Inscriptions cast on Bitcoin NFT protocol Ordinals break daily record

04/30/2023 07:34 • Crypto & Markets • 64 views

On April 30th, according to Dune Analytics data, the number of inscriptions cast on the Bitcoin NFT protocol Ordinals reached 223311 on April 29th, setting the highest daily record so far. The second highest record in history occurred on April 23rd, with over 190000 inscriptions cast on that day. The current total number of inscriptions cast by Ordinals has exceeded 2.426 million, and the total cost incurred so far has reached approximately 213.1 BTCs.

Bitcoin NFT protocol Ordinals cast over 220000 inscriptions yesterday

The number of inscriptions cast on the Bitcoin NFT protocol Ordinals hit a daily record high on April 30th, 2021, with a total of 223,311 inscriptions. The previous record was set on April 23rd, 2021, with over 190,000 inscriptions cast on that day. The current total number of inscriptions cast by Ordinals has now exceeded 2.426 million, with a total cost of approximately 213.1 BTCs.

What is the Bitcoin NFT Protocol Ordinals?

The Bitcoin NFT protocol Ordinals is a unique way of creating and trading non-fungible tokens (NFTs) on the Bitcoin blockchain. The Ordinals protocol allows for the creation of NFTs that are mathematically unique, meaning that they cannot be replicated or duplicated. This makes them highly valuable and sought-after in the digital art and collectibles market.

How does the Ordinals Protocol work?

The Ordinals protocol uses a complex mathematical formula to generate unique NFTs that are issued as numbered ‘editions’. Each edition is created by adding a unique set of ‘secrets’ to a base token, resulting in a mathematically unique NFT. Once an NFT is created, it can be bought and sold on the Ordinals marketplace, with each subsequent owner having a verifiable record of ownership on the Bitcoin blockchain.

What is driving the surge in inscriptions?

There has been a significant increase in interest and demand for NFTs in recent months, with many high-profile sales and auctions making headlines in the media. The unique properties of the Ordinals protocol, combined with the growing awareness and popularity of NFTs, has led to a surge in inscriptions on the platform.

The Future of Ordinals

As the market for digital art and collectibles continues to grow, the Ordinals protocol is poised to play a significant role in the industry. Its unique properties and high level of security make it an attractive option for buyers and sellers, and the growing number of inscriptions on the platform is a testament to its success.

Conclusion

The Bitcoin NFT protocol Ordinals has set a new daily record for inscriptions, highlighting the growing demand and interest in NFTs. The protocol’s unique properties make it an ideal option for buyers and sellers in the digital art and collectibles market, and its popularity is only set to grow in the coming months and years.

FAQs

1. What is the Bitcoin NFT protocol Ordinals?
– The Bitcoin NFT protocol Ordinals is a unique way of creating and trading non-fungible tokens (NFTs) on the Bitcoin blockchain.
2. How does the Ordinals Protocol work?
– The Ordinals protocol uses a complex mathematical formula to generate unique NFTs that are issued as numbered ‘editions’.
3. What is driving the surge in inscriptions?
– The growing awareness and popularity of NFTs, combined with the unique properties of the Ordinals protocol, has led to a surge in inscriptions on the platform.
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