On May 15, 2023, the number of ordinal patterns crossed the 7 million mark, and as of 9:00 AM ET Tuesday morning, 7,204,882 ordinal patterns have been added to the Bitcoin blockchain. Miners collected 1,324 bitcoin fees by confirming logging transactions which equates to approximately $35.86 million in added onchain fees.
Bitcoin Pattern Craze: Over 7 Million Ordinal Patterns and Counting
The unstoppable momentum of Bitcoin’s ordinal inscriptions continues to defy detractors, crossing several milestones. With over 7 million patterns now firmly embedded in the blockchain, any skepticism towards the demand surrounding this trend is shattered. Today, on May 16, 2023, the number 7,204,882 The inscriptions since the opening took place on December 16, 2022.
The world of inscriptions experienced a huge acceleration on April 21, 2023, when the count was at a Only 1.24 million. In just the 25 days since then, the number of ordinal inscriptions has increased by more than 480%, indicating a staggering increase. Notably, May 7, 2023 has emerged as the height of this cameo craze, with a record-breaking influx of cameos. On this day, the Bitcoin mempool found itself crowded with 500,000 unconfirmed transactions, a testament to the massive demand and activity in the system.
The 30-day sales stats show that bitcoin ordinal patterns have boosted the NFT market
The bitcoin miners were handsomely rewarded for their role in processing the registration transactions, receiving 1,324 bitcoins (BTC) with a value of 35.86 million dollars. Notably, the peak of these fees was seen on May 7, coinciding with the day Bitcoin network fees exceeded $6.25. BTC support block. Interestingly, the majority of ordinal annotations are in the form of plain text rather than JPEG images, with a massive number of 6,402,199 Patterns embraces plain text formatting.
The business of selling NFT kits has proven lucrative for ordinal inscriptions, racking up $93 million in sales over the past 30 days. As a result, Bitcoin has climbed to become the second largest blockchain in terms of NFT sales this month, according to 30-day statistics from cryptoslam.io. It is worth noting that the market recorded sales of popular ordinal groups Such as Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes, Bitcoin Punks, and Sub10k. Of the six highest-priced NFTs sold this month, five emerged from the breeding grounds of Bitcoin’s ordinal pattern technology.
What are your thoughts on Bitcoin’s rise in ordinal inscriptions and its impact on the NFT market? Share your thoughts and opinions in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.