#New Bitcoin NFT protocol breaking records on the blockchain

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

Bitcoin and blockchain technology have been around for over a decade, and it seems like new innovations are still emerging. One such innovation that has recently been making waves is the Bitcoin NFT protocol Ordinals, launched by software engineer Casey Rodarmor. This protocol is breaking records on the blockchain, and on May 1st, data from Dune Analytics shows that it had a record high of over 300,000 inscriptions cast on a single day, with textual inscriptions leading the way. In this article, we will explore what this new protocol is, how it works, and why it is significant.
##What are Bitcoin NFTs?
NFTs, or non-fungible tokens, are digital assets that represent ownership of a unique item. Unlike cryptocurrencies such as Bitcoin, which are fungible and interchangeable, NFTs are one-of-a-kind and cannot be replicated or replaced. NFTs can be used to represent a wide range of assets, including artwork, music, collectibles, and even virtual real estate.
##What is the Ordinals protocol?
The Ordinals protocol is a Bitcoin-based NFT protocol that allows users to create and sell NFTs. What sets Ordinals apart from other NFT protocols is that it allows for textual inscriptions, giving users the ability to add written content to their NFTs in addition to traditional visual elements. This makes the protocol ideal for creating NFTs that represent written works, such as poems, short stories, or even blog posts.
##How does Ordinals work?
Ordinals is built on top of the Bitcoin blockchain, which means that it is secure, decentralized, and transparent. To create an NFT using Ordinals, users first need to download the protocol and set up a wallet. They can then mint their NFT by providing a unique title, a description, and the content they wish to include. Once the NFT is minted, it can be sold or traded on various NFT marketplaces.
##Why is Ordinals significant?
The Ordinals protocol is significant for several reasons. Firstly, it is breaking records on the blockchain, with a record high of over 300,000 inscriptions cast on a single day in late April. This demonstrates the growing interest in NFTs and their potential as a highly valuable asset class. Secondly, Ordinals allows for textual inscriptions, which is a unique feature not found in other NFT protocols. This opens up new opportunities for creators and collectors to create and own NFTs that represent written content. Finally, the fact that Ordinals is built on top of the Bitcoin blockchain makes it highly secure and transparent, which is essential in a market that is still largely unregulated.
##Conclusion
In conclusion, the Ordinals protocol is a new and exciting development in the world of NFTs. It allows for textual inscriptions, which is a unique feature not found in other NFT protocols. It is also breaking records on the blockchain, with a record high of over 300,000 inscriptions cast on a single day. The protocol is built on top of the Bitcoin blockchain, which adds an extra layer of security and transparency, making it an attractive option for NFT creators and collectors.
##FAQs
Q1. What makes Ordinals different from other NFT protocols?
A1. Ordinals allows for textual inscriptions, which is not found in other NFT protocols. This makes it ideal for creating NFTs that represent written content.
Q2. Is the Ordinals protocol secure?
A2. Yes, the Ordinals protocol is built on top of the Bitcoin blockchain, which is highly secure and transparent.
Q3. Can I sell my NFTs created using Ordinals?
A3. Yes, once your NFT is minted, it can be sold or traded on various NFT marketplaces.