{"id":19655,"date":"2023-04-09T22:27:47","date_gmt":"2023-04-09T22:27:47","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ordinal-inscriptions-surpass-1-million-mark-miners-collect-4-7m-in-fees-as-bitcoin-nft-trend-continues-bitcoin-news\/"},"modified":"2023-04-09T22:27:47","modified_gmt":"2023-04-09T22:27:47","slug":"ordinal-inscriptions-surpass-1-million-mark-miners-collect-4-7m-in-fees-as-bitcoin-nft-trend-continues-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ordinal-inscriptions-surpass-1-million-mark-miners-collect-4-7m-in-fees-as-bitcoin-nft-trend-continues-bitcoin-news\/","title":{"rendered":"Ordinal Inscriptions Surpass 1 Million Mark, Miners Collect $4.7M in Fees as Bitcoin NFT Trend Continues \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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On April 8, 2023, the number of Ordinal inscriptions surpassed the million mark as the non-fungible token (NFT) trend has seemingly become a mainstay. Presently, on Sunday, April 9, the total number of Ordinal inscriptions is 1,049,263, and so far, 169.85 bitcoins worth $4.7 million have been collected in fees.<\/strong><\/p>\n

Ordinal Inscriptions Reach 1 Million<\/h2>\n

This weekend, Ordinal inscriptions reached a milestone by surpassing the 1 million mark on Saturday, April 8, 2023. Ordinal inscriptions started to see significant demand after the mining pool Luxor mined Bitcoin block No. 774,628<\/a>, which was not only close to 4 megabytes in size but also contained Ordinal inscription No. 652<\/a>. Ordinal inscriptions is an idea that sprang from the mind of Casey Rodarmor<\/a>, which allows users to inscribe satoshis (Bitcoin\u2019s smallest unit) with arbitrary content such as text, pictures, video, and even software.<\/p>\n

\"Ordinal
Number of Ordinal inscriptions via Dune Analytics data on April 9, 2023.<\/figcaption><\/figure>\n

Dune Analytics metrics<\/a> compiled by the user @dgtl_assets<\/a> indicate that 169.85 BTC<\/a> worth $4.7 million associated with Ordinal inscriptions have been collected by miners since the trend began. The same Dune user, @dgtl_assets, offers another page of analytical insights that shows the collective volume between six different Ordinal inscription marketplaces. Markets include Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Magic Eden.<\/p>\n

These six Ordinal inscription markets have seen an aggregate total volume that amounts to $19.31 million. So far, 53,124 trades<\/a> have been executed by 18,462 unique traders, according to the Ordinal inscription marketplace data. Bitcoin commands a great deal of the volume, but the Ethereum blockchain is also accounted for in terms of volume. The leader in unique users by market is Ordinals Wallet, followed by Ordswap.<\/p>\n

Meanwhile, the Ordinal inscription milestone reaching the 1 million mark comes at a time when a new way of minting arbitrary content to the Bitcoin blockchain has gained traction called Bitcoin Stamps<\/a>. So far, there are only 17,293 Bitcoin Stamps<\/a> on the Bitcoin network at the time of writing, but the project has continued to see increased adoption since its creator, Twitter user Mike in Space<\/a>, launched the project. Furthermore, on the Litecoin blockchain, there are 224,054<\/a> Litecoin-based Ordinal inscriptions since the idea was ported over to Litecoin.<\/p>\n

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adoption<\/a>, arbitrary content<\/a>, Bitcoin<\/a>, Bitcoin Stamps<\/a>, Blockchain<\/a>, Cryptocurrency<\/a>, digital content<\/a>, digital distribution<\/a>, digital ownership<\/a>, Dune Analytics<\/a>, Ethereum<\/a>, Fees<\/a>, Gamma<\/a>, litecoin<\/a>, Luxor<\/a>, Magic Eden<\/a>, Marketplaces<\/a>, Mike in Space<\/a>, mining pool<\/a>, nft<\/a>, Non-fungible Token<\/a>, Open Ordex<\/a>, Ordinal inscriptions<\/a>, Ordinals Market<\/a>, Ordinals Wallet<\/a>, Ordswap<\/a>, satoshis<\/a>, Software<\/a>, Trades<\/a>, unique traders<\/a><\/div>\n<\/div>\n

What are your thoughts on the ordinal inscription trend? Share your thoughts about this subject 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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