Ordinals Issues 400,000 NFTs on the Bitcoin Network

Recently, Ordinals released a staggering number of NFTs on the Bitcoin network, totaling 400,000. The protocol was initiated by Casey Rodarmor, and according to data from Dune Analytics, more than 30,000 tokens were issued in a single day on March 9, setting an all-time high for the platform.

Of these tokens, the majority were text-based, with nearly 27,000 accounting for 85% of the total. This shows a growing interest in using the Bitcoin network for text-based NFTs, rather than relying solely on image-based tokens.

Source: Dune

Twitter user domodata reportedly began testing the issuance of Ordinals-based “BRC-20” token memes. It is similar to the popular ERC-20 tokens on the Ethereum network, but will be issued on the Bitcoin network through the Ordinals protocol. These tokens will contain various memes including Ordi, Doge, Pepe and Meme.

Despite criticism of token memes as a speculative fad, the popularity of NFTs in general continues to grow. The total number of scripts issued on the Ordinals protocol has now reached 400,000, with a total fee generated to date of 75 BTC.

The news highlights the growing interest in NFTs on the Bitcoin network and the potential for the Ordinals protocol to compete with established NFT platforms like Ethereum.

  • Yuga Labs TwelveFold Bitcoin NFT Auction Sets Record with Highest Bid of $159,600
  • First Bitcoin Ordinal NFT Sold for $28,600

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according to Kyptos

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