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Bitcoin Ordinals NFT registrations literally skyrocketed to 3.4 million last week.
This was an all-time high for daily BTC transactions, despite skyrocketing fees.
Bitcoin Ordinals NFT and the All-time High in Daily BTC Transactions
At the time of writing, the total enrollment of Bitcoin Ordinals NFT is 3.31 million, most of which occurred in the last week.
In fact, if you look at the chart reported by Dune Analytics, from April 21st, the daily enrollments were 55,000, 193,000, and 223,000, until the peak on Monday, May 1st, which saw over 372,000 enrollments in just 24 hours.
This contributed to the ATH – All Time High or all-time high in daily BTC transactions, which on Monday was 682,281.
These records are also accompanied by daily network fees that have skyrocketed, so much so that just last Monday, total fees reached 23 BTC, or approximately $656,000.
Yesterday, however, the total fees paid to register Ordinals reached 278 BTC, or about $7.6 million.
Bitcoin’s NFT ordinals comply with the BRC-20 standard – Bitcoin Request for Comment number 20 – introduced last March, which allows new tokens to be minted on the BTC network.
Bitcoin Ordinals NFT: a real and explosion of numbers
The past week has seen a veritable explosion of interest in Bitcoin NFT Ordinals.
I can't believe my eyes
— trevor.btc @ NYC (@TO) May 2, 2023
BRC-20 demand leading to a 700% increase in fees AFTER what we've seen with Ordinal Inscriptions
12,800% increase in fees from BEFORE Ordinal Inscriptions launched
300,000 unconfirmed transactions in the mempool pic.twitter.com/oyLceu6ODe
In fact, according to Mempool, memory usage on the bitcoin network is currently over 650MB, double the initial capacity of 300MB, indicating a greater demand on computer memory due to increased transactions and fuller blocks.
This increase can make a node more difficult to manage, but proponents of the protocol say it makes the network safer and stronger.
Not only that, but going back to the Dune Analytics data, it is easy to see how the BRC-20 standard registrations, namely NFT Ordinals, are breaking down.
In this regard, on Monday alone, which saw the boom in total daily registrations, more than 371,000 registrations are of text, followed by 1326 of applications and 316 of JPEG images.
NFTs bet on Litecoin.
In February, a user on Twitter reportedly offered up to 5 LTC to anyone who could convert Ordinal NFTs to Litecoin. This “bet” was then joined by other users who helped raise the total prize to 22 LTC.
Developer Anthony Guerrera then responded to the call, saying that it would be possible due to the fact that Ordinals could work with SegWit and Taproot.
Guerrera then announced that he had succeeded and created the first Ordinal NFT on Litecoin.
At the time of writing, the LTC address he provided to receive the reward contains exactly the 22 LTC promised.