Bitcoin NFT Ordinal Inscriptions Continue to Soar – Surpassing 62 Million Inscriptions in Total

Bitcoin Ordinals, a relatively new method of generating non-fungible tokens through inscribing, continues bringing more new NFT collections and smart contracts to the Bitcoin blockchain network. In less than two years, the number of ordinals inscribed has reached over 60 million.

Recap: What is Bitcoin Ordinal Inscription?

By description, Bitcoin inscription is the process of embedding arbitrary data or contents such as text, images, and videos onto a Satoshi, the smallest denomination of Bitcoin. During this process, sats are inscribed with arbitrary content, creating bitcoin-native digital artifacts, more commonly known as non-fungible tokens.

These inscribed sats can be transferred using Bitcoin transactions, sent to Bitcoin addresses, and held in Bitcoin UTXOs. These transactions, addresses, and UTXOs are normal Bitcoin transactions, addresses, and UTXOS in all respects, except that to send individual sats, transactions must control the order and value of inputs and outputs according to ordinal theory.

During its early stage, Bitcoin inscription was known for its Bitcoin Ordinals, which took the crypto and NFT market by storm. Nonetheless, these digital artefacts have evolved to bring out more forms of NFT collection, including the recently most hyped BRC-20 NFT collections.

Bitcoin inscription has also inspired creators to inscribe content on other blockchains, including Solana and Ethereum. Derived from Bitcoin, Ethscriptions are a new way of creating and sharing digital artifacts on the Ethereum blockchain network that is cheaper and more decentralized than regular non-fungible tokens.

Total Inscriptions Cross 62 Million

Data compiled by Dune.com, an on-chain market data tracker, shows that inscriptions on the Bitcoin blockchain continue proliferating. At the time of writing, there are more than 62 million inscriptions, generating all-time fees of $232 million. From December 2022 to March 2024, there were also 51 million BRC-20 Events, with more than $173 million in fees spent on them.

Source: Dune.com, Ordinal Inscription Analysis.

In the meantime, even though BRC-20 non-fungible token collections appeared to have lost their initial hype, Bitcoin Ordinals are leading the top-selling table following the recent rise in Bitcoin liquidity. From sometime earlier this month, Bitcoin price has seen a sharp spike, reaching its all-time high of $73,000 for the first in crypto history.

Data fetched by Cryptoslam.io, an on-chain market data aggregator, indicates that the Bitcoin Ordinals are the most-selling NFT collection today. In the past 24 hours, the Bitcoin Ordinals have amassed a trading sales volume of $4.8 million. Bitcoin Ordinals and other top NFT collections like the NodeMonkes NFT collection have pushed Bitcoin NFT trading sales volume above $12 million.

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