Bitcoin NFT Ordinal Registrations Continue to Surge – Total Registrations Over 62 Million

bitcoin Ordinals, a relatively new method of generating non-fungible tokens through enrollment, continues to bring more new nft collections and smart contracts to the bitcoin blockchain network. In less than two years, the number of registered ordinals has exceeded 60 million.

Summary: What is bitcoin ordinal registration?

By description, bitcoin inscription is the process of embedding arbitrary data or content, such as text, images, and videos, into a Satoshi, the smallest denomination of bitcoin. During this process, sats are inscribed with arbitrary content, creating bitcoin-native digital artifacts, more commonly known as non-fungible tokens.

These enrolled sats can be transferred via bitcoin transactions, sent to bitcoin addresses, and held in bitcoin UTXOs. These transactions, addresses, and UTXOs are normal bitcoin transactions, addresses, and UTXOS in all respects, except that to send individual sats, the transactions must control the order and value of inputs and outputs according to ordinal theory.

During its initial stage, bitcoin registration was known for its bitcoin Ordinals, which took the cryptocurrency and nft market by storm. However, these digital artifacts have evolved to generate more forms of nft collection, including the recently more publicized BRC-20 nft collections.

bitcoin listing has also inspired creators to list content on other blockchains, including Solana and ethereum. Derived from bitcoin, Ethscriptions are a new way to create and share digital artifacts on the ethereum blockchain network that is cheaper and more decentralized than regular non-fungible tokens.

Total registrations exceed 62 million

Data compiled by Dune.com, an on-chain market data tracker, shows that registrations on the bitcoin blockchain continue to proliferate. At the time of writing, there are over 62 million signups, generating all-time fees of $232 million. From December 2022 to March 2024, there were also 51 million BRC-20 events, and more than $173 million was spent on fees.

Fountain: duna.comOrdinal enrollment analysis.

Meanwhile, although BRC-20 non-fungible token collections seemed to have lost their initial enthusiasm, bitcoin Ordinals are leading the top-selling chart following the recent surge in bitcoin liquidity. Since the beginning of this month, the price of bitcoin has seen a sharp rise, reaching its all-time high of $73,000 for the first time in cryptocurrency history.

Data obtained by Cryptoslam.io, an on-chain market data aggregator, indicates that bitcoin Ordinals are the best-selling collection of NFTs today. In the last 24 hours, bitcoin Ordinals have accumulated a trading volume of $4.8 million. bitcoin Ordinals and other major nft collections, such as the NodeMonkes nft collection, have driven bitcoin nft trading volume above $12 million.

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