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Registered Inscriptions Near 4.8 Million, Almost Doubled in Over a Week

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The popularity of BRC-20 tokens has led to a 92% increase in registered inscriptions on the Bitcoin network within just 8 days.

The number of registered inscriptions on the Bitcoin network, indicated by the BTC ticker, has experienced another significant surge. It has nearly doubled, rising from 2.5 million to 4.78 million in just the past eight days.

At first, the Ordinals protocol was primarily utilized for creating non-fungible tokens (NFTs) in the form of images. However, users soon discovered that they could also generate fungible tokens by using text-based inscriptions, similar to the ERC-20 token standard on the Ethereum network.

The total number of Bitcoin Ordinals inscriptions since December 14. Source: “cointelegraph”

The widespread adoption of text-based inscriptions, now known as the BRC-20 token standard, has been the primary driver behind the significant increase in registered inscriptions on the Bitcoin blockchain.

According to Rafael Schultze-Kraft, the co-founder and CTO of Glassnode, text-based inscriptions have become the most favored type of Ordinals inscription. As of May 5, there were over 2.8 million text-based inscriptions recorded.

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New data from Dune Analytics, a popular blockchain data hub, reveals that since April 25, almost all (99%) of the newly registered Ordinals inscriptions have been in the form of text-based inscriptions.

Ordinals inscriptions by type since December 14. Source: “cointelegraph”

A newly developed tool called brc-20.io enables users to monitor BRC-20 tokens on the Bitcoin blockchain. As per the tool’s data, there are currently 14,200 new tokens registered. Among the popular Bitcoin-based tokens are “ordi” and “nals,” and surprisingly, even a Bitcoin-based version of the well-known memecoin Pepe (PEPE) is ranked third in terms of total market capitalization.

The total number of BRC-20 tokens currently available. Source: “cointelegraph”

According to Galaxy Digital, a digital asset investment firm, the combined value of BRC-20 tokens, often referred to as “Bitcoin NFTs,” is currently around $700 million. However, they predict that by 2025, the market for these unique digital assets based on Bitcoin could grow significantly, reaching an estimated value of $4.5 billion.

The increasing popularity of Ordinals in recent months has led to ongoing discussions about whether they bring overall benefits to the Bitcoin ecosystem.

According to Dan Held and other Bitcoin supporters, Ordinals expand the range of financial possibilities for Bitcoin. However, some strict Bitcoin advocates believe that Ordinals deviate from Satoshi Nakamoto’s original vision of Bitcoin as a digital cash system for direct transactions between individuals.

At the same time, miners have experienced a significant increase in their earnings as a result of the transaction fees generated by the surge in network activity.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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