Bitcoin Ordinals’ daily inscriptions have crossed the 350,000 mark, according to data from blockchain analytics firm Glassnode. This surge in activity is a testament to the growing interest in Bitcoin NFTs, particularly following the launch of the BRC-69 token standard.
TL;DR
- Bitcoin Ordinals, a method of generating NFTs through inscribing, has seen a surge in activity. Daily inscriptions crossed 350,000, largely due to the launch of the BRC-69 token standard.
- The BRC-69 token standard was introduced by Ordinals launchpad Luminex. It has significantly reduced the cost of inscriptions for Ordinals by over 90%.
- Despite the increase in inscriptions, the daily fees for inscriptions have remained stagnant. This indicates the effectiveness of the BRC-69 standard in keeping costs low.
What are Bitcoin NFTs?
Introduced in January, the Bitcoin Ordinals NFTs brought a fresh perspective to the crypto world by integrating NFTs and smart contracts into the Bitcoin blockchain.
This innovative approach quickly garnered a significant amount of interest. Consequently, tokens like STX, the native token of Bitcoin layer 2 Stacks Network, greatly benefited from this trend.
Following this, the Ordinals launchpad Luminex unveiled the BRC-69 token standard. This new standard, a modified version of the BRC-20, was designed to significantly reduce the cost of inscriptions for Ordinals by over 90%.
To clarify the cost reduction process, Luminex detailed it in a tweet thread. The process involves four steps: inscribing traits, deploying the collection, compiling the collection, and finally, minting assets.
What is the BRC-69 Standard?
The simplicity of BRC-69 is its standout feature. Minters of Bitcoin NFTs only need to inscribe a single line of text instead of a full image. This text allows the final image to be automatically rendered on all ordinals-frontends. It uses solely on-chain resources, thanks to recursive inscriptions.
Despite the significant increase in new inscriptions, the daily fees paid for inscriptions have remained stagnant, as per data tracked by Dune Analytics. This indicates that the Ordinals fee remains low and well below the highs reached in May.
Glassnode’s data suggests that the Ordinals boom can be divided into two waves. The first wave, between early February and late April, was led by image-based inscriptions. The second wave began in May, with high free-paying text-based inscriptions.
The Bitcoin Ordinals NFTs have brought a new dimension to the Bitcoin blockchain. The recent surge in daily inscriptions indicates a promising future for this innovative approach.
