Bitcoin Ordinals, which enables digital artworks to be produced on the BTC network, is showing an incredible growth performance. According to on-chain metrics, the amount of Ordinals inscriptions doubled from 2.5 million to 4.8 million in just 7 days.
Crypto enthusiasts, who focused only on visual NFTs in the first months of the project, recently realized that thanks to Ordinals, they can also tokenize text, video and audio content.
Rafael Schultze-Kraft, one of the founders of Glassnode, revealed in his social media account that the number of text-based Ordinals inscriptions exceeded 2.8 million, making it superior to other varieties.
7/ Separating transactions related to text inscriptions from all other #Bitcoin transactions, we clearly see that they are sole driver for the recent increase in Bitcoin activity – even surpassing the total number of all other transactions for a brief amount of time. pic.twitter.com/elXlT4zbPt
— Rafael Schultze-Kraft (@n3ocortex) May 4, 2023
According to Kraft's share, 650 thousand inscriptions in the photo type were created, while the number of videos was limited to 1,800 and the number of sounds was limited to 347.
New Tokens On The Bitcoin Network!
Bitcoin Ordinals has expanded competition not only to the generation of unique tokens, but also to the creation of new cryptocurrencies on the network. According to the data of the site that tracks cryptocurrencies in the BRC-20 network, there are 14,200 different coins in the network.
According to brc-20.io data, ORDI token tops the list with a market value of $400 million, followed by NALS in second place and PEPE, the popular meme coin of recent days.