According to a report compiled by @dgtl_assets of Dune Analytics, the total network fees paid for minting Bitcoin Ordinals reached 1.414 Bitcoin (BTC), equivalent to $38.2 million, on May 20th, marking a 700% increase compared to April 20th and an 831% increase since April 1st. An analysis shows that while there is still interest in Bitcoin NFTs, the majority of Bitcoin Ordinals have shifted towards text-based inscriptions, as opposed to the relatively balanced mix of text and image inscriptions from February to April.
According to the explanation from the cross-chain wallet BitKeep, Bitcoin Ordinals "are a numbering system designating a unique number for each individual SAT [Satoshi, or 1/100 millionth of a Bitcoin], allowing tracking and transfer." Combined with the Inscription process, which adds an additional layer of data for each Satoshi, users can mint unique digital assets on the Bitcoin blockchain.
In contrast to traditional NFTs, built on smart contracts and stored on solutions like IPFS, the BitKeep developers explain that "Ordinals reside entirely on the Bitcoin blockchain and do not require sidechains or separate tokens."
In January 2023, Web 3.0 developer Rodarmor released the Bitcoin Ordinal theoretical framework. Additionally, Web 3.0 developer domo created the Bitcoin BRC-20 token standard in March 2023, utilizing both Ordinals and Inscription to create and manage token contracts, mint tokens, and transfer tokens on Bitcoin.
Since then, over 8 million Bitcoin Ordinals have been minted, along with 24,677 BRC-20 tokens created, with a total market capitalization of $612.5 million. On May 20th, cryptocurrency exchange OKX announced the listing of ORDI BRC-20 tokens, the most popular in that portfolio with a market capitalization of over $300 million.
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