Kofi Mensah The quantity of Bitcoin Ordinal inscriptions registered on the blockchain is on the verge of reaching 19 million, marking a trend that has been consistent for the past 218 days since December 16, 2022. Data show that miners have gathered approximately 1,847.66 BTC in fees, amounting to about $55.29 million, corroborating the millions of Ordinal inscriptions.
Bitcoin’s Ordinal Inscriptions Approaching 19 Million
By July 22, 2023, the blockchain had recorded about 18,599,837 Ordinal inscriptions at block height 799,830. This trend has been consistently climbing since the first inscription 218 days prior. Historical data from Dune Analytics reveal that 78.5% of all inscriptions created on Bitcoin are either in plain text form or character sets, with an additional 13.5% also in plain text. This brings the total of plain text and character set inscriptions to 92%. The remaining inscriptions comprise of images, GIF files, animations, applications, and more.
The rate of inscriptions per block is on an upward trend.
The highest number of daily Ordinal inscriptions was recorded on May 7, 2023, with 400,091 inscriptions. Other notable dates include July 9 with 385,920 inscriptions, July 16 with 385,604 inscriptions, and July 18 with 323,964 inscriptions. Alongside the daily Ordinal inscriptions, the frequency of inscriptions per block has noticeably increased in July. Several blocks, notably block height 797,976 and block height 798,795, recorded over 5,000 inscriptions. Although fees from Ordinals peaked on May 7 and 8, they have remained steady since then.
Since December 2022, miners have accrued fees from confirming Ordinal inscriptions.
Evidence shows that despite the ongoing trend of inscription, people are paying less to confirm roughly the same number of inscriptions as in May. The higher fees, though, are missing. As of block height 799,832 on July 22, the Bitcoin blockchain had more than 300,000 unconfirmed transactions. While a low-priority transaction will cost 71 cents, a high-priority transaction will charge the sender approximately $1.88 or 0.000063 BTC. Both financial transactions and Ordinal inscriptions contribute to this transaction backlog.
In the past 30 days, cryptoslam.io has reported $98.85 million in nonfungible token (NFT) sales. Over this period, the Bitcoin blockchain ranked second among 22 different blockchain networks in terms of sales, but sales have dropped by over 13% compared to the previous month. Only two Bitcoin-based NFT collections are in the top ten in 30-day sales. The Bitcoin collection, dubbed Uncategorized Ordinals, ranked second in the previous month’s sales, amassing $41 million.
What are your thoughts on the volume of Ordinal inscriptions logged on the Bitcoin blockchain? Please share your insights and views on this topic in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin Ordinal Inscriptions
How many Bitcoin Ordinal inscriptions are nearing on the blockchain?
The number of Bitcoin Ordinal inscriptions on the blockchain is close to reaching 19 million as of July 22, 2023.
What is the current trend of the Bitcoin Ordinal inscriptions?
The trend of Bitcoin Ordinal inscriptions has been rising consistently for the past 218 days, since December 16, 2022.
What is the percentage of plain text and character set inscriptions?
78.5% of all the inscriptions minted on Bitcoin are in plain text form or character sets, with an additional 13.5% also in plain text. This totals to 92% of all inscriptions.
What has been the trend of the fees accrued by miners for confirming Ordinal inscriptions?
The fees accrued by miners have remained steady despite the rise in the number of inscriptions. They have collected roughly 1,847.66 BTC in fees, worth about $55.29 million.
How are the sales of Bitcoin-based NFTs trending?
The Bitcoin blockchain has the second highest number of sales among 22 different blockchain networks over the past month. However, these sales have dropped by over 13% compared to the previous month.
More about Bitcoin Ordinal Inscriptions
- Bitcoin Ordinal Inscriptions
- Dune Analytics
- Cryptoslam.io
- Understanding NFTs
- Bitcoin Transaction Fees
5 comments
Woah, 19 million inscriptions, thats crazy! didnt realize the numbers were that high. Bitcoin is truly changing the game.
92% of inscriptions in plain text or character sets, fascinating! Wonder how this will evolve over time.
There’s no stopping the Bitcoin train, 300k unconfirmed transactions and counting. The demand is just too high!
Miner fees haven’t moved much recently. Makes me wonder if the market is due for a correction or if this is the new normal?
kinda bummed to see NFT sales dropping on the BTC blockchain, hope it’s just a temporary dip.