Bitcoin’s Ordinal inscriptions have been gaining unstoppable momentum, defying skeptics and surpassing several milestones. The blockchain now boasts over 7 million inscriptions, a clear indication of the high demand for this trend.
As of May 16, 2023, the number of inscriptions stands at 7,204,882, up from the inaugural one in December 2022. The growth rate has been impressive, with the count rising from a mere 1.24 million on April 21, 2023, to over 7 million in just 25 days, representing a 480% surge in demand.
May 7, 2023, was the pinnacle of the inscription frenzy, with a record-breaking influx of inscriptions. The Bitcoin network experienced congestion due to an overwhelming 500,000 unconfirmed transactions, confirming the high demand and activity in the system.
Rewards and Profits
Bitcoin miners have been handsomely rewarded for processing inscription transactions, earning 1,324 BTC valued at $35.86 million. The peak of these fees was recorded on May 7, coinciding with the day when Bitcoin’s network fees surpassed the 6.25 BTC block subsidy.
Interestingly, plain text inscriptions have been more popular than JPEG images, with 6,402,199 inscriptions embracing this format.
The NFT market has also proven profitable for Ordinal inscriptions, generating $93 million in sales over the past 30 days. Bitcoin has become the second-largest blockchain for NFT sales this month, according to cryptoslam.io. Popular collections such as Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes, Bitcoin Punks, and Sub10k have recorded significant sales.
Five out of the six highest-priced NFTs sold this month have come from the Bitcoin blockchain’s Ordinal inscribing technology, indicating the immense potential for profit.