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.
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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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
