Ordinal Inscriptions Approach 19 Million Amid Stagnant Fees, Bitcoin NFT Sales Drop

The fig of Bitcoin Ordinal inscriptions connected the blockchain is nearing 19 million, a inclination that has continued for the past 218 days since December 16, 2022. Statistics bespeak that miners person accrued astir 1,847.66 BTC successful fees, worthy astir $55.29 million, confirming the millions of Ordinal inscriptions.

Bitcoin’s Ordinal Inscriptions Near 19 Million

As of July 22, 2023, astatine artifact tallness 799,830, astir 18,599,837 Ordinal inscriptions person been issued connected the bitcoin blockchain. The inclination has continued to emergence since the archetypal inscription 218 days ago. Archived statistics from Dune Analytics bespeak that 78.5% of each the inscriptions minted connected Bitcoin are successful plain substance signifier oregon quality sets, portion different 13.5% is plain text, bringing the full of plain substance and quality acceptable inscriptions to 92%. The remainder of the inscriptions dwell of images, GIF files, animations, applications, and more.

The largest fig of regular Ordinal inscriptions occurred connected May 7, 2023, with 400,091 inscriptions. July 9 saw 385,920, July 16 recorded 385,604 and July 18 saw 323,964 inscriptions. In summation to regular ordinal inscriptions, the fig of inscriptions per block has importantly accrued successful July. A fewer blocks, including artifact tallness 797,976 and artifact tallness 798,795, confirmed much than 5,000 inscriptions. While fees from Ordinals experienced their largest summation connected May 7 and 8, they person stagnated since then.

Data indicates that radical are paying little to corroborate astir the aforesaid fig of inscriptions arsenic they did successful May, contempt the continuing thrust to inscribe. The higher fees, however, are absent. At artifact tallness 799,832 connected July 22, determination are much than 300,000 unconfirmed transactions connected the bitcoin blockchain. While a low-priority transaction volition outgo 71 cents, a high-priority transaction volition outgo the sender astir $1.88 oregon 0.000063 BTC. Both fiscal transactions and Ordinal inscriptions unneurotic lend to the backlog of transactions.

Metrics recorded by cryptoslam.io amusement that successful the past 30 days, $98.85 cardinal successful nonfungible token (NFT) income were recorded. Over the past month, the bitcoin blockchain has the 2nd highest fig of income among 22 antithetic blockchain networks, but income are much than 13% little than the erstwhile month. Only 2 bitcoin-based NFT collections are among the apical 10 successful presumption of 30-day sales. The bitcoin collection, known arsenic Uncategorized Ordinals, was the 2nd largest successful presumption of the past month’s sales, with $41 million.

What bash you deliberation astir the fig of Ordinal inscriptions recorded connected the Bitcoin blockchain? Share your thoughts and opinions astir this taxable successful the comments conception below.