Bitcoin ordinal NFTs are the trending asset on the bitcoin network, with more than 500,000 NFTs minted recently. These unique digital assets have taken over the crypto community, with creators switching from popular blockchains like Ethereum to mint their NFTs on the Bitcoin network.
More Than 500,000 Ordinal NFTs Minted In Two Months
At the time of writing, 520,200 NFT ordinals have been minted on the bitcoin network in the last two months, according to data from Dune Analysis. This growth is remarkable, considering less than 50,000 NFTs were minted just five weeks ago.
Onchain data further reveals that March 9, 2023, recorded the most Ordinals transactions. More than 31,000 ordinals were minted that day, with the vast majority of images followed by videos and text. In addition, about $2.6 million has been spent on transaction fees to mint this unique form of digital assets. On average, about 10,000 Ordinals NFTs are minted daily, and this number is expected to grow due to the increased demand for this form of NFT.
Related Reading: BlockSec Foils Hackers’ Attempt To Steal $5 Million From ParaSpace
Bitcoin NFTs are created by assigning what’s called ‘ordinals’ to each satoshi. The ordinals are linked to information like videos, text, images, etc — thereby creating NFTs on Bitcoin. Unlike Ethereum NFTs, there are no specific token standards, and the inscriptions made are permanent and cannot be edited or changed.
The growing popularity of Ordinal NFTs is largely linked to the ease of creating them. Initially, creating and managing Ordinal NFTs was only possible through the native wallet developed by Casey Rodarmor, the creator of this protocol. However, the tool required managing a full Bitcoin node locally and using lines of code that could have been more user-friendly.
Over time, different companies and programmers devised easier products to enable the adoption of this technology. Wallet providers like Hiro and Sparrow allow users to manage Bitcoin NFT Ordinals effectively. While UniSat Wallet recently reviewed a feature that allows users to create and manage their Ordinal NFTs from their wallets.
Concerns Continue To Mount Over Ordinal NFTs
Despite the growing adoption of Ordinal NFTs, a large portion of the Bitcoin community remains opposed to this form of digital asset. Top developers like Adam Back and Luke Dashjr have previously spoken out against this type of NFTs on the Bitcoin network.
Related Reading: SVB Analysis Shows More Than 186 US Banks Might Still Collapse
Critics argue that Ordinal NFTs threaten the privacy, security, and efficiency of the Bitcoin network. They view storing data such as images, videos, and games as a waste of space and believe it leads to congestion on the Bitcoin network.
They may not be wrong, as the Bitcoin network has recently suffered from congestion. According to data from Mempool.space, more than 50,000 transactions are yet to be confirmed on the Bitcoin network. This is equivalent to more than 160 blocks, leading to increased transaction fees.
Featured Image from Unsplash.com, Charts from TradingView
Leave a Reply