Bitcoin Ordinals, NFTs inscribed on the Bitcoin blockchain, are inching closer towards their Ethereum counterparts in terms of dominance of the non-fungible token market.
Yesterday, July 9th, 385,920 inscriptions were minted on Bitcoin, according to Dune Analytics, and there have been over 16.3 million total inscriptions on Ordinals to date (at this time of writing).
Over the past seven days, top Ordinals collections such as ‘$FRAM BRC-20 Ordinals’ did over $10.2 million in sales volume and ‘Uncategorized Ordinals’ has done $7.7 million, according to CryptoSlam. This puts them above (or near) Ethereum-based OG NFT collections like Azuki ($6.8 million) Gods Unchained ($4.4 million), and Bored Ape Yacht Club ($8.4 million). While still uncertain, some speculate that a flipping event could be in effect.
The sudden surge of Ordinals is best attributed to the recent release of the BRC-69 token from its launch pad Luminex. The BRC-69 standard reduces the time and cost of a Bitcoin inscription through a process known as “recursive inscriptions.” With this process, data is extracted from existing inscriptions and used to make news ones, bypassing the 4-megabyte limit previously available on Ordinals. By recycling data, costs are also cut by more than 90%.
The Luminx team explained via Tweet that “Minters only need to inscribe a single line of text instead of a full image,” and “this text allows the final image to be automatically rendered on all ordinals-frontends, using solely on-chain resources, thanks to recursive inscriptions.“
The BRC-69 token isn’t the only move Ordinals has made recently. Last month, it released Bitmaps, a protocol that lets users claim Bitcoin ownership and use Satoshis in the metaverse.
A Brief Review of Bitcoin Ordinals
Bitcoin Ordinals has been on our radar since they came on the scene in January of this year. Since launch, we’ve seen Bitcoin NFTs put up huge numbers, slow down the Bitcoin network, irritate Bitcoin purists, and even win over some unexpected influencers like Michael Saylor, the CEO of MicroStrategy.
In other words, it’s been a wild road for Bitcoin Ordinals, and it looks like things are only going to get wilder. Let’s look at what’s happened since January 2023 with Ordinals:
- Yuga Labs Nets $16.5M with Bitcoin Ordinals NFT Drop
- Magic Eden Launches Bitcoin Ordinals Marketplace
- 535 DeGods NFTs are Now Inscribed on Bitcoin
- Bitcoin Ordinals & Meme Coins Reach All-Time Frenzy
- Binance to Add Support for Bitcoin Ordinals in Late May
- ‘Bitcoin Frogs’ NFTs Take Top Spot As Frog Frenzy Continues
- Asprey, Bugatti Team Up for Luxury ‘Egg’ Ordinals Drop
For a protocol that’s only existed about seven months, Bitcoin Ordinals has had a huge impact on the NFT space. The launch of the BRC-69 token and the latest sales numbers indicate Ordinals and its enthusiasts have big plans ahead. At Rarity Sniper, we’ll be on the lookout for the latest news about Bitcoin NFTs.
For a closer look at Bitcoin Ordinals, check out our recent deep dive:
• What Are Bitcoin NFTs?