Record High: 350k Bitcoin Ordinals Minted

Data from the Dune blockchain has revealed that crypto enthusiasts minted a staggering 350,000 Bitcoin Ordinals Inscriptions on July 8, marking the highest daily record since May 14. Notably, despite the significant surge in minting activity, the payment fee for these inscriptions remained remarkably low at just 2.5 bitcoin (BTC).

Recursive Inscriptions and BRC-69

This notable increase in minting numbers can be attributed to the recent introduction of recursive inscriptions and the implementation of BRC-69 within the Bitcoin network. These advancements have optimized costs, thus encouraging a higher volume of inscriptions.

On the same day, the number of Ordinals minted through applications reached an unprecedented 18,000, further underscoring the newfound momentum in the crypto space. Analysts believe that this milestone not only reflects the growing popularity of Bitcoin but also highlights the increasing adoption of user-friendly platforms that simplify the inscription process for enthusiasts and investors.

The surge in minting numbers comes as BTC Ordinals trading volumes surpassed $210 million, as reported in the latest quarterly report from DappRadar. The report also revealed that over 550,000 Ordinals trades took place in the second quarter of 2023, with approximately 150,000 unique traders contributing to the significant trading volume witnessed midway through the year.


Impact on NFT Market

The Dune blockchain’s analytics dashboard, which reflects various Bitcoin Ordinals marketplace metrics, indicates a sharp increase in unique users since May 2023. The growing popularity of Bitcoin Ordinals has had a significant impact on the non-fungible token (NFT) landscape. According to reports, by the end of May 2023, Bitcoin surpassed Solana to become the second-most used NFT blockchain in terms of trade volumes, overtaking Ethereum.

This uptick in Ordinals activity has revitalized the Bitcoin ecosystem and reignited a renewed “builder culture,” as acknowledged by Ethereum co-founder Vitalik Buterin during a Twitter Space debate on July 6. The continued growth and adoption of Bitcoin Ordinals indicate a promising future for the Bitcoin network and the broader NFT space.