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Bitcoin NFTs Boom as BitMEX research indicates 13,000 Ordinals

Bitcoin NFTs Boom as BitMEX research indicates 13,000 Ordinals

BitMEX has reported more than 13,000 Ordinals NFTs on the Bitcoin blockchain. This shows that interest in a type of non-fungible tokens that is still relatively new is growing quickly.

In a blog post that came out on Wednesday, the company’s research arm said that 13,000 Ordinals were made or “inscribed” between December 14 and February 7.

The post says that the fast flow of JPEGs and other media files on Bitcoin took up 526 megabytes (MB) of block space and cost the authors 6.77 bitcoin, which was about $155,000 at the time the post was written.

Graphs of the total number of Ordinals transactions to date show a steep “hockey stick” curve, which shows that the number of NFTs on Bitcoin has grown by leaps and bounds.

Rene Pickhardt, a well-known Bitcoiner, has said that the Ordinals community is “spamming” the most popular blockchain with big JPEGs because Ordinals is becoming more popular.

Critics like Pickhardt can back up what they say with facts. On Wednesday, the number of regular Bitcoin transactions barely topped 3%, but they took up about 70% of the space in Bitcoin blocks.

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About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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