{"id":17531,"date":"2023-02-11T19:14:02","date_gmt":"2023-02-11T19:14:02","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/over-50000-added-to-the-bitcoin-blockchain-in-2023-bitcoin-news\/"},"modified":"2023-02-11T19:14:02","modified_gmt":"2023-02-11T19:14:02","slug":"over-50000-added-to-the-bitcoin-blockchain-in-2023-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/over-50000-added-to-the-bitcoin-blockchain-in-2023-bitcoin-news\/","title":{"rendered":"Over 50,000 Added to the Bitcoin Blockchain in 2023 \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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As of Friday, Feb. 10, 2023, the Bitcoin blockchain had seen the addition of more than 50,000 Ordinal inscriptions as the trend has continued to increase daily. People are inscribing text, images, videos, audio, and software applications onto the blockchain, with some inscriptions fetching high prices via over-the-counter (OTC) trades. A clone of the popular NFT collection Cryptopunks, called Ordinal Punks, is selling for similar values to the original NFTs minted on Ethereum.<\/strong><\/p>\n

Ordinal Inscriptions Become Latest Sensation in NFT Market, Selling for High Prices on Over-the-Counter Trades<\/h2>\n

Ordinal inscriptions<\/a> are gaining popularity in 2023, with the number rising to more than 50,000. Just five days prior, there were only 7,000<\/a> inscriptions. As of 12:20 p.m. ET on Feb. 11, 2023, there are 57,179<\/a> inscriptions hosted on the Bitcoin blockchain. Additionally, several ordinal inscriptions have sold for substantial amounts in the past week, including a clone of the Cryptopunks NFT collection, known as Ordinal Punks.<\/p>\n

Ordinal Punks<\/a> are a collection of 100 generative punks that were minted within the first 650 inscriptions on the Bitcoin blockchain. Many new NFTs based on Bitcoin are being sold through over-the-counter (OTC) transactions, using a rudimentary pricing spreadsheet<\/a>. Recently, Ordinal Punk #41 sold for 11.5 BTC<\/a>, or $249,052. On Friday, the Ordinal Punks surpassed<\/a> the floor values of Cryptopunks. While the trend of Ordinal inscriptions is still new, there is limited infrastructure in terms of markets and updated price metrics.<\/p>\n

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Just acquired these 7 @OrdinalPunks<\/a> for a total of 15.2 BTC<\/a> (211 ETH<\/a>)<\/p>\n

Punk 27 (inscription #444)
Punk 48 (ins #483)
Punk 73 (ins #599)
Punk 80 (ins #606)
Punk 88 (ins #614)
Punk 91 (ins #617)
Punk 92 (ins #618)<\/p>\n

If you haven’t looked into Ordinal NFTs on BTC<\/a> yet, you should, now pic.twitter.com\/MhD1WKjPfA<\/a><\/p>\n

\u2014 dingaling (@dingalingts) February 8, 2023<\/a><\/p>\n<\/blockquote>\n

However, the project called Emblem Vault has created<\/a> vaults for Ordinal inscriptions, similar to vaults created for Rare Pepe NFTs made with Counterparty and Bitcoin. With Emblem Vault\u2019s technology, Ordinal inscriptions can be added to the Opensea NFT marketplace and sold for ethereum (ETH<\/a>). Emblem Vault suggests<\/a> using a community tool to verify Bitcoin-crafted punks to prevent scams. Emblem Vault tweeted<\/a> on Saturday, \u201cRemember to verify before purchasing any vaulted asset.\u201d<\/p>\n

Data<\/a> shows that people are not only adding images to the Bitcoin blockchain through Ordinal inscriptions, but also text, video, applications, and audio. Although images are the most common attachment, text and video inscriptions follow in popularity. Ethereum advocates are also utilizing Ordinal inscriptions, as many ETH-based NFTs are being inscribed onto the Bitcoin blockchain. For instance, \u201cOnchain Monkeys\u201d (OCM), an Ethereum-based NFT project from 2021, minted<\/a> its 10,000-piece collection using Bitcoin.<\/p>\n

\u201cWe inscribed OCM on Bitcoin in a highly efficient way in one inscription,\u201d the team tweeted<\/a>. \u201cThis is a historic precedent that mirrors the historic first of all 10K OCM Genesis being created onchain on Ethereum in one transaction.\u201d<\/p>\n

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100 generative punks<\/a>, 11.5 BTC<\/a>, 650 inscriptions<\/a>, AUDIO<\/a>, Bitcoin<\/a>, Bitcoin Blockchain<\/a>, common attachment<\/a>, community tool<\/a>, Counterparty<\/a>, cryptopunks<\/a>, data<\/a>, Emblem Vault<\/a>, Ethereum<\/a>, Ethereum advocates<\/a>, Floor Values<\/a>, high prices<\/a>, highly efficient inscription<\/a>, historic precedent<\/a>, images<\/a>, increase<\/a>, limited infrastructure<\/a>, Markets<\/a>, nascent trend<\/a>, new NFTs<\/a>, Onchain Monkeys<\/a>, one transaction<\/a>, Opensea NFT marketplace<\/a>, Ordinal inscriptions<\/a>, Ordinal Punks<\/a>, over-the-counter trades<\/a>, pricing spreadsheet<\/a>, Rare Pepe NFTs<\/a>, Scams<\/a>, software applications<\/a>, Text<\/a>, trend<\/a>, updated price metrics<\/a>, vaults<\/a>, Verify<\/a>, videos<\/a><\/div>\n<\/div>\n

What are your thoughts on the rising popularity of Ordinal inscriptions on the Bitcoin blockchain? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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