CryptoMediaClub
Sunday, July 27, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Bitcoin

Bitcoin NFTs Back in Spotlight as Ordinals Cross 3.5M Inscriptions

12.07.2023
A A
0
127
VIEWS
ShareShare

Bitcoin Ordinals, a groundbreaking method of generating non-fungible tokens (NFTs) on the Bitcoin blockchain through a process called inscribing, made its debut in January. Recently, activity in Bitcoin Ordinals has seen a significant uptick following the launch of the BRC-69 token standard.

According to data from blockchain analytics firm Glassnode, the number of new inscriptions reached over 3.5 million on Monday, nearly matching the record high of 4 million inscriptions set in early May. This surge reflects a remarkable increase of over 250% since the BRC-69 token standard was introduced by Ordinals launchpad Luminex on July 3. The modified BRC-20 standard aims to reduce the cost of inscriptions for Ordinals by more than 90%.

Luminex explained the benefits of BRC-69 in a Twitter thread, stating, “With BRC69, we can reduce the costs of inscriptions for Ordinals collections by over 90% through a 4-step process: inscribe traits, deploy collection, compile collection, and mint assets.” Luminex further highlighted the simplicity of BRC-69, as minters only need to inscribe a single line of text instead of a full image. This text-based approach allows the final image to be automatically rendered on all ordinals-frontends using solely on-chain resources, thanks to recursive inscriptions.

Despite the surge in new inscriptions, data from Dune Analytics reveals that the daily fees paid for inscriptions have remained stagnant. Bitcoin Ordinals went live in January, bringing the NFT and smart contract narrative to the Bitcoin blockchain and sparking investor interest in tokens like STX, the native token of the Bitcoin layer 2 Stacks Network.

Glassnode categorizes the Ordinals boom into two waves. The first wave, which spanned from early February to late April, was driven by image-based inscriptions. The second wave, starting in May, saw a surge in text-based inscriptions with higher fees.

Glassnode’s weekly report suggests that although the second wave had a significantly higher inscription count, overall activity has been declining since May. While there has been a recent uptick in text inscriptions, unconfirmed transactions across Bitcoin mempools are starting to clear, indicating a stabilization in activity.

The combination of Bitcoin Ordinals and the BRC-69 token standard has unlocked new possibilities for NFT creation on the Bitcoin blockchain, showcasing the ongoing innovation and growing interest in this space.

The post Bitcoin NFTs Back in Spotlight as Ordinals Cross 3.5M Inscriptions appeared first on BitcoinWorld.

Share10Tweet6ShareSharePin2

Related Posts

Coinbase’s Astounding $100 Billion Milestone Amidst Bitcoin’s Record Surge
Bitcoin

Coinbase’s Astounding $100 Billion Milestone Amidst Bitcoin’s Record Surge

15.07.2025
0

BitcoinWorldCoinbase’s Astounding $100 Billion Milestone Amidst Bitcoin’s Record Surge The cryptocurrency world is buzzing with excitement, and for good reason!...

Read moreDetails
Bitcoin’s Unseen Ascent: Why Market Euphoria Is Still Ahead, According to Alphractal CEO

Bitcoin’s Unseen Ascent: Why Market Euphoria Is Still Ahead, According to Alphractal CEO

14.07.2025
Bitcoin Holdings Soar: The Blockchain Group’s Momentous Digital Asset Accumulation

Bitcoin Holdings Soar: The Blockchain Group’s Momentous Digital Asset Accumulation

14.07.2025
Bitcoin’s Astonishing Anomaly: Why Public Search Interest Remains Low Despite Record Highs

Bitcoin’s Astonishing Anomaly: Why Public Search Interest Remains Low Despite Record Highs

14.07.2025
Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

08.07.2025
Load More
Next Post

Boxwind Allies With Exinity Group to Streamline Access to Digital Asset Markets

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Potential for Bitcoin volatility caused by rate cuts is quite high — Bitfinex

Potential for Bitcoin volatility caused by rate cuts is quite high — Bitfinex

10 months ago

Shiba Inu (SHIB) Pumps Another 5% While Bitcoin Stagnates at $29K: Market Watch

2 years ago
Peter Schiff Forewarns of Imminent U.S. Dollar Crisis Amid Escalating National Debt

Peter Schiff Forewarns of Imminent U.S. Dollar Crisis Amid Escalating National Debt

2 years ago
Polymarket vs BET: How crypto prediction markets differ in handling betting outcomes

Polymarket vs BET: How crypto prediction markets differ in handling betting outcomes

11 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Siton Mining Launches New Application to Use XRP to Start BTC Mining Machines

How Little Pepe’s Layer 2 Chain Changes Meme Coin Hype, Raises $5 Million in Presale

El Salvador’s Bitcoin Strategy Faces IMF Hurdles and Limited Public Reach, Says NGO

Solana Price Prediction: Key Technical Formation Signals Major Upside Potential for SOL

Dragonfly Capital Faces Potential Charges Over Tornado Cash Ties, Vows to Fight Back

Bitcoin Price Prediction: 67% of BTC Still in Individual Hands – What Does This Say About Price Potential?

Trending

Ethena Up 21% After $360M USDe Deal – Can ENA Hit $1?
All news

Ethena Up 21% After $360M USDe Deal – Can ENA Hit $1?

27.07.2025
0

Ethena (ENA) has delivered a remarkable 21% single-day performance, with trading activity spanning from a session low...

After the Passage of the Genius Act, ALL4 Mining and XRP Will Help Investors Open a New Chapter in Mining Income

After the Passage of the Genius Act, ALL4 Mining and XRP Will Help Investors Open a New Chapter in Mining Income

27.07.2025
Bitcoin Price Prediction: All Eyes on This Descending Triangle Chart Pattern – 100% Move Coming?

Bitcoin Price Prediction: All Eyes on This Descending Triangle Chart Pattern – 100% Move Coming?

27.07.2025
Siton Mining Launches New Application to Use XRP to Start BTC Mining Machines

Siton Mining Launches New Application to Use XRP to Start BTC Mining Machines

27.07.2025
How Little Pepe’s Layer 2 Chain Changes Meme Coin Hype, Raises $5 Million in Presale

How Little Pepe’s Layer 2 Chain Changes Meme Coin Hype, Raises $5 Million in Presale

27.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz