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Bitcoin Inscriptions Not a Fading Trend | Crypto Daily Digest Sep. 8

TokenInsightTokenInsight2023/09/08 13:49
By:TI Research

While Bitcoin NFT sales have declined, Ordinals inscriptions continue rising.

The number of inscriptions on Bitcoin blockchain is nearing 30 million, and on Sep 3rd, a record 418,240 inscriptions were minted, marking the 2nd highest daily mint to date.

Additionally, there has been a modest uptick in the fees generated by Bitcoin ordinals inscrptions recentaly. Although the fee trend had been relatively stagnant over time, the cumulative fees collected to date were over $50 milliom.

Recent data from the Bitcoin Mempool indicates an excess of 550,000 unconfirmed transactions, with memory usage exceeding its typical 300 MB capacity and reaching 1 GB. This sudden surge in unconfirmed transactions and increased memory usage could be linked to the renewed interest in Ordinals inscriptions.

Some prominent Ethereum NFT projects have even decided to migrate to Bitcoin recently.

Ethereum NFT Project OnChainMonkey Spends $1M to Migrate to Bitcoin

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<figure class="image"> <figcaption> Source: TokenInsight Gainers and losers </figcaption> </figure>


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Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.

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