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The Rise of Bitcoin NFT Protocol Ordinals: Over 190,000 Inscriptions in a Single Day

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On April 24th, according to Dune Analytics data, the Bitcoin NFT protocol Ordinals, launched by software engineer Casey Rodarmor, had a record high of over 190000 inscriptions cast

The Rise of Bitcoin NFT Protocol Ordinals: Over 190,000 Inscriptions in a Single Day

On April 24th, according to Dune Analytics data, the Bitcoin NFT protocol Ordinals, launched by software engineer Casey Rodarmor, had a record high of over 190000 inscriptions cast on a single day on April 23rd. The number of textual inscriptions is 190202, accounting for 98.5%. The total number of inscriptions cast based on the Bitcoin NFT protocol, Ordinals, has reached 1.58 million, and the total cost incurred so far has reached 181 BTCs.

Data: Bitcoin NFT protocol Ordinals has cast over 190000 inscriptions yesterday, setting a new record high

Bitcoin’s non-fungible token (NFT) space is rapidly expanding, with new protocols emerging every day. One of the latest protocols to enter the scene is Ordinals, created by software engineer Casey Rodarmor. On April 24th, Dune Analytics data revealed an impressive achievement by Ordinals, with over 190,000 inscriptions cast on a single day, with 98.5% being textual inscriptions, and the total number of inscriptions cast based on the protocol reaching 1.58 million. Let’s explore this development further.

What is Bitcoin NFT Protocol Ordinals?

In simple terms, Bitcoin NFT protocol Ordinals is an NFT project that is built on top of the Bitcoin network using a lighting network called RGB. The RGB technology enables the creation of NFTs on top of the Bitcoin network, with the ability to store metadata that can represent digital assets, documents, or any other type of information.
Ordinals focuses on the concept of numbering and ordinal ranking. This means that each NFT created using Ordinals is assigned a unique number that represents its rank or position within a particular set or collection. The protocol enables the creation of various types of sets, from simple to complex ones, such as a deck of cards or a chessboard.

The Record-breaking Day for Ordinals

On April 23rd, Ordinals broke its record with over 190,000 inscriptions cast in a single day, with 98.5% being textual inscriptions. The total number of inscriptions cast based on the protocol reached 1.58 million, and 181 BTCs have been spent on the inscriptions so far.
The inscription is a transaction made to assign a particular number to an NFT or further information that adds to its metadata. The users who inscribe on a particular set pay for the privilege of the inscription. This allows them to hold the particular number or to add exclusive metadata to an NFT.
The impressive day-by-day growth of Ordinals’ inscriptions can be attributed to various factors. One significant factor is the unique nature of the ranking system, which creates some level of exclusivity for each NFT. Additionally, the ability to create complex sets that incorporate multiple NFTs is also an attractive feature for collectors.

The Future of Ordinals

As with any NFT protocol, the success of Ordinals depends on the interest of its users. The current state of growth for Ordinals suggests that the protocol is gaining traction among NFT collectors. The protocol’s focus on numbering and ranking makes it particularly attractive for the creation of sets that require such systems. The ability to use Bitcoin as the underlying blockchain network also adds to the appeal of the protocol.
Looking forward, Ordinals has the potential to become a significant player in the NFT scene if it continues to attract new users and collectors. The success of the protocol could lead to more development on top of it, potentially giving rise to new applications, use cases, and collaborations in the NFT ecosystem.

Conclusion

Bitcoin NFT protocol Ordinals has achieved an impressive milestone with over 190,000 inscriptions cast in a single day. The protocol’s focus on numbering and ranking makes it an attractive platform for the creation of sets and other complex NFTs. The growth of Ordinals and other Bitcoin-based NFT protocols marks the development and acceptance of the Bitcoin network as a platform for NFT creation and management. With the rising demand for NFTs, it will be exciting to see what Ordinals and other protocols have in store for the future.

FAQs

1. How does Ordinals compare to other NFT protocols?
Ordinals is unique in its focus on ranking and numbering systems. It enables the creation of various sets and collections, which incorporate multiple NFTs, allowing for more complex creations.
2. How are inscriptions counted on Ordinals?
Inscriptions are calculated by counting the number of transactions that include an explicit reference to an Ordinal token or schema.
3. What is the significance of using Bitcoin as the underlying network for Ordinals?
Bitcoin has a mature and secure blockchain network, which makes it an appealing choice for NFT creation and management. Additionally, it adds to the appeal of Ordinals for users who are already invested in Bitcoin.

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