Ordinals Inscriptions Nearly Doubles To 4.8mn
In the last eight days, the number of Ordinals inscriptions on the Bitcoin $27,640 network has nearly doubled, rising from 2.5 million to 4.78 million. While the Ordinals protocol was initially used to create images as non-fungible tokens (NFTs), users quickly realised that they could use text-based inscriptions to create fungible tokens like those produced by the Ethereum (ETH) network’s ERC-20 token standard.
These text base inscriptions, now known as the BRC-20 token standard, are the primary cause of the massive increase in Ordinals inscriptions on the Bitcoin blockchain.
Text-based inscriptions are now the most common type of Ordinals inscription, according to Rafael Schultze-Kraft, co-founder and CTO of Glassnode, with over 2.8 million text-based inscriptions as of May 5. According to more current statistics from renowned blockchain data center Dune Analytics, the vast majority (99%) of all new Ordinals inscriptions have been text-based after April 25.
(With inputs from Shikha Singh)
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