The total amount of commissions paid from Ordinals exceeded 6,000 Bitcoins (btc).
According to Dune, the total fees for entries minted using bitcoin's non-fungible token (nft) Ordinals protocol exceeded 6,000 btc, more than $257 million at the current exchange rate.
<img decoding="async" width="1024" height="376" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-06-at-13.59.01-1024×376.png” alt=”Ordinals exceeds 6,000 Bitcoins in total fees – 1″/>
Additionally, with over 59 million signups, the average serial signup fee is 0.0001 btc, or $4.37.
bitcoin's ordinal system allows each Satoshi, or 0.00000001 btc, to be ordered and uniquely identified. Following ordinal theory, it is possible to assign an identifier to each satoshi depending on when it was mined and in what order it was transferred. This creates the non-fungible property needed to develop NFTs on bitcoin.
Despite the hype surrounding Ordinals, some remain skeptical about the technology. Thus, in December 2023, the US National Vulnerability Database (NVD) marked “inscriptions” created in the Ordinals protocol as a cybersecurity threat to the first cryptocurrency network. According to the warning, in some versions of bitcoin Core and bitcoin Knots, BRC-20 can bypass restrictions on the amount of data transferred through a transaction by disguising it as code.
Even bitcoin developer Luke Dashjr criticized BRC-20 tokens, which exploited a vulnerability in the code to overload the bitcoin network. According to Dashjr, these tokens clog the blockchain of the first cryptocurrency. Because of this, the network is planning a series of updates that will end BRC-20 and bitcoin-based NFTs.
