Data: More than 200000 NFTs have been cast online under the Ordinals protocol

On February 28, according to Dune Analytics, users have written more than 200000 NFTs into the Bitcoin blockchain since the introduction of the Bitcoin network NFT protocol Ordinals in mid-December.

Interpretation of this information:

The emergence of non-fungible tokens (NFTs) has been revolutionizing the digital world and changing the way people buy, sell, and own virtual assets. The ability to verify ownership and prove authenticity of digital artworks, collectibles, and other unique digital assets is made possible by blockchain technology, which enables the creation, tracking, and transfer of NFTs. While most NFTs are currently based on the Ethereum network, which has become the go-to platform for NFT marketplaces and applications, other blockchains are also exploring the potential of NFTs.

One such blockchain is Bitcoin, the world’s first and largest cryptocurrency by market capitalization. While Bitcoin has traditionally been used as a store of value and medium of exchange, recent developments have shown that it can also support various other use cases, including NFTs. In mid-December 2020, a new NFT protocol called Ordinals was introduced to the Bitcoin network, allowing users to write NFTs directly into the blockchain.

According to Dune Analytics, a blockchain analytics platform, more than 200,000 NFTs have been written into the Bitcoin blockchain since the introduction of Ordinals. This represents a significant milestone for the adoption of NFTs on Bitcoin, as it demonstrates the growing interest and experimentation with NFTs beyond Ethereum. While the number of Bitcoin-based NFTs is still relatively small compared to Ethereum-based NFTs, which have reached over 10 million in total, the trend is expected to continue as more developers and users explore the potential of Bitcoin-based NFTs.

One of the advantages of using Bitcoin for NFTs is its security and immutability. As one of the most secure and decentralized blockchains, Bitcoin ensures that NFTs stored on its network are resistant to hacking and tampering. Moreover, the use of Bitcoin also allows for interoperability with other Bitcoin-based applications and tools, such as wallets, exchanges, and decentralized finance (DeFi) platforms.

In summary, the introduction of the Ordinals protocol has unlocked the potential of Bitcoin for NFTs, with over 200,000 NFTs already written into its blockchain. While Ethereum remains the dominant platform for NFTs, the growing adoption of Bitcoin-based NFTs signals a new wave of innovation and experimentation for the NFT ecosystem. The three keywords that summarize the content are NFTs, Bitcoin, and Ordinals.