
The total number of Bitcoin Ordinals has surpassed 8 million since its inception in January.
A report from Dune Analytics, curated by @dgtl_assets, reveals that the overall network charges related to the minting of Bitcoin Ordinals surged to 1,414 Bitcoin (BTC), equivalent to $38.2 million, on May 20. This showcases a rise of 700% from April 20 and 831% from April 1. The analysis indicates that, despite the enduring fascination with Bitcoin NFTs, the vast majority of Bitcoin Ordinals has transitioned to text-based inscriptions. This contrasts with the fairly even distribution of text and image inscriptions observed from February to April.
In January 2023, Web 3.0 developer Rodarmor introduced the theoretical framework for Bitcoin Ordinal. Building on this, another Web 3.0 developer, domo, formulated the BRC-20 Bitcoin token standard in March 2023. This standard leverages both Ordinals and Inscriptions to establish and handle token contracts, token minting, and token transfers on Bitcoin.
Source: https://cointelegraph.com/news/bitcoin-ordinals-mintage-fees-paid-increase-700-since-april-report