Despite the cryptocurrency’s recent price drop and signs that the hype surrounding Bitcoin NFTs has “died,” ordinal inscriptions have continued to dominate activity on the Bitcoin network over the past week.
On Aug. 21, Ordinals developer “Leonidas” noted that Bitcoin had seen 530,788 transactions in the past 24 hours, of which 450,785 were related to Ordinals.
“At a time when everyone is saying ‘serial numbers are dead,’ they actually account for 84.9% of Bitcoin activity,” he said.
Over the past 24 hours, Bitcoin has seen 530,788 transactions.
450,785 of these transactions were associated with serial numbers.
At a time when everyone is claiming “serial numbers are dead,” they actually account for 84.9% of Bitcoin activity.
You can’t make these things up.
— Leonidas (@LeonidasNFT) August 20, 2023
Data from Dune Analytics backs up this trend Report On August 20th, there were over 400,000 ordered inscriptions, while Bitinfocharts reported a daily Bitcoin transaction volume of around 556,000.
This means that more than three-quarters of current web activity is associated with the August 20th ordinal.
85% of on-chain Bitcoin transactions in the past 24 hours were related to ordinal numbers
eighty-five percent
The main use case of the Bitcoin chain is ORDINALS pic.twitter.com/PCZt4if5jf
— Udi Wertheimer (@udiWertheimer) August 20, 2023
Industry researcher Eric Wall added that he observed that 54% of transactions on the Bitcoin network this week were ordinal transactions.
According to Dune, Ordinal inscriptions totaled 25.5 million and generated $53.4 million in fees on the Bitcoin network.
Currently, Inscription is mainly minting BRC-20 tokens, with 1.9 million minted last week.
The recent observations paint a different picture than an Aug. 17 DappRadar report, which claimed that usage and sales of Ordinals NFTs have plummeted since their peak in May, prompting some cryptocurrency watchers to declare that the hype has “quieted.” “.
However, the hype has died down in recent months, which may have led to #trading volume.
what will happen in the future #bitcoin Ordinal NFT?It’s unclear what the future holds for Bitcoin Ordinals NFTs.
— Cheeky Cryptocurrency (@CheekyCrypto) August 20, 2023
However, the report tracks sales and transaction volumes of minted NFTs on the Bitcoin network, rather than actual registration activity, which still appears to be high.
related: Bitcoin ordinal rolls out upgrade to correct ‘cursed inscription’ issue
Bitcoin ordinals are non-fungible asset artifacts that allow data to be written on Satoshi (the smallest part of Bitcoin).
The protocol was launched in January, and the following months saw a rise in Inscription hype, with thousands of Inscriptions being minted on the Bitcoin network, causing congestion and transaction fees to spike, peaking in April and May.
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