The Ordinals Inscriptions and the #BRC-20 token standard are new developments in the Bitcoin community that have gained popularity in 2023. The BRC-20 standard allows users to issue transferable tokens directly through the Bitcoin network for the first time, and these tokens are called inscriptions. The inscriptions function on the #OrdinalsProtocol which allows users to embed data into the #Bitcoin blockchain by inscribing references to digital art into small bitcoin-based transactions.

The $ORDI token is tied to the #Ordinals Protocol and was listed on the Binance exchange, fueling a 50% price jump within hours. BRC-20 tokens are fungible tokens that can be created and transferred using the Ordinals protocol, and they do not make use of smart contracts like #ERC-20 tokens. As of May 8, 2023, 14,200 different tokens have been minted using the BRC-20 standard.