Bitcoin Ordinals Inscriptions Hits 10M, BRC-20 Tokens Hold Dominance

• 1 Leading cryptocurrency blockchain network continues to dominate the $NFT sector.
• 2 Bitcoin price trading at 27,806 USD went up by 1.8% in the past week.

Bitcoin Ordinals Inscriptions hit a new milestone. Recently the inscriptions, or the NFTs on the Bitcoin network, crossed 10 million. The growth in a number of these assets is significant, given their reaching the humongous number in less than six months.

The BRC-20 token standard launched on the network extraordinarily pushed the inscriptions. Popular crypto and blockchain news aggregator, Wu Blockchain, posted a tweet on Tuesday, May 30. The Twitter post noted that the Bitcoin Ordinals Inscriptions minted over the network reached across 10 million. Out of the significant number of inscriptions, over 80% of them are BRC-20 tokens.

The number of Bitcoin Ordinals Inscriptions minted has exceeded 10 million, of which more than 80% are related to BRC-20; a total of 1578.46 $BTC fees have been paid, which is about 44 million US dollars. The current daily minting of Ordinals Inscriptions is about 200k.…

— Wu Blockchain (@WuBlockchain) May 30, 2023

Wu cited the Dune Analytics data to showcase the performance of newly generated digital assets. The overall Ordinals fees paid till date stands at 1,593.18 $BTC, equivalent to 44.29 million USD. The total number of Bitcoin Ordinals Inscriptions reached 10,141,434 to date.

source – Dune Analytics

Before the Ordinals hit the milestone anticipated by many $NFT projects, the caretaker of the project announced his retirement. Lead maintainer Casey Rodarmor took to Twitter on Sunday, May 28, and posted his stepping down from his position. He cited his inability to devote the required time and attention to the Ordinals. Along with informing his leaving, Rodarmor surpassed his responsibilities and position to a pseudonymous coder Raphjaph.

I haven't been able to give ord the attention it deserves, so I am pleased to announce that @raphjaph has agreed to step up as lead maintainer!

Raph is an impoverished student, and his work on ord will be entirely funded by donations. If you can, please consider donating!…

— Casey (@rodarmor) May 28, 2023

Rodarmor was the one to put the idea of Ordinals and Inscriptions and to make Digital Artifacts based on the Bitcoin network.

Ordinals are a numbering method for the smallest unit of a Bitcoin ($BTC)—Satoshi or Sats. The inscription is a mechanism used to inscribe data or arbitrary content over the Sats.

Bitcoin Ordinals Inscriptions, BRC-20 Tokens, Stablecoin!

The project, launched in January this year, took no time to pull off and soon became popular as the way of minting digital assets over the leading blockchain network of Bitcoin ($BTC). Though the Ordinal’s inscriptions were doing fine, they witnessed a huge thrust after the launch of the BRC-20 token standard in March.

Pseudonymous developer Domo brought the new token standard. The feature enabled users to mint new tokens on Bitcoin networks.

BRC-20.io data suggests the number of BRC-20 tokens currently stands at 24,677 tokens.

These tokens hold a total market capitalization of more than 433 million USD.

Recently, Bitcoin-based stablecoin dubbed Stably USD launched, leveraging the standard token benefits. Stably is a stablecoin-as-a-service (SCaaS) and Web3 infrastructure company.

The growth of Bitcoin-based NFTs was significant, especially in terms of gaining numbers that took relatively less time than the other $NFT projects. Bitcoin Inscriptions crossed the 10 million milestone within six months of its launch. While another popular $NFT collection, Reddit Collectibles Avatars, seeks 10 million token holders soon.