20/03/2023 Bitcoin Ordinal NFTs Minted Surpasses 500,000 Mark – What’s Next?

Bitcoin Ordinal NFTs Minted Surpasses 500,000 Mark – What’s Next?

Bitcoin Ordinal NFTs Minted Surpasses 500,000 Mark, What’s Next?

Bitcoin Ordinal NFTs Minted Surpasses 500,000 Mark, What’s Next?

Bitcoin ordinal NFTs are the trending asset on the bitcoin network, with more than 500,000 NFTs minted recently. These unique digital assets have taken over the crypto community, with creators switching from popular blockchains like Ethereum to mint their NFTs on the Bitcoin network.

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More Than 500,000 Ordinal NFTs Minted In Two Months

At the time of writing, 520,200 NFT ordinals have been minted on the bitcoin network in the last two months, according to data fromDune Analysis. This growth is remarkable, considering less than 50,000 NFTs were minted just five weeks ago.

Onchain data further reveals that March 9, 2023, recorded the most Ordinals transactions. More than 31,000 ordinals were minted that day, with the vast majority of images followed by videos and text. In addition, about $2.6 million has been spent on transaction fees to mint this unique form of digital assets. On average, about 10,000 Ordinals NFTs are minted daily, and this number is expected to grow due to the increased demand for this form of NFT.

Bitcoin NFTs are created by assigning what’s called ‘ordinals’ to each satoshi. The ordinals are linked to information like videos, text, images, etc — thereby creating NFTs on Bitcoin. Unlike Ethereum NFTs, there are no specific token standards, and the inscriptions made are permanent and cannot be edited or changed.

The growing popularity of Ordinal NFTs is largely linked to the ease of creating them. Initially, creating and managing Ordinal NFTs was only possible through the native wallet developed by Casey Rodarmor, the creator of this protocol. However, the tool required managing a full Bitcoin node locally and using lines of code that could have been more user-friendly.

Over time, different companies and programmers devised easier products to enable the adoption of this technology. Wallet providers like Hiro and Sparrow allow users to manage Bitcoin NFT Ordinals effectively. While UniSat Wallet recently reviewed a feature that allows users to create and manage their Ordinal NFTs from their wallets.

Concerns Continue To Mount Over Ordinal NFTs

Despite the growing adoption of Ordinal NFTs, a large portion of the Bitcoin community remains opposed to this form of digital asset. Top developers like Adam Back and Luke Dashjr have previously spoken out against this type of NFTs on the Bitcoin network.

Critics argue that Ordinal NFTs threaten the privacy, security, and efficiency of the Bitcoin network. They view storing data such as images, videos, and games as a waste of space and believe it leads to congestion on the Bitcoin network.

They may not be wrong, as the Bitcoin network has recently suffered from congestion. According to data fromMempool.space, more than 50,000 transactions are yet to be confirmed on the Bitcoin network. This is equivalent to more than 160 blocks, leading to increased transaction fees.

Arts

https://bitcoinist.com/bitcoin-ordinal-nfts-minted-surpasses-500000-mark-whats-next/amp/

Interesting NFTs
Punk #18
Inscription #435
busy_chasing_dreams
Digital Painting hand-drawn on iPhone6, 1080px x 1080px, 2019
#90297
By OthersideDeployer
Block Chain Dungeon
Once upon a time... a little boy named Leo loved to paint, draw and experiment. He also loved to play with blocks and chains, which drew him again and again into the rooms of his friends Michel and Angelo. Often they also met in virtual rooms of Cryptovoxels, Decentraland, Somnium Space or Sandbox to create new inventions, read books about new technologies, or just swing the brushes. But on this day something gigantic happened. A good friend of Leo came to visit and brought his girlfriend Mona, who wanted a piece of Leo's art on her skin. This was the birth of the NFT's, as Leo developed Non Fungible Tattoos in the Block Chain Dungeon of Michel and Angelo. From that day on people from all over the world came to get NFT's from Leo or one of his students, like "Skeenee the rat", who controls the NFT machine with his laptop. A new age began.
The Harvest
An anthropomorphic figure stands, wide eyed, staring at the viewer; its body masculine, muscular, and humanoid. Its “mind” dissociates into a conglomerate of structures resembling feathers, grain, teeth–as well as a radial flower “node”, casting linear rays throughout the composition. To his left, a vat of bodies gesture and writhe in a kind of amniotic soup, attended by a video game robot. The bot's red display reads “uWu”. Behind the robot and filling the left side of the composition is an archaic figure composed of a variety of vintage objects and symbols. Among them are a hardbound book with ancient cuneiform scripts, indicating barley, beer, bread, ox, house, and sky, behind which is a grimacing, salivating jagged toothed maw; and an old Commodore floppy drive. The figure’s head tilts toward an illuminated crescent moon, suggesting the Egyptian Sacred Bull. The archaic figure is composed of a variety of mutating cells, which shift in color, and pattern; eventually breaking free into an ephemeral broadcast of bubbles which move across the background. The work came into being against a psychological introspection, which included associations to pop culture such as alien abduction and pod people, as well as quite a bit of reflection on grains as a symbol of civilization, agriculture, sustenance, life, and imbibing (mainly whiskies).