The creation of Bitcoin ordinal inscriptions on the Bitcoin (BTC) blockchain has generated more than $210 million in transaction volume, according to DappRadar’s latest quarterly report.
The data, which has been independently verified by Cointelegraph, shows that the boom in Bitcoin Ordinals led to a sharp increase in transaction volume in the second quarter of 2023.
Bitcoin ordinal transaction volume rose from $7.18 million in the first quarter of this year to $210.7 million at the end of June. DappRadar expects a quarterly growth rate of 2,834%.
The report also noted that Ordinals historically traded over 550,000 trades in the second quarter, with around 150,000 unique traders leading to volume inflation through mid-2023.
Dune Blockchain Analysis Dashboard Multiple Bitcoin Ordinals market indicators that reflect user domo also show a sharp increase in unique users since May 2023. UniSat (an open-source Chrome browser extension for Bitcoin Ordinals and BRC-20 tokens), Magic Eden, and Ordinals Wallet accounted for the majority of unique users by market.
The popularity of Bitcoin ordinals has interesting implications for the non-fungible token (NFT) landscape. By the end of May 2023, Bitcoin surpassed Solana to become the second most popular NFT blockchain, second only to Ethereum in terms of NFT transaction volume.
Related: Bitcoin Ordinal Surpasses 10 Million Inscriptions as Founder Rodarmor Resigns
Ordinal numbers have also been a boon to the Bitcoin mining industry. As of the first half of 2023, the net income of BTC miners is about 184 million US dollars, and Coin Metrics highlights the role of Ordinals and BRC-20 tokens in raising fees, which already exceeds the total income of BTC miners in 2022.
Ethereum co-founder Vitalik Buterin also praised Bitcoin Ordinals on Twitter for rekindling the “builder culture” in the Bitcoin ecosystem space July 6th.
Magazine: Ordinal turns Bitcoin into a worse version of Ethereum: Can we fix it?