Ordinal inscriptions on the Bitcoin blockchain have passed the 1 million mark

On April 8, 2023, the number of Ordinal inscriptions crossed the 1 million mark as the non-fungible token (NFT) trend seemed to have taken hold. Currently, as of Sunday, April 9, the total number of Ordinal inscriptions is 1,049,263, and 169.85 BTC worth $4.7 million in inscriptions have been paid so far.

Serial number inscriptions reached 1 million

Ordinal Glyphs reached a major milestone this weekend, as they crossed the 1 million mark on Saturday. Ordinal inscriptions began to be in high demand after mining pool Luxor mined Bitcoin block number 774,628, which was nearly 4 megabytes in size and contained ordinal inscription number 652. The Ordinal Inscription is an idea by Casey Rodarmor that allows users to engrave a satoshi (the smallest unit of Bitcoin) with arbitrary content such as text, images, videos, and even software.

Ordinal inscription of April 9, 2023. Source: Dune Analytics

Dune Analytics data compiled by user @dgtl_assets shows that 169.85 BTC worth $4.7 million worth of $4.7 million have been paid out to miners since the trend began.

User @dgtl_assets also provided another page of analytical insights showing the total trading volume for six different ordinal inscription markets. Marketplaces include Ordinals Market, Ordinalswap, Ordinals Wallet, Open Ordex, Gamma, and Magic Eden.

The total turnover of the six serialized inscription markets was US$19.31 million. According to Ordinal Inscription market data, 18,462 unique traders have made 53,124 trades to date. The market leader for unique users is Ordinals Wallet, followed by Ordswap.

Meanwhile, Ordinal Inscriptions hit the 1 million milestone, and a new method of minting arbitrary content into the Bitcoin blockchain emerged — a method that recently gained traction called Bitcoin Stamps. To date, at the time of writing, there are only 17,293 Bitcoin Stamps on the Bitcoin network, but since its creator, Twitter user Mike in Space, started the project, adoption of the project has continued to increase. Furthermore, since the idea was ported to Litecoin, the Litecoin blockchain currently has 224,054 serial number inscriptions.

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