Over the past month, Bitcoin transaction fees for Ordinals inscriptions have increased by 240%.
Using the Ordinals protocol to create nonfungible token (NFT)-like inscriptions has earned Bitcoin miners over $5 million.
According to Dune Analytics data, transaction fees for Ordinals transactions increased by 240% from $1.5 million on March 10 to $5.2 million on April 12.
The rise came after a slow time from February 16 to March 10, when sales went from $1 million to $1.5 million. Before that, fees for the Ordinals protocol, which started on January 21, had reached $1 million in the first four weeks.
The Bitcoin network has recently recorded a significant milestone, with almost 1.1 million Ordinals being inscribed on it. These Ordinals primarily consist of JPEG images and text, but also include a variety of other formats such as PDFs, videos, and audio files.
