According to the latest statistics, more than 100,000 ordinal inscriptions have been added to the Bitcoin blockchain since the start of the trend. Amid the growing popularity, people have launched supporting marketplaces and tools that allow individuals to inscribe without a full node. Additionally, a decentralized Ordinal exchange is reportedly in the works.
100,000 Inscriptions and Growing: Increased Ordinal Inscriptions Lead to Record Bitcoin Metrics
Roughly nine days ago, there were fewer than 10,000 Ordinal inscriptions on the Bitcoin (BTC) blockchain. Since then, inscriptions have increased by 1,434%, surpassing the 100,000 mark. At the time of writing, there are approximately 109,988 Ordinal inscriptions hosted on the decentralized network.
Since the inscriptions trend has swelled, a number of individuals and organizations have been building infrastructure to promote more adoption. For instance, gamma.io and ordinalsbot.com have created tools that allow people to mint Ordinal inscriptions onchain for an added fee on top of the network fee.
Tools such as these have appeared in more recent times and are allowing users who do not operate a full node to mint inscriptions. The Bitcoin wallet Xverse has launched Ordinal support, and people have been discussing two Ordinal marketplaces that allow users to buy and sell inscriptions.
The decentralized Ordinals Marketplace is coming 👀 pic.twitter.com/AiMVNMZNdO
— Hell Money (@hellmoneypod) February 6, 2023
Furthermore, a decentralized Ordinal marketplace is reportedly coming, according to a recent tweet and a clip from the Hell Money Podcast. People have even built a handy calculator that estimates the current cost to inscribe on the Bitcoin blockchain. Prior to the Ordinal inscription count reaching 100,000, people were discussing how early they were and how many minters hoped to inscribe their messages before reaching the 100K milestone.
Muneeb Ali, the co-founder of Stacks, a Bitcoin layer for smart contracts, tweeted about a new bitcoin web wallet that’s on the horizon and noted that it will support Ordinals, NFTs, and Bitcoin Layer 2 solutions, in addition to native Bitcoin. “New Bitcoin web wallet release almost ready,” the Stacks co-founder said.
Since the surge in Ordinal inscriptions, the Bitcoin network has registered the largest increase in Taproot usage in months and the highest transaction fees in over a year. Additionally, block sizes above the 3 MB range have become commonplace on the Bitcoin network.
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What do you think the future holds for the development of the Ordinal inscription trend on the Bitcoin network? Let us know what you think about this subject in the comments section below.
Jamie Redman
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