The number of NFTs on the Bitcoin network surged above 3 million earlier this week after a day of activity surged, led by text-based assets from Dune analysis show.
Tokens, also known as inscriptions, work on top of the Ordinals protocol, allowing users to embed data into the bitcoin blockchain by etching digital art references into small bitcoin-based transactions.
Bitcoin NFTs Could Be Catalyst for Bullish Rally | Source: Ordinal Protocol
The breakthrough follows the introduction of the Bitcoin Request for Comments (BRC-20) token standard, which allows users to issue tokens that can be transferred directly across the network. This has spawned a series of digital artwork and meme tokens built on top of Bitcoin. On Tuesday (May 2), the market capitalization of the meme token rose to $137 million.
However, most inscriptions are text-based. These are much less expensive than digital art or memecoins, since network fees depend on the amount of data written.
Monday (May 1) saw more than 372,000 unique inscriptions on the Bitcoin blockchain, 371,000 of which were text-based. Only 316 image-based inscriptions are generated, the rest are applications or tokens.
Inscriptions on the Bitcoin blockchain have surged in the past few weeks | Source: Dune
In addition to the nearly 284 bitcoin lifetime fee from the Ordinal campaign, the creator paid 28 bitcoin for the Inscriptions creation, more than $8 million at current prices.
At the same time, tokens focused on using the Bitcoin ecosystem have also increased in price as subscriptions have increased.
Stacks’ STX token is up more than 12% in the past 24 hours, while the broader cryptocurrency market is up just 1.2%.
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According to CoinDesk
