- Glassnode reported that the number of new inscriptions jumped to over 350k on Monday.
- As of January, Ordinals were live on the Bitcoin blockchain.
In the aftermath of the introduction of the BRC-69 token standard, inscribing, a process for creating Bitcoin non-fungible tokens (NFTs), has seen a surge in activity. According to statistics recorded by blockchain analytics company Glassnode, the number of new inscriptions jumped to over 350,000 on Monday.
Since Ordinals’s launchpad Luminex introduced the Bitcoin Request for Comment (BRC)-69 token standard on July 3. The daily total has increased by more than 250%. Over 90% of the cost of Ordinal inscriptions was eliminated with the release of the updated BRC-20 standard.
Luminex stated:
“With BRC69, we can reduce the costs of inscriptions for Ordinals collections by over 90%. This reduction is achieved through a 4-step process: (1) inscribe traits, (2) deploy collection, (3) compile collection, and (4) mint assets.”
Rapidly Growing Userbase
Till now, it seems like BTC-69 has lived up to its billing. According to statistics compiled by Dune Analytics, daily inscription costs have remained stable despite a dramatic increase in the number of new inscriptions.
As of January, Ordinals were live on the Bitcoin blockchain, bringing with them the NFT and smart contracts narrative and generating investor interest in tokens such as STX, the native currency of Bitcoin’s layer 2 Stacks Network. Despite the overall NFT market decline, this surge attributes to Bitcoin’s growing user base.
According to Glassnode, there were two distinct phases to the Ordinals expansion, with the first covering the time period from early February to late April. The first wave was dominated by image-based inscriptions, while the second wave, which started in May, was dominated by free-paying text-based inscriptions.
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