Dune Analytics noted that network minting fee collection is continuously surging and it seems it’s unstoppable for the next few months.
Bitcoin ordinals is a blockchain protocol system, which allows people to mint Text, images, NFTs, & tokens on the Bitcoin network directly. The identity of each minted item via Bitcoin ordinals can be traced with the 1 sat unit. To mint any token or NFT on the Bitcoin network, people need to pay a transaction for 1 Satoshi to give identity to the minted item.
According to a recent data report by Dune Analytics, Bitcoin ordinals so far saw a total of 1,414 Bitcoin collections by 20 May. This $38.2 million worth of Bitcoin came from the fees that people paid for their NFTs or tokens on ordinals.
Interestingly between Feb to April, the majority of the people shifted to text-based inscriptions, compared with a somewhat equal balance of text and image inscriptions.
Popular cross-chain wallet BitKeep compared the traditional Crypto NFTs system & the current Bitcoin Ordinals backed NFTs system and noted that Ordinals is better because here every 1 Satoshi unit has an additional layer of data & this NFTs is completely run on the Bitcoin blockchain network.
So far 8 million Bitcoin Ordinals have been minted, along with 24,677 BRC-20 tokens. The total market cap of this market reached nearly $612.5 million. Last week, top flagship crypto exchanges added support for Bitcoin ordinals (ORD) tokens.
Recently Nasdaq listed firm Microstrategy’s former CEO Michael Saylor said that his firm is exploring ways to use Ordinals to develop a better use case app on the Bitcoin network.