Bitcoin’s Ordinal Inscriptions Surpass 7 Million Mark, Fueling the Trend’s Unstoppable Momentum

On May 15, 2023, the fig of Ordinal inscriptions surpassed the 7 cardinal people and arsenic of 9:00 a.m. Eastern Time connected Tuesday morning, 7,204,882 Ordinal inscriptions person been added to the Bitcoin blockchain. Miners person collected 1,324 bitcoin successful fees by confirming inscription transactions which equate to astir $35.86 cardinal successful added onchain fees.

Bitcoin’s Inscription Frenzy: Over 7 Million Ordinal Inscriptions and Counting

The unstoppable momentum of Bitcoin’s Ordinal inscriptions continues to defy detractors, surging past respective milestones. With implicit 7 cardinal inscriptions present firmly embedded successful the blockchain, immoderate skepticism toward request surrounding this inclination is being shattered. Today, connected May 16, 2023, the tally stands astatine 7,204,882 inscriptions since the inaugural 1 occurred connected December 16, 2022.

The satellite of inscriptions experienced a important acceleration connected April 21, 2023, erstwhile the number stood astatine a mere 1.24 million. In conscionable 25 days since then, the fig of Ordinal inscriptions has skyrocketed by implicit 480%, signaling an astonishing surge. Notably, May 7, 2023, emerged arsenic the pinnacle of this inscription frenzy, with a record-breaking influx of inscriptions. It was connected this time that Bitcoin’s mempool recovered itself congested with an overwhelming 500,000 unconfirmed transactions, a testament to the overwhelming request and enactment successful the system.

30-Day Sales Stats Show Bitcoin’s Ordinal Inscriptions Have Bolstered NFT Market

Bitcoin miners person been handsomely rewarded for their relation successful processing inscription transactions, receiving 1,324 bitcoins (BTC) valued astatine $35.86 million. Notably, the pinnacle of these fees was witnessed connected May 7, coinciding with the time erstwhile Bitcoin’s web fees surpassed the 6.25 BTC artifact subsidy. Intriguingly, the bulk of Ordinal inscriptions instrumentality the signifier of plain substance alternatively than JPEG images, with an overwhelming number of 6,402,199 inscriptions embracing the plain substance format.

The realm of selling NFT collections has proven profitable for Ordinal inscriptions, amassing $93 cardinal successful income implicit the past 30 days. As a result, Bitcoin has ascended to go the second-largest blockchain successful presumption of NFT income this month, according to 30-day statistic from cryptoslam.io. Notably, the marketplace has recorded income from popular Ordinal collections specified arsenic Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes, Bitcoin Punks, and Sub10k. Out of the six highest-priced NFTs sold this month, 5 person emerged from the fertile grounds of the Bitcoin blockchain’s Ordinal inscribing technology.

What are your thoughts connected Bitcoin’s surge successful Ordinal inscriptions and its interaction connected the NFT market? Share your insights and opinions successful the comments conception below.