.
Other than benefiting miners, the inscriptions have also boosted the NFT market, amassing $93 million in sales over the past 30 days. As a result, Bitcoin has become the second-largest blockchain in terms of NFT sales this month, according to 30-day statistics from cryptoslam.io. The market has recorded sales from popular Ordinal collections such as Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes, Bitcoin Punks, and Sub10k. Out of the six highest-priced NFTs sold this month, five have come from Bitcoin’s Ordinal inscribing technology.
In conclusion, the surge in Bitcoin’s Ordinal inscriptions underscores the growing demand and activity in the system. The trend has established a strong foundation for Bitcoin’s value proposition and continues to open up new opportunities for cryptocurrencies, such as the NFT market.