Record-Breaking Inscriptions on Bitcoin NFT Protocol Ordinals

On May 1st, according to Dune Analytics data, the Bitcoin NFT protocol Ordinals, launched by software engineer Casey Rodarmor, had a record high of over 300000 inscriptions cast on a single day on April 30th. Among them, textual inscriptions account for 99.9%. The total number of inscriptions cast based on the Bitcoin NFT protocol, Ordinals, has reached nearly 2.76 million, with a total cost of 229 to date.

Bitcoin NFT protocol Ordinals has cast over 300000 inscriptions yesterday, setting a new record high

On May 1st, 2021, the world witnessed a new record in the world of Non-Fungible Tokens (NFTs). According to Dune Analytics data, the Bitcoin NFT protocol Ordinals, launched by software engineer Casey Rodarmor, had a record high of over 300,000 inscriptions cast on a single day on April 30th, surpassing the previous record of 218,000 inscriptions.

What is the Bitcoin NFT protocol Ordinals?

Before diving into the significance of this record-breaking achievement, let’s first understand what the Bitcoin NFT protocol Ordinals is. Essentially, it is a protocol built on top of the Bitcoin blockchain that allows users to create and trade non-fungible tokens (NFTs). NFTs are unique digital assets that can be used to represent a variety of things, such as artwork, music, and even tweets.
The Ordinals protocol operates by using a specific opcode, or function, within the Bitcoin scripting language, which allows users to specify the details of their NFTs, such as its name, description, and image. These details are then stored within the Bitcoin transaction, making it immutable and transparent on the blockchain.

What is the significance of the record-breaking inscriptions?

The fact that Ordinals received over 300,000 inscriptions in a single day is a significant achievement for the Bitcoin NFT space. This indicates that there is a growing interest in NFTs, not only as a means of collecting unique digital assets but also as a way of leveraging blockchain technology.
It is worth noting that among the 300,000 inscriptions, textual inscriptions accounted for 99.9%. This implies that people are not just using Ordinals to create and trade digital art but also using it as a means of storing and transferring information.

What does this mean for the future of NFTs?

The record-breaking inscriptions on Ordinals is a positive sign for the future of NFTs. It demonstrates that there is a growing demand for unique digital assets, which can be traded on a blockchain, and that people are starting to recognize the value of NFTs beyond just artwork and collectibles.
Additionally, the fact that Ordinals runs on the Bitcoin blockchain could also bring in new users who were previously hesitant to invest in other NFT marketplaces due to the high gas fees associated with Ethereum-based NFTs.

Conclusion

The Bitcoin NFT protocol Ordinals has made history by achieving over 300,000 inscriptions in a single day, indicating a growing interest in NFTs as a means of storing and transferring information, as well as trading unique digital assets. This is a positive sign for the future of the NFT space and demonstrates the potential for blockchain technology beyond just financial applications.

FAQs

Q: What is an NFT?
A: An NFT is a unique digital asset that can be used to represent a variety of things, such as artwork, music, and tweets.
Q: What is the Ordinals protocol?
A: The Ordinals protocol is a Bitcoin NFT protocol that allows users to create and trade non-fungible tokens.
Q: What is the significance of 99.9% textual inscriptions on Ordinals?
A: The high percentage of textual inscriptions on Ordinals indicates that people are using it as a means of storing and transferring information, not just trading digital art.