Data: Bitcoin NFT protocol Ordinals cast more than 30000 inscriptions yesterday

On March 10, according to data from Dune Analytics, the number of inscriptions cast on the Bitcoin NFT protocol Ordinals launched by Casey Rodarmor, a software engineer, exceeded 30000 on March 9, a record high. The number of “text” type inscriptions is close to 27000, accounting for 85%. It is reported that Twitter user @ domodata launched an innovative experiment “BRC-20” based on the Ordinals protocol yesterday, aiming to achieve the effect of issuing ERC-20 Token on the Bitcoin network like on the Ethereum network through the Ordinals protocol.

Interpretation of this information:

The Bitcoin NFT protocol Ordinals, created by software engineer Casey Rodarmor, has achieved a record high of over 30,000 inscriptions on March 9, with 85% of them being “text” type inscriptions. This data is based on Dune Analytics. Additionally, a Twitter user, @domodata, has launched an innovative experiment called “BRC-20” that aims to replicate the issuance of ERC-20 tokens on the Ethereum network on the Bitcoin network through the Ordinals protocol.

It is clear that the Ordinals protocol has gained significant traction and interest from the crypto community, as evidenced by the number of inscriptions on the platform. This could be attributed to the rising popularity of NFTs and the increasing demand for a platform that allows for easy registration and management of NFTs. The fact that the majority of inscriptions were “text” type could also suggest that there is a growing interest in creating NFTs that are not solely focused on visual art, but also on written content.

The launch of the BRC-20 experiment is also notable, as it highlights the potential capabilities of the Ordinals protocol in terms of token issuance. This could be significant for the Bitcoin network, as it currently lags behind Ethereum in terms of token issuance and smart contract capabilities. If successful, the BRC-20 experiment could show that the Ordinals protocol is capable of bridging this gap and potentially open up new opportunities for Bitcoin in the DeFi world.

In summary, the three keywords that can be drawn from this message are NFTs, Ordinals Protocol, and BRC-20 experiment. The increasing demand for NFTs has led to the Ordinals Protocol gaining significant traction, resulting in a record high of over 30,000 inscriptions on the platform. Additionally, the launch of the BRC-20 experiment highlights the potential for the Ordinals Protocol to enable token issuance on the Bitcoin network.