BitMEX Research has identified over 13,000 Ordinals NFTs on the Bitcoin blockchain, indicating a growing interest in this new flavor of non-fungible tokens. The firm’s research arm published a blog post on Wednesday showing that 13,000 Ordinals were minted or “inscribed” between their debut on Dec. 14 and Feb. 7. This is a testament to the increasing popularity of NFTs, which are digital assets that are unique and cannot be replicated. NFTs are becoming increasingly popular in the art and gaming industries, and the Ordinals NFTs are a new type of NFT that are designed to be used as a form of digital currency. The Ordinals NFTs are a great example of how blockchain technology is being used to create new and innovative digital assets.
The sudden influx of JPEGs and other media files onto Bitcoin has caused a huge spike in NFT activity on the blockchain. This has consumed 526 megabytes of block space and cost creators 6.77 bitcoin (roughly $155,000 at the time of publication). When plotted out graphically, the total number of Ordinals transactions to date shows a steep “hockey stick” curve, indicating that NFT activity on Bitcoin has gone exponential. This is a clear indication that the NFT market is growing rapidly and that Bitcoin is becoming an increasingly popular platform for creators to showcase their work.
Ordinals, a new type of Bitcoin transaction, have become increasingly popular in recent months. However, this surge in popularity has drawn criticism from prominent Bitcoiners such as Rene Pickhardt, who accuse the Ordinals crowd of “spamming” the most dominant blockchain with oversized JPEGs. Pickhardt’s criticism is backed by data, as Ordinals only account for 3% of total Bitcoin transactions, yet consume nearly 70% of the Bitcoin block space. This has caused some to question the sustainability of the Ordinals trend, and whether or not it is truly beneficial to the Bitcoin network.
