According to statistics, there are now over 500,000 ordinal listings on the Bitcoin blockchain as the trend continues to gain traction. Data from Onchain also shows that since registrations started gaining popularity last month, bitcoin miners have obtained 98 bitcoins worth $2.66 million in additional fees.
The Rise of Ordinal Enrollments on the Bitcoin Blockchain
Ordinal registrations have passed the 500,000 mark, and at the time of writing there are approximately 522,243 registrations on the bitcoin blockchain. Essentially, the technology behind ordinal enrollments allows people to embed any type of arbitrary data into the blockchain. Registrations include data such as text, images, audio, video, and applications.
The number of ordinal registrations passed the 500,000 range on March 17, 2023, according to data hosted on Dune Analytics. Statistics show that 31.1% of listings are in PNG format, making a total of 162,615 PNG listings. About 14% of ordinal listings are in WEBP format and about 7% are in JPEG format.
A total of 212,827 inscriptions are text-based, representing over 40% of all ordinal inscriptions today. Data from Dune Analytics further shows that at block height 780 895, about 1,870 inscriptions were minted in the block with ordinal inscriptions. The block with the second highest number of registrations is block height 780 037with approximately 610 ordinal inscriptions struck in a single block.
Block 780,895, with 1,870 entries, was only 2.83 megabytes (MB) and a total of 3,598 transactions were confirmed in the block mined on March 15. In addition to the number of ordinal inscriptions exceeding the 500,000 range, a few collections have amassed a lots of sales. Yuga Labs has sold its collection of inscriptions called Twelvefold for $16.6 million.
Bitcoin Punks Project saw 454.9 BTCor approximately $11.1 million in sales, and Ordinal Punks garnered 225.5 BTC, or $5.5 million in sales. A collection of ordinal inscriptions called Trafilines accumulated 100.4 BTC, or approximately $2.4 million in sales. The Unordinals compilation recorded 95.4 BTC or $2.3 million.
Other top-selling collections of inscriptions include Inrated Pepes, Punks on Bitcoin, Pixel Pepes, Bitcoin Rocks, and the art compilation called Xcpinata. The trend of ordinal listings on Bitcoin continues, and while there are over 500,000 listings on the blockchain, there are also 213,583 LTC-based ordinal inscriptions on the Litecoin network today.
The Litecoin blockchain also offers a wide variety of onchain collections such as Litecoin Punks, Litecoin Bulls, and Ordinal Doges. Many people have high hopes for the ordinal listing trend, especially on the Bitcoin blockchain. Galaxy Digital recently published a report that predicts that Bitcoin-based non-fungible token (NFT) assets using ordinal listing technology could represent a $4.5 billion market by 2025.
What do you think the future holds for ordinal listings on the Bitcoin blockchain and NFT market? Share your thoughts in the comments section below.
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