NFT
Duna Analytics data shows that the cumulative minting volume of Bitcoin Ordinals inscriptions has exceeded 1 million, currently, 1,040,881, and the cumulative fee income has reached $4,758,619. This increase is equivalent to 2364.4% in 30 days. This shows how attractive users are to the NFT ecosystem on Bitcoin.
Bitcoin Ordinals function by linking data (such as photos, text, and so on) to a unit of satoshi, from which an NFT may be formed.
Satoshi is the Bitcoin network’s smallest currency. It is used in Bitcoin network transactions and exchanges, as well as a unit of measurement for the value of other currencies on the Bitcoin market.
Since each Bitcoin contains 100,000,000 satoshis, individuals may mint up to 100 million NFT for each Bitcoin.
Bitcoin Ordinals-generated NFTs may be purchased, traded, converted, and operated on the Bitcoin network without the requirement for Layer 2 solutions.
NFTs have been the breakthrough application for Ethereum and other blockchains in recent years. Although much of this mainstream user base left as NFT costs fell, many others remain.
On February 13, people inundated the network with photographs, video games, and other information, pushing the number of Inscriptions employing Ordinals to 100,000.
Despite the fact that Bitcoin is the biggest cryptocurrency by market cap and has the greatest degree of security and the most demonstrated capability as a store of value, the first rise in NFT interest led the majority of these users to blockchain initiatives other than Bitcoin. Unexpectedly, a protocol like Ordinals seemed to allow NFTs to exist on Bitcoin.
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