Bitcoin Ordinal NFTs are a trending asset on the bitcoin network, with over 500,000 NFTs minted recently. These unique digital assets have taken the crypto community by storm, with creators switching from popular blockchains like Ethereum to mint their NFTs on the Bitcoin network.
Over 500,000 Ordinal NFTs minted in two months
At the time of writing, 520,200 NFT orders have been minted on the Bitcoin network in the past two months, according to statistics Dune analysis. This increase is remarkable, considering that just five weeks ago less than 50,000 NFTs were minted.
Onchain data further reveals that March 9, 2023 recorded the highest number of Ordinals transactions. More than 31,000 ordinals were minted that day, with most images followed by videos and text. Additionally, approximately $2.6 million is spent in transaction fees to mint this unique form of digital assets. On average, about 10,000 Ordinals NFTs are minted daily, and this number is expected to grow due to the increasing demand for this form of NFT.
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Bitcoin NFTs are created by assigning each satoshi a function called an ‘ordinal’. Commands are attached to information such as videos, text, images, etc. – which creates NFTs in Bitcoin. Unlike Ethereum NFTs, there are no specific token standards, and the inscriptions created are permanent and cannot be edited or changed.
The growing popularity of ordinal NFTs is largely linked to the ease of creating them. Initially, creation and management of Ordinal NFTs was only possible through the native wallet developed by the creator of this protocol, Casey Rodermer. However, the tool needs to manage a full Bitcoin node locally and use lines of code that can be more user-friendly.
Over time, various companies and programmers created easy-to-use products to enable the adoption of this technology. Wallet providers like Hiro and Sparrow allow users to effectively manage Bitcoin NFT Ordinals. While UniSat Wallet recently reviewed a feature that allows users to create and manage their Ordinal NFTs from their wallet.
General NFTs continue to mount
Despite the growing adoption of Ordinal NFTs, a large part of the Bitcoin community remains opposed to this form of digital asset. Top developers like Adam Back and Luke Dasher have spoken out against this type of NFTs on the Bitcoin network.
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Critics argue that Ordinal NFTs threaten the privacy, security and efficiency of the Bitcoin network. They see storing data such as images, videos, and games as a waste of space and believe it causes congestion on the Bitcoin network.
They may not be wrong, as the Bitcoin network has recently suffered from congestion. According to data from Mempool.space, the Bitcoin network has over 50,000 transactions yet to be confirmed. This equates to more than 160 blocks, which increases transaction fees.
Featured image from Unsplash.com, charts from TradingView