Bitcoin Ordinals inscriptions surging as minting fees remain low

Data from the Dune blockchain indicates that on July 8, crypto enthusiasts created 350,000 Bitcoin Ordinals Inscriptions, marking the highest daily record since May 14. Despite the significant increase in minting activity, the fee for these inscriptions remained remarkably low at 2.5 Bitcoin (BTC).

The surge 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 and encouraged greater inscription activity.

Furthermore, on the same day, the number of Ordinals minted through applications reached an unprecedented 18,000, highlighting the growing momentum in the crypto space. Market observers suggest that this milestone not only demonstrates the increasing popularity of Bitcoin but also emphasizes the wider adoption of user-friendly platforms that simplify the inscription process for enthusiasts and investors.

Additionally, the trading volumes of BTC Ordinals surpassed $210 million, according to the latest quarterly report from DappRadar. The report also revealed that over the second quarter of 2023, there were more than 550,000 Ordinals trades, with around 150,000 unique traders contributing to the substantial trading volume witnessed halfway through the year.

An analytics dashboard on the Dune blockchain indicates a sharp rise in the number of unique users since May 2023, reflecting the growing popularity of Bitcoin Ordinals. This increased interest has had a notable impact on the non-fungible token (NFT) landscape. Reports suggest that by the end of May 2023, Bitcoin surpassed Ethereum as the second-most used NFT blockchain in terms of trade volumes, overtaking Solana.

During a Twitter Space debate on July 6, Ethereum co-founder Vitalik Buterin acknowledged that this upsurge in Ordinals activity has revitalized the Bitcoin ecosystem and brought about a renewed “builder culture.”

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