Bitcoin Inscriptions: The Latest Digital Craze Taking the Blockchain by Storm
In January, a new digital asset called Ordinals became the talk of the Bitcoin network.
Similar to NFTs, Ordinals are digital assets inscribed on the smallest unit of Bitcoin, called a satoshi, which is made possible by the Taproot upgrade launched in November 2021.
On Monday, the number of Bitcoin Inscriptions surpassed 200,000, with fees skyrocketing to over $170,500 on February 15, 2023.
However, fees have since decreased, with just over $11,000 being paid to miners at the time of writing.
Developers on other blockchains like Litecoin and Dogecoin have attempted to copy the project. Meanwhile, developers on Bitcoin sidechain projects are pushing for Ordinal-compatible wallets and marketplaces.
Yuga Labs, the Bored Ape Yacht Club creators, announced their very own series of 300 Ordinals.
On February 7, 2023, over 21,824 Bitcoin NFTs were minted on the network; these inscriptions included text, images, video, and audio files. Currently, just over 5,400 text and image inscriptions have taken place.