Bitcoin’s Ordinal inscriptions have been breaking milestones, with over 7 million inscriptions embedded in the blockchain. This surge continues to defy detractors, shattering any skepticism towards the trend’s demand. The current count stands at 7,204,882 inscriptions as of May 16, 2023, since the inaugural inscription on December 16, 2022.
The Significant Acceleration
The world of inscriptions experienced a significant acceleration on April 21, 2023, when the count stood at a mere 1.24 million. In just 25 days, the number of Ordinal inscriptions has skyrocketed by over 480%, signaling an astonishing surge. On May 7, 2023, the pinnacle of this inscription frenzy emerged, with a record-breaking influx of inscriptions. Bitcoin’s mempool found itself congested with an overwhelming 500,000 unconfirmed transactions, a testament to the overwhelming demand and activity in the system.
The Handsome Rewards
Bitcoin miners have been handsomely rewarded for their role in processing inscription transactions, receiving 1,324 bitcoins (BTC) valued at $35.86 million. The majority of Ordinal inscriptions take the form of plain text rather than JPEG images, with an overwhelming count of 6,402,199 inscriptions embracing the plain text format. Notably, the pinnacle of these fees was witnessed on May 7, coinciding with the day when Bitcoin’s network fees surpassed the 6.25 BTC block subsidy.
The Profitable Realm of NFT Collections
The realm of selling NFT collections has proven profitable for Ordinal inscriptions, amassing $93 million in sales over the past 30 days. Bitcoin has ascended to become the second-largest blockchain in terms of NFT sales this month, with sales from popular Ordinal collections such as Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes, Bitcoin Punks, and Sub10k. Out of the six highest-priced NFTs sold this month, five have emerged from the fertile grounds of the Bitcoin blockchain’s Ordinal inscribing technology.