In recent news, Bitcoin NFT Protocol Ordinals has issued a staggering number of tokens, with the total volume approaching 400,000. The protocol was launched by Casey Rodarmor, and according to data from Dune Analytics, more than 30,000 tokens were issued in one day on March 9th, a record high for the platform.
Of these tokens, the majority were text-based, with nearly 27,000 issued, accounting for 85% of the total. This suggests a growing interest in using the Bitcoin network for text-based NFTs, rather than relying solely on image-based tokens.
One Twitter user, @domodata, has reportedly started an experiment to issue an Ordinals-based “BRC-20” meme token. This is similar to the popular ERC-20 tokens on the Ethereum network, but would be issued on the Bitcoin network using the Ordinals protocol. The tokens will reportedly feature a variety of memes, including Ordi, Doge, Pepe, and Meme.
Despite some criticisms of meme tokens as a speculative fad, the popularity of NFTs in general has continued to grow. The total amount of inscriptions issued based on the Bitcoin NFT protocol Ordinals has now reached 400,000, generating a total fee of 75 BTC so far.
This news underscores the growing interest in using the Bitcoin network for NFTs, as well as the potential for the Ordinals protocol to compete with established NFT platforms like Ethereum. As more users experiment with different types of NFTs on the Bitcoin network, it will be interesting to see how the platform evolves and whether it can continue to attract new users and developers.
Read more:
- Bitcoin NFTs Built On Inscriptions & Ordinals: A $4.5bn Market By 2025, According To Galaxy Research
- Yuga Labs Plans To Mint New NFT Collection On Bitcoin Network Using Ordinals Protocol
- First-Ever Bitcoin Ordinal NFT Sells For 1.21 BTC