Ordinals’ activity to generate Bitcoin NFTs (Non-Fungible Tokens) through a process called “Inscription” has picked up momentum in the wake of the release of the BRC-69 token standard.
The number of new inscriptions rose to over 350,000 on July 10, according to data tracked by blockchain analytics firm Glassnode.
Since Ordinals launchpad Luminex announced the BRC (Bitcoin Request for Comment)-69 token standard on July 3, inscriptions have surged by more than 250% every day. This modified version of the BRC-20 standard was enacted to reduce Ordinals’ fees by more than 90%.
“BRC-69 can reduce the cost of creating Ordinals collections by more than 90%. This cost reduction can be achieved by (1) registering traits, (2) deploying collections, (3) compiling collections, (4) Accomplished by a 4-step process of minting assets,” Luminex tweeted.
“The beauty of the BRC-69 lies in its simplicity. Mints only need to write a single line of text instead of the entire image. This text allows the final image to be: It is automatically rendered on all Ordinals frontends using only on-chain resources,” Luminex added.
So far, the BRC-69 seems to be doing just that.
Data tracked by Dune Analytics shows that while the number of new inscriptions has skyrocketed, the daily fees paid for inscriptions have not increased.
Ordinals went live in January, bringing the story of NFTs and smart contracts to the Bitcoin blockchain and attracting investors to tokens like STX, the native token of the Bitcoin Layer 2 Stacks Network. spurred interest.
According to Glassnode, the Ordinals boom can be split into two waves. The first wave of activity ran from early February to late April, with image-based inscriptions driving the first wave and text-based inscriptions driving the second wave, which began in May.
“In terms of inscriptions, the second wave was orders of magnitude larger, but activity has been consistently declining since May. Textual inscriptions briefly increased this week, but bitcoin memory Outstanding transactions across the pool are beginning to clear,” Glassnode said in its weekly report released today.
｜Translation: CoinDesk JAPAN
｜Editing: Toshihiko Inoue
| Image: Glassnode
｜Original: Bitcoin NFTs Back in Spotlight as Ordinals Cross 350K Daily Inscriptions