The Bitcoin network has recorded over 1.05 million Ordinals inscriptions within the first three months since launch. Bitcoin Ordinals, launched Jan. 21, is a protocol that enables digital assets to be inscribed on satoshis (sats), the lowest Bitcoin denomination.
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- Over 170 Bitcoin (US$4.8 million) in fees have been spent to inscribe the assets on the Bitcoin blockchain, according to data from Dune Analytics.
- Ordinal inscriptions are likened to non-fungible tokens (NFTs) on Bitcoin. They allow users to mint images, videos, text and even video games on sats, which can benefit from the network’s immutability.
- The protocol was developed in the past year by software engineer Caser Rodarmor. It relies on Bitcoin’s Segwit and Taproot, two upgrades that enhanced the blockchain’s smart contract functionalities.
- The millionth inscription comes as interest in Bitcoin Ordinals has been increasing. On Tuesday, April 4, there were 76,374 inscriptions on the network, a daily record, Dune Analytics data shows.
- Luxury carmaker Bugatti announced last week a partnership with Asprey Studio, a division of luxury retailer Asprey, to launch a Bitcoin-native NFT collection.
- Bitcoin rose 1.23% in the 24 hours to 9:30 p.m. Hong Kong time, to trade at US$28,263, according to CoinMarketCap.