Bitcoin Ordinals Inscriptions Near 1m as New BTC NFTs Emerge

Bitcoin Ordinals Inscriptions Near 1m as New BTC NFTs Emerge

Bitcoin Ordinals inscriptions could surpass 1 million in the next few days as adoption of the protocol continues to rise.

According to the Dune Analytics dashboard, 26.9% of the total inscriptions (244k) came in the first five days of April. This suggests an upward trend in activity on the protocol, notable given Ordinals has been around for just three months.

Bitcoin Ordinals Inscriptions Near 1m as New BTC NFTs Emerge
Source: Dune Analytics

The rise in activity means Ordinals transactions generated 9.5 BTC ($277k) in network fees during those five days, equating to an average of 0.00004 BTC per inscription ($1.1).

In the last 24 hours, there have been more inscriptions on Ordinals than in the first 62 days combined.

Ordinals adoption rate soars

The April growth highlights the adoption rate for Ordinals since its launch. Several collections, including so-called Blue Chip NFTs creators, have already launched on the protocol.

Yuga Labs, creator of BAYC and MAYC, also launched Twelvefold, a 300 generative art piece on Ordinals while DeGods NFT joined the trend with 535 NFTs in its DeGods collection. DeGods made its name on Solana before migrating to Polygon and Ethereum.

While the exact number of collections on the protocol is unknown, the Ordinals directory estimates over 10,000 collections. Ordinals Market, one of the major marketplaces for Ordinals NFT, has listed 741 collections as of March 27.

Bugatti joins Bitcoin Ordinals frenzy

The latest major entrant into the Ordinals space is luxury car-maker Bugatti, which has launched an NFT project in collaboration with Asprey Studio.

Entitled The Asprey Bugatti Egg Collection, it will be both a generative artwork and a physical “object.” There are 111 Bitcoin NFTs in the collection, all linked to the physical eggs.

The NFTs come at a high price according to Chief Creative Officer of Asprey Studio, Ali Walker. Numbers 1-100 will cost between $20k-$50k, while 101-111 will be worth over $200k.

Each physical egg would be handmade using carbon fiber encased in a sterling silver diamond weave lattice. None of the physical eggs have been made yet, and they might take 12 months after the mint before they are delivered to owners.

Although the mint date is yet to be announced, many expect it to coincide with Asprey Studio Gallery in April 2023. NFTs would be available within 3-5 months after the mint date.

The announcement has caused excitement among some Bitcoiners as it confirms Bitcoin is now a network for Blue Chip NFTs.  Nevertheless, many Bitcoin purists are still opposed to Ordinals and protocols like it.

Bitcoin stamps see growth

Ordinals isn’t the only NFT protocol making waves on Bitcoin. A new protocol, STAMPS (Secure Tradeable Art Maintained Securely), has emerged and is seeing massive growth.

Bitcoin Stamps store image data directly in spendable transaction outputs. This makes it arguably superior to Ordinals, which inscribes image data on each Satoshi.

According to the creator of Stamps, Mike In Space, “the data is preserved in such a manner that is impossible to prune from a full node, preserving the data immutably forever.” 11,519 Stamps have been minted since its launch.

Image credits: Shutterstock, CC images, Midjourney, Unsplash.