• Despite a recent price drop and waning NFT hype, Ordinals inscriptions remain prominent on the Bitcoin network.
• Data from various sources suggests that over 84% of activity on Bitcoin is related to Ordinals.
• Over 25 million Ordinal inscriptions have been generated, with 1.9 million minted in the last week.
Ordinals Continue to Dominate BTC Transactions
Despite the recent price drop and fading hype over Non-Fungible Tokens (NFTs), Ordinals inscriptions remain prominent on the Bitcoin (BTC) network. On Aug. 21, developer “Leonidas” revealed that Bitcoin had processed 530,788 transactions in the past 24 hours, with 450,785 related to Ordinals – accounting for 84.9% of activity on Bitcoin. This data was further supported by Dune Analytics and Bitinfocharts which reported more than 400,000 and 556,000 daily transactions respectively; indicating that more than three-quarters of network activity was related to Ordinals. Additionally, industry researcher Eric Wall observed that 54% of transactions on the Bitcoin network were attributed to Ordinals in the past week alone.
25 Million Ordinal Inscriptions Generated
Data from Dune reveals that there have been 25.5 million Ordinal inscriptions so far generating $53.4 million in fees on the Bitcoin network primarily driven by BRC-20 token minting – with 1.9 million minted last week alone; followed by recursive inscriptions (an upgrade to ordinary ones) accounting for about 140,000 out of these 25million inscriptions potentially enabling complex applications like video games and other advanced usages on the blockchain platform .However , a report from DappRadar claimed that usage & sales volume has decreased since May 2021 when it peaked at its highest point .
Hype Around NFTs Fading
The hype surrounding NFTs seems to be fading as some crypto observers declared it “dead” despite their current dominance over majority of BTC transactions . This could be due to high gas fees associated with each transaction making it too expensive for many users or due to declining interest towards nonfungible tokens among crypto enthusiasts , investors & traders .
Galaxy Digital Research Predicts Growth
Galaxy Digital research predicts an upward trend for NFTs predicting their numbers & worth will reach 4 billion USD by 2025 as their potential use cases expand into various industries such as art , music & gaming . It appears demand is still present but people are just looking for better options now .
To conclude , despite waning hype around NFTs & declining interest towards them , they still remain dominant over majority of BTC transactions . There are currently 25 million ordinal inscriptions generating 53 million dollars worth in fees while data suggests that 54% – 85 %of all BTC transactions are related specifically towards NFTs . Although usage & sales may have dropped recently this does not seem effecting overall market value as Galaxy Digital research predicts a growth up until 2025 at least reaching 4billion USD worth mark by then if not more .