The number of Bitcoin-based NFTs has exceeded 10 million
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In the Bitcoin network, the number of NFTs within the framework of the Ordinals project has exceeded 10 million. This is evidenced by Dune analyst data, Forklog reports.
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More than 80% of the total number of such NFTs is associated with tokens of the BRC-20 standard. Users have paid a commission for issuing inscriptions in the amount of almost $44 million during the entire existence of Ordinals.
Experts recorded the largest daily amount of minted NFTs on May 7 — more than 400,000.
Due to the popularity of the project, in May the network faced congestion, which led to the growth of fees to record levels over the past two years. According to BitInfoCharts, on May 8, the average fee in the network exceeded $20.
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The share of miners’ profits received by them from commissions reached 14.3% this month. This is the highest indicator since May 2021.
Read also: The former head of JPMorgan compared investing in NFTs with buying luxury real estate
It should be noted that the situation around Ordinals has sparked heated discussions in the crypto industry. Some experts have called for banning BRC-20 standard tokens and labels due to their influence on the first cryptocurrency network. At the same time, other experts said that the project contributes to the mass adoption of bitcoin.
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News editor Roman Myronchuk writes on the following topics: Economy, finance, banks, cryptocurrencies, investments, technologies
Source: Ministry of Finance
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