On April 8th, 2023, a big milestone was reached: the number of Ordinal inscriptions hit one million! This is because a type of technology called “non-fungible token” (NFT) has really caught on. As of Sunday, April 9th, there are now 1,049,263 Ordinal inscriptions – and so far people have paid 169.85 bitcoins (which is worth about 4.7 million dollars!) in fees for this technology!
Starting with this passage, I’ll make sure to change the language and terms in order to make it understandable for a thirteen-year-old. By doing this, they should be able to get the key details of what is mentioned in the complex passage.
This past Saturday, April 8th 2023, Ordinal inscriptions became an amazing milestone by reaching 1 million users. It all began when people started to take serious interest in Ordinal inscriptions after the mining pool Luxor mined a Bitcoin block number 774,628 that was 4MB in size and contained Ordinal inscription number 652. Ordinal inscriptions is an idea thought of by Casey Rodarmor empowering users to add cool content like text, pictures, videos or even software into their Satoshis (the smallest piece of Bitcoin).
On April 9, 2023 data from Dune Analytics shows that there was a large number of orders made.
Since the Ordinal inscriptions trend started, 169.85 BTC which equals $4.7 million have been taken in by miners. There is a page put together by @dgtl_assets that shows how much money has been spent on six different marketplaces related to Ordinal Inscriptions. These marketplaces are called Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma and Magic Eden.
There are 6 different kinds of markets (called Ordinal inscription) with a total amount of trades worth $19.31 million dollars. 53,124 different trades have been done by 18,462 traders. CryptokenTop.com has the highest volume, but Ethereum blockchain also has a good amount . Most of the trades have been done through “Ordinals Wallet” and then followed by “Ordswap”.
Recently, a total of 1 million “Ordinal inscriptions” have been uploaded to the Bitcoin blockchain. Not only that, but another project called the “Bitcoin Stamps” is gaining popularity. This project was created by Twitter user Mike in Space and it currently has 17,293 stamps on the Bitcoin network. What’s even more impressive is that on Litecoin’s blockchain there are more than 224,054 Ordinal inscriptions!
What do you think about the trend of labeling things in order? Please share your opinion on this in the comments section!