- Daily Bitcoin Ordinals inscriptions have set a new all-time high after trashing the previous high by over 80% in less than a month
- The rise in daily inscriptions comes from individuals testing the new BRC-20 token standard
- The spike is also influenced by entities experimenting with recently launched tools to interact with the token standard
Daily Bitcoin Ordinals inscriptions increased by over 80% on April 2 to reach a new all-time high (ATH) of 58,179 less than a month after recording a daily ATH of 31,692 inscriptions on March 9. The spike comes from individuals experimenting with recently launched tools to access the new BRC-20 token standard introduced on the Bitcoin blockchain through the Ordinals project. The rise comes a week after Bitcoin Apes, Bored Ape clones on the BTC-powered chain, increased Ordinals’ daily fees.
Over 62,000 Fungible Tokens in a Day
Data from Dune Analytics indicate that entities using Ordinals to create fungible tokens, instead of NFTs, increased on April 2 with 62,608 text-based inscriptions recorded within 24 hours. This was followed by images and applications at 9,273 and 452 inscriptions respectively with only one video inscribed on the Bitcoin network within the same timeframe.
The same energy around the Bitcoin Request for Comment (BRC-20) standard has spilled over to April 3 with over 17,000 total daily inscriptions with text-based inscriptions taking the lead at 14,331 followed by images at 5,955, so far today.
According to a Bitcoin Ordinals enthusiast known on Twitter as Leonida.og, the rise in daily text-based inscriptions is due to recently launched tools enabling easier interaction with the new token standard.
There was a lot of excitement around BRC-20 when it launched a month ago but eventually the hyped died down. During the lull, devs built tools to make interacting with BRC-20 much easier and now we’re seeing ATH interest. I’ve said it before and I will say it again. UX matters!
— Leonidas.og (@LeonidasNFT) April 3, 2023
Yuga Labs and Magic Eden Focus on Bitcoin
Notable NFT creators like Yuga Labs have already launched a Bitcoin NFT collection while NFT marketplace Magic Eden announced support for Bitcoin collectibles. However, the Bitcoin community is yet to agree on whether the Ordinals project is a worthy addition to the Bitcoin ecosystem.
Although BRC-20 is yet to become an official token standard on the Bitcoin blockchain, it’s likely to attract more attention as developers add tools to ease access through a user-friendly interface.
