Daily volume of fees for the issue of bitcoin NFT reaches a record $257 460

Since the launch of the Ordinals protocol on the Bitcoin network, the total figure has exceeded $3,6 million

24.03.2023 - 11:25

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3 min

What’s new? On March 23, the daily volume of fees for issuing non-fungible tokens (NFTs) or so-called “inscriptions” based on the Ordinals protocol on the Bitcoin network reached a record value of 9,28 BTC ($257 460). A Twitter user under the nickname Leonidas.og, citing data from the analytical portal Dune, added that each “inscription” makes the Bitcoin network more decentralized and secure.

Ordinals just smashed its prior ATH for daily fees spent inscribing.$257,460 (9.28 BTC) has been spent on inscription fees today!Every single inscription is making the Bitcoin network more decentralized and more secure. pic.twitter.com/kV0CgVGnVF — Leonidas.og (@LeonidasNFT) March 23, 2023

“Inscriptions” are digital assets written on a satoshi, the smallest fraction of a BTC (0,00000001 part of a coin), and are similar to NFTs.

What else is known? According to Dune, 578 297 NFTs have been issued since the protocol launched in January 2023, with a fee of more than 128,9 BTC (more than $3,6 million). Meanwhile, the share of text “inscriptions” made with Bitcoin Ordinals is 42,5%, and the rest is mostly images.

On March 6, Yuga Labs’ auction for the sale of bitcoin NFT brought in $16,5 million in 24 hours, and the minimum winning bid was about $50 500.

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In February, the Ordinals protocol was launched on the Litecoin network. In the same month, Glassnode recorded a significant increase in the number of transactions on the Bitcoin network, which coincided with increased public attention to the functionality of the upgrade to create NFTs.

In March, Michael Sonnenshein, CEO of investment company Grayscale, praised the “inscription,” noting the popularity of the new technology.

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