According to statistics, there are now over 500,000 ordinal signups on the Bitcoin blockchain, as the trend continues to gain significant momentum. Onchain data also shows that since signups began to gain popularity last month, Bitcoin miners have earned 98 bitcoins worth $2.66 million in additional fees.
The Rise of Ordinal Signups on the Bitcoin Blockchain
Ordinal enrollments have passed the 500,000 mark, and at the time of writing, there are approximately 522,243 registrations on the Bitcoin blockchain. Essentially, the technology behind ordinal entries allows people to incorporate all sorts of arbitrary data into the blockchain. Registrations include data such as text, images, audio, video, and applications.
The number of ordinal registrations exceeded the 500,000 range on March 17, 2023, according to data hosted on Dune Analytics. Statistics show that 31.1% of registrations are in PNG format, or a total of 162,615 PNG-based registrations. Approximately 14% of ordinal entries are in WEBP format and approximately 7% are in JPEG format.
A total of 212,827 inscriptions are text-based, representing more than 40% of all ordinal inscriptions today. Data from Dune Analytics further shows that in block height 780,895, approximately 1,870 inscriptions were minted on the block with ordinal inscriptions. The block with the second highest number of entries is block height 780,037with approximately 610 ordinal inscriptions minted in a single block.
Block 780,895, with 1,870 entries, was just 2.83 megabytes (MB) in size, and a total of 3,598 transactions were confirmed in the block mined on March 15. In addition to the number of ordinal entries exceeding the 500K range, some collections have amassed a large amount of sales. Yuga Labs sold its collection of inscriptions called Twelvefold for $16.6 million.
The Bitcoin Punks project has seen 454.9 BTCor approximately $11.1 million in sales, and Ordinal Punks have grossed $225.5 BTC, or $5.5 million in sales. A collection of ordinal inscriptions called tradfilinas has accumulated 100.4 BTC, or approximately $2.4 million in sales. The Unordinals compilation has recorded 95.4 BTC or $2.3 million.
Other best-selling inscription collections include Inscribed Pepes, Punks on Bitcoin, Pixel Pepes, Bitcoin Rocks, and the art compilation called Xcpinata. The trend of ordinal signups in Bitcoin continues, and while there are over 500,000 signups on the blockchain, there are also 213,583 ordinal enrollments based on LTC on the Litecoin network today.
The Litecoin blockchain also has a wide variety of on-chain collections such as Litecoin Punks, Litecoin Bulls, and Ordinal Doges. Many people have high hopes for the ordinal enrollment trend, especially on the Bitcoin blockchain. Galaxy Digital recently released a report predicting that Bitcoin-based non-fungible token (NFT) assets using Ordinal enrollment technology could be a $4.5 billion market by 2025.
What do you think the future holds for ordinal signups on the Bitcoin blockchain and NFT market? Share your thoughts in the comments section below.
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