The Rise of Ordinals: A Look at the Record High of Bitcoin NFT Inscriptions

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’s ascent to the mainstream has been nothing short of extraordinary. With the advent of Bitcoin-based Non-Fungible Tokens (NFTs), a new era of tokenization has begun. One such NFT protocol that has gained popularity in recent months is Ordinals. Created by software engineer Casey Rodarmor, Ordinals has seen a record high of over 300,000 inscriptions cast on a single day on April 30th, with textual inscriptions accounting for 99.9%. In this article, we will explore the rise of Ordinals and examine its growing popularity.

What is Ordinals?

Ordinals is an NFT protocol that operates on the Bitcoin blockchain. Unlike traditional NFT protocols, which use the Ethereum blockchain, Ordinals uses the simplicity and security of the Bitcoin blockchain to create and manage NFTs. The protocol relies on the concept of ordinal numbers, which are used to assign a unique number to each NFT. The number assigned to an NFT is derived from the last block hash of the Bitcoin blockchain. The Ordinals protocol also allows for text inscriptions to be added to each NFT, making it a unique and personalized asset.

The Record High of Inscriptions

According to Dune Analytics data, the Ordinals protocol saw a record high of over 300,000 inscriptions cast on a single day on April 30th. This is a strong indication that the popularity of Ordinals is gaining momentum in the NFT market. Textual inscriptions accounted for 99.9% of the total inscriptions cast, highlighting the importance of creating personalized NFTs. The total number of inscriptions cast based on the Ordinals protocol has reached nearly 2.76 million, with a total cost of 229 Bitcoin to date.

The Appeal of Ordinals

The unique appeal of Ordinals lies in its simplicity and security. The fact that Ordinals operates on the Bitcoin blockchain, which is renowned for its security, adds to the credibility of the protocol. In addition, the use of ordinal numbers to assign a unique number to each NFT ensures that no two NFTs will ever be the same. The ability to add personalized text inscriptions to each NFT is also a major selling point, as it adds a layer of uniqueness to the asset.

The Future of Ordinals

As NFTs continue to gain popularity, it is expected that Ordinals will continue to grow in popularity. The simplicity and security of the protocol make it an attractive option for those looking to create and manage NFTs. The ability to add personalized text inscriptions to each NFT also adds value to the asset, making it more likely to be traded and collected. It will be interesting to see how Ordinals evolves in the coming years, and whether it can maintain its popularity in the competitive NFT market.

Conclusion

The rise of Ordinals in the NFT market is a testament to the protocol’s simplicity and security. The recent record high of inscriptions is a strong indication that the protocol is gaining momentum, and its unique appeal is likely to continue to attract new users. As NFTs continue to gain traction in the mainstream, Ordinals is poised to be a major player in the market.

FAQs

**1. What makes Ordinals unique?**
The unique appeal of Ordinals lies in its simplicity and security. The protocol operates on the Bitcoin blockchain, which is renowned for its security, and uses ordinal numbers to assign a unique number to each NFT. The ability to add personalized text inscriptions to each NFT is also a major selling point, as it adds a layer of uniqueness to the asset.
**2. How does Ordinals compare to other NFT protocols?**
Ordinals differs from other NFT protocols in that it operates on the Bitcoin blockchain, whereas most other NFT protocols operate on the Ethereum blockchain. The use of the Bitcoin blockchain adds to the security of the protocol, while the use of ordinal numbers to assign a unique number to each NFT ensures that no two NFTs will ever be the same.
**3. What is the future of Ordinals in the NFT market?**
As NFTs continue to gain popularity, it is expected that Ordinals will continue to grow in popularity as well. The unique appeal of the protocol, combined with its simplicity and security, make it an attractive option for those looking to create and manage NFTs. The ability to add personalized text inscriptions to each NFT adds value to the asset, making it more likely to be traded and collected.