Statistics show that more than 500,000 people have marked their name on the Bitcoin blockchain. This trend has been growing quickly! Plus, in the past month, miners have gotten 98 bitcoins (valued at $2.66 million) from fees they’ve collected.
5 Million Pieces of Data Inscribed on the Bitcoin and Litecoin Blockchains!
So far, more than 500,000 pieces of data have been added to the Bitcoin blockchain. Right now, there are about 522,243 inscriptions on it! Ordinal inscriptions technology allows people to include all sorts of information such as words, pictures, audio, video and apps into the blockchain.
The Ordinal inscriptions are a group of 500,000 or more on March 17, 2023. 31.1% of them (or about 162,615) are in PNG format. 14% are in WEBP and 7% in JPEG.
There are roughly 212,827 Ordinal inscriptions (words or symbols) in existence today that make up 40% of all the existing inscriptions. The most number of these inscriptions were minted in one block at a height of 780,895, totaling 1,870 words or symbols. The second largest amount was found in block 780,037 with 610 Ordinal inscriptions minted there.
Block 780,895 was really small – it was only 2.83 MB in size and it had 1,870 inscriptions. On March 15th, 3,598 transactions were confirmed in this block. Recently, the number of Ordinal inscriptions rose above 500K and some people have made a lot of money – like Yuga Labs who sold their inscriptions named ‘Twelvefold’ for $16.6 million!
The Bitcoin Punks project sold over $11 million worth in Bitcoin, Ordinal Punks made over $5.5 million with their inscriptions collection called Tradfilines, and Unordinals amassed almost $2.3 million in sales.
A lot of people are buying collections of inscriptions to put on the Bitcoin and Litecoin networks. There are Inscribed Pepes, Punks on Bitcoin, Pixel Pepes, Bitcoin Rocks and Xcpinata art collections that have become really popular! Plus there are over 500,000 inscriptions on the blockchain and 213,583 Ordinal inscriptions on the Litecoin network.
The Litecoin blockchain also has lots of unique “collections” like Litecoin Punks, Litecoin Bulls and the Ordinal Doges. A lot of people feel that something special could happen with the Ordinal inscription trend, especially on the Bitcoin blockchain. Recently, Galaxy Digital published a report that said that NFT assets (that are powered by Ordinal inscription technology) might be worth $4.5 billion by 2025!
What do you think will happen to Bitcoin blockchain messages marked by numbers and the NFT market in the future? Share your ideas and opinions in the comments section below.