Leonidas

Galaxy

Bitcoin

ORDI

April

<div class="cryptonews"> 
 <p class="is-style-lead">Despite the recent price drop and fading hype over NFTs, Ordinals inscriptions remain prominent on the Bitcoin (BTC) network.</p> 
 <p>On Aug. 21, the developer behind Ordinals, known as “Leonidas,” revealed that Bitcoin had processed 530,788 transactions in the past 24 hours. Impressively, 450,785 of these transactions were related to Ordinals, accounting for 84.9% of the activity on Bitcoin.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">Over the past 24 hours Bitcoin had 530,788 <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s.<br><br>450,785 of those <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s were Ordinals related.<br><br>In the midst of everyone claiming "Ordinals are dead" they have literally accounted for 84.9% of the activity on Bitcoin.<br><br>You can't make this stuff up.</p>— Leonidas (@LeonidasNFT) August 20, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>This comes when many voices in the industry claim that “Ordinals are dead,” he added.</p> 
 <p>Data from Dune Analytics supports this trend, reporting more than 400,000 Ordinal inscriptions on Aug. 20. Additionally, Bitinfocharts has reported a daily Bitcoin <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> count of around 556,000. This data indicates that more than three-quarters of the network activity on that day was related to Ordinals.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">85% of on-chain bitcoin <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s in the past 24 hours are ordinals related<br><br>EIGHTY FIVE PERCENT<br><br>the main usecase of the bitcoin chain is ORDINALS pic.twitter.com/PCZt4if5jf</p>— Udi Wertheimer (@udiWertheimer) August 20, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Industry researcher Eric Wall further observed that over the past week, 54% of the <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a>s on the Bitcoin network were Ordinals</p> 
 <p>According to data from Dune, there have been 25.5 million Ordinal inscriptions, generating $53.4 million in fees on the Bitcoin network.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Galaxy Digital research: Bitcoin NFTs to reach $4.5b by 2025 
 </div> 
 <p>Currently, inscriptions are primarily driven by BRC-20 token minting, with 1.9 million minted last week.</p> 
 <p>Among the more than 25 million inscriptions, recursive inscriptions (an upgrade on Ordinals) account for about 140,000. This upgrade allows developers to use data from previous inscriptions in new ones, potentially enabling Bitcoin to support complex applications, video games, and other advanced usages.</p> 
 <p>This paints a contrasting picture to a report from DappRadar on Aug. 17, which claimed that Ordinals NFT usage and sales volume had decreased since peaking in May. Some crypto observers even declared the hype as having “died down.” However, the actual inscription activity on the Bitcoin network still appears robust.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">However, this hype has died down in recent months, which has likely contributed to the decline in #trading volume.<br>What does the future hold for #Bitcoin Ordinals NFTs?<br><br>It is unclear what the future holds for Bitcoin Ordinals NFTs.</p>— Cheeky Crypto (@CheekyCrypto) August 20, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Bitcoin Ordinals are nonfungible asset artifacts that enable the inscribing of data onto a Satoshi, the smallest division of a Bitcoin.</p> 
 <p>Since its launch in January, the protocol has seen the inscription trend take off, leading to thousands being minted on the Bitcoin network. This has caused congestion and spikes in <a rel="noopener noreferrer nofollow" title="transaction" href="https://thebittimes.com/tag/transaction.html">transaction</a> fees, reaching a peak in April and May.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> No room for compromise: marketplaces must do more to tackle stolen NFTs | Opinion 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

Bitcoin Ordinals dominate majority of BTC transactions

TheBitTimes

Other articles published on Aug 21, 2023

NEO Price Prediction: Can Neo Coin Fall Below $5 Mark?

Ups and Downs in the Decentralized Finance (DeFi) This Week

Experts Remain Optimistic As Bitcoin Approaches Crucial Milestone

Hong Kong’s SFC Warns Against Unlicensed Crypto Platforms

Beyond Instant Payments: Zebec Launches Modular L3 Nautilus for Scalable Payment Streaming

CBI Taps Chiliz to Ramp Up the Development of Its Immersive 3D Experience for Football Fans

Join our free newsletter for daily crypto updates!