Surging Volume of Bitcoin NFT 'Ordinal' Inscriptions Approaches 3.6 Million Monthly Mark in July

In July, the volume of Bitcoin NFT "Ordinal" inscriptions has experienced a notable surge, reaching close to 3.6 million, and bringing the total number of inscriptions to almost 18 million. This increase comes after a relatively calmer period in June, indicating renewed interest and activity in the space.

Looking closely at the numbers for the last two weekends in July, a total of 647,664 inscriptions were recorded on July 15-16, while the preceding weekend (July 8-9) had 736,444 inscriptions. As of July 18, the total number of daily inscriptions for this month stands at 3,577,123, compared to 3,916,627 in the entire month of June and 7,732,127 in May.

Ordinals - Inscriptions (Overtime)

Bitcoin Ordinals is a protocol that allows users to embed data into the Bitcoin blockchain through "inscriptions," which are arbitrary content like text or images added to sequentially numbered satoshis to create unique "digital artifacts." The protocol provides a more cost-effective way to incorporate non-fungible tokens (NFTs) onto the Bitcoin network.

Since its launch in February 2023, the Ordinals protocol has seen significant adoption, with users paying a total of BTC 1,838, approximately $55.4 million, in ordinal fees.

Ordinals Fees Paid (Overtime)

In terms of specific categories, 'other' has been the most popular category for inscriptions in July. However, up until late June, 'text' was the dominant category.

Additionally, NFTs minted on the Bitcoin network have witnessed substantial sales, with transactions amounting to $121 million in the past 30 days, $16.6 million in the last 7 days, and $1.15 million in the past 24 hours, as per data from CryptoSlam.

Source: Cryptonews