Bitcoin surpasses 1 mln Ordinals inscriptions

Zoltan Vardai

10 April 2023 at 10:49 am·1-min read

The Bitcoin network has recorded over 1.05 million Ordinals inscriptions within the first three months since launch. Bitcoin Ordinals, launched Jan. 21, is a protocol that enables digital assets to be inscribed on satoshis (sats), the lowest Bitcoin denomination.

See related article: NFT’s Bitcoin Future

Fast facts

Over 170 Bitcoin (US$4.8 million) in fees have been spent to inscribe the assets on the Bitcoin blockchain, according to data from Dune Analytics.
Ordinal inscriptions are likened to non-fungible tokens (NFTs) on Bitcoin. They allow users to mint images, videos, text and even video games on sats, which can benefit from the network’s immutability.
The protocol was developed in the past year by software engineer Caser Rodarmor. It relies on Bitcoin’s Segwit and Taproot, two upgrades that enhanced the blockchain’s smart contract functionalities.
The millionth inscription comes as interest in Bitcoin Ordinals has been increasing. On Tuesday, April 4, there were 76,374 inscriptions on the network, a daily record, Dune Analytics data shows.
Luxury carmaker Bugatti announced last week a partnership with Asprey Studio, a division of luxury retailer Asprey, to launch a Bitcoin-native NFT collection.
Bitcoin rose 1.23% in the 24 hours to 9:30 p.m. Hong Kong time, to trade at US$28,263, according to CoinMarketCap.