On April 8, 2023, the number of ordinal signups passed the million mark, as the non-fungible token (NFT) trend has seemingly become a mainstay. Currently, as of Sunday, April 9, the total number of ordinal registrations is 1,049,263, and 169.85 bitcoins worth $4.7 million in royalties have been raised so far.
Ordinal registrations reach 1 million
This weekend, ordinal signups reached a milestone by surpassing the 1 million mark on Saturday, April 8, 2023. Ordinal signups began to see significant demand after Bitcoin block No. 774,628which was not only close to 4 megabytes in size, but also contained Ordinal inscription No. 652. Ordinal inscriptions is an idea that came from the mind of casey rodarmorwhich allows users to enroll satoshis (the smallest unit of Bitcoin) with arbitrary content such as text, images, video, and even software.
dune analysis metrics compiled by user @dgtl_activos indicate that 169.85 BTC Miners have collected $4.7 million associated with ordinal signups since the trend began. The same Dune user @dgtl_assets offers another page of analytics showing the collective volume between six different Ordinal listing markets. Markets include Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Magic Eden.
These six ordinal listing markets have seen total aggregate volume amounting to $19.31 million. Until now, 53,124 operations have been executed by 18,462 unique traders, according to Ordinal’s registry marketplace data. Bitcoin controls a large part of the volume, but the Ethereum blockchain is also taken into account in terms of volume. The leader in unique users by market is Ordinals Wallet, followed by Ordswap.
Meanwhile, the milestone of the Ordinal inscription reaching the 1 million mark comes at a time when a new way of minting arbitrary content on the Bitcoin blockchain has gained traction called Bitcoin Stamps. So far there is only 17,293 Bitcoin stamps on the Bitcoin network at the time of writing, but the project has continued to see increased adoption since its creator, Twitter user mike in space, launched the project. Furthermore, on the Litecoin blockchain, there are 224,054 Ordinal inscriptions based on Litecoin since the idea was transferred to Litecoin.
What are your thoughts on the ordinal enrollment trend? Share your thoughts on this topic in the comments section below.
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