- Bored Ape clones on the Bitcoin blockchain have increased Ordinals’ daily fees on the chain
- The gas fees have reached a new all-time high of roughly $257,000
- Over 7,000 Ethereum-based Bored Apes have crossed over to the Bitcoin chain as Bitcoin Apes
Bored Ape clones on the Bitcoin blockchain have increased Ordinals’ daily transaction fees to a new all-time high of over $257,000. So far, over 7,000 Ethereum-based Bored Apes have crossed over to the rival blockchain as Bitcoin Apes where they share the same network that powers Bored Ape creator’s first Bitcoin NFT collection dubbed TwelveFold. Some in the crypto community think that the rise in fees contributes to the blockchain’s decentralization and security due to the rise in activity on the network.
$257K in Transaction Fees in a Day
On Thursday, the daily gas fees recorded a new ATH of 9.28 BTC worth slightly above $257,000, with the total transaction fees from the Bitcoin Ordinals project reaching more than $3.6 million since its launch early this year.
Ordinals just smashed its prior ATH for daily fees spent inscribing.
$257,460 (9.28 BTC) has been spent on inscription fees today!
Every single inscription is making the Bitcoin network more decentralized and more secure. pic.twitter.com/kV0CgVGnVF
— Leonidas.og (@LeonidasNFT) March 23, 2023
According to Dune Analytics, there are a total of 578,297 Ordinals Inscriptions to date. The daily transaction fees have been rising steadily since the start of March while the total fees have steeply increased since the project’s launch.
The rise in daily transaction fees is connected to Bitcoin Apes, Ordinals Inscriptions mimicking the popular Ethereum-powered Bored Ape Yacht Club (BAYC) collection. With over 7,000 BAYC’s reproduced on the Bitcoin blockchain, some in the crypto community see this as a positive outcome for Bitcoin.
It’s a Good Thing for Bitcoin
Pseudonymous NFT enthusiast Leonidas, for example, considers every addition to the Bitcoin NFTs family as a plus to the network’s decentralization and security.
The Bitcoin Ordinals’ fever has grabbed the NFT space attracting major players like Magic Eden to unveil a BTC-based NFT marketplace while others are using the project to create fungible tokens.
As the interest grows, the transaction fees are expected to continue increasing.
