Over 500,000 Bitcoin Ordinal NFTs Successfully Minted
In the world of NFTs, there’s a new player on the scene: Ordinals. But what are Ordinals and inscriptions, and why should you care? Let’s dive in and explore the exciting world of Bitcoin inscriptions.
First off, Ordinals are a new type of NFT that are inscribed directly onto the Bitcoin blockchain. This means that they are uniquely tied to the blockchain itself and cannot be separated from it. Inscriptions, on the other hand, are messages that are added to the blockchain along with transaction data.
If you want to know more about Ordinals:
Latest Data:
Now, for the latest news from Dune.com: there have been over 538,094 total inscriptions to date, with a total of ₿101.1028 in Ordinals fees. That’s equivalent to approximately $2,800,407.18 in USD.
With the highest of a day crossing over 30K inscription on 9th March 2023
Concerns over Ordinals:
While the growth of Bitcoin inscriptions and NFTs is certainly exciting, there are some concerns to be aware of. One potential issue is the possibility of a transaction backlog, which could increase fees and make it more difficult for regular users to transact on the network. Additionally, the increased storage and bandwidth requirements for running a full Bitcoin node could make it more expensive for node operators and difficult for regular users to participate.
Another concern is the potential for illegal content to be recorded on the blockchain. While this is not unique to Bitcoin inscriptions and NFTs, it is a concern that will need to be addressed as the technology continues to grow and evolve.
Despite these concerns, Ordinals and Bitcoin inscriptions represent an exciting new development in the world of NFTs. As technology continues to develop, it will be fascinating to see how it evolves and what new possibilities it unlocks.