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Bitcoin Ordinals reach 3M Inscriptions, but most are text

Bitcoin Ordinals reach 3M Inscriptions, but most are text

The number of non-fungible tokens (NFTs) connected to the Bitcoin blockchain surpassed 3 million earlier this week, according to data from Dunn Analytics. This followed a day-long spike in activity that was primarily composed of text-based assets.

The “inscriptions,” as the tokens are known, operate on the Ordinals Protocol, which enables users to contribute information to the Bitcoin blockchain by including citations to digital works of art into minute Bitcoin-based transactions.

After the Bitcoin Request for Comment (BRC-20) token standard was published, the price increased. With the use of this standard, users may create tokens that can be sent directly across the network. As a result, Bitcoin was used to create a ton of digital artwork and humorous coins. The second group’s market worth increased to $137 million on Tuesday.

The number of non-fungible tokens (NFTs) connected to the Bitcoin blockchain surpassed 3 million earlier this week, according to data from Dunn Analytics. This followed a day-long spike in activity that was primarily composed of text-based assets.

The “inscriptions,” as the tokens are known, operate on the Ordinals Protocol, which enables users to contribute information to the Bitcoin blockchain by including citations to digital works of art into minute Bitcoin-based transactions.

After the Bitcoin Request for Comment (BRC-20) token standard was published, the price increased. With the use of this standard, users may create tokens that can be sent directly across the network. As a result, Bitcoin was used to create a ton of digital artwork and humorous coins. The second group’s market worth increased to $137 million on Tuesday.

However, research indicates that text makes up the majority of markings. These are significantly less expensive than digital artwork or joke coins because network fees are based on the amount of data written.

The Bitcoin blockchain included more than 372,000 unique entries on Monday, of which 371,000 were text-based. There were just 316 image-based markers created. The remainder were symbols or applications.

The cost to make the marks was 28 bitcoin (BTC), which was paid by the creators. This is in addition to the fees that Ordinals activity has generated during its lifetime, which total over 284 bitcoin. That amounts to more than $8 million at the current prices.

As more people signed up, the cost of the tokens used in the Bitcoin ecosystem increased.

Content Source: cointelegraph.com

About MahKa

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

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