Bitcoin Ordinal NFTs Minted Surpasses 500,000 Mark – What’s Next?
With more than 500,000 NFTs recently created, bitcoin ordinal NFTs are the most popular asset on the bitcoin network. The crypto ecosystem has been completely overtaken by these distinctive digital assets, with developers transferring from well-known blockchains like Ethereum to mint their NFTs on the Bitcoin network.
More Than 500,000 Ordinal NFTs Minted In Two Months
As of this writing, data from Dune Analysis shows that 520,200 NFT ordinals have been created on the bitcoin network in the previous two months. Given that fewer than 50,000 NFTs were produced just five weeks ago, this growth is impressive.
The most Ordinals transactions were reported on March 9, 2023, according to additional Onchain data. On that day, more than 31,000 ordinals were produced, the majority of which were photographs, followed by movies and text. In order to create this distinct type of digital assets, an additional $2.6 million has been paid on transaction fees. With the rising demand for this kind of NFT, an additional 10,000 Ordinals NFTs are predicted to be produced per day on average.
Each satoshi is given an ordinal, which is used to build bitcoin NFTs. The ordinals are connected to data, such as texts, films, and photographs, producing NFTs on Bitcoin. There are no specified token standards, unlike Ethereum NFTs, and the inscriptions created are irreversible and cannot be modified or edited.
The simplicity of making Ordinal NFTs is partly responsible for their rising popularity. Initially, the native wallet made by Casey Rodarmor, the protocol’s creator, was the sole way to create and manage Ordinal NFTs. Although the program may have been more user-friendly, it required managing a complete Bitcoin node locally.
Over time, other businesses and programmers created simpler products to facilitate the adoption of this technology. The usage of wallet services like Hiro and Sparrow enables users to effectively manage Bitcoin NFT Ordinals. A feature that enables customers to build and manage their Ordinal NFTs from their wallets was recently assessed by UniSat Wallet.
Concerns Continue To Mount Over Ordinal NFTs
Ordinal NFTs are becoming more popular, although a sizable segment of the Bitcoin community is still against them. Leading developers have previously spoken out against these kinds of NFTs on the Bitcoin network, including Adam Back and Luke Dashjr.
They may not be inaccurate, given the Bitcoin network has recently experienced congestion. More than 50,000 transactions on the Bitcoin network have not yet been validated, according to data from Mempool.space. This amounts to more than 160 blocks, which raises transaction costs.
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