Inscriptions on Bitcoin Ordinals Rise Due to ‘BRC-20 tokens’

Since a “token standard” was just added to the blockchain, a new daily measure for the number of Ordinals released on the Bitcoin network has been set. Dunn Analytics says that Bitcoin Ordinals got 58,179 registrations on April 2, which was 83.5 percent more than the previous high of 31,692 entries on March 9.

Domo, a pseudonymous on-chain researcher, made “Bitcoin Request for Comment” (BRC-20) tokens on the Ordinals protocol in early March. This is thought to be the cause of the rise. Ordinals are “digital artefacts” that move text, JPEG pictures, PDFs, video, and audio data on the Bitcoin network. They are related to nonfungible tokens (NFT), which are also used to move data. The BRC-20 token standard is similar to Ethereum’s ERC-20 token standard in that it uses Ordinal markings to set up token contracts, mint tokens, and send tokens.

When the Taproot soft fork was put into place on November 14, 2021, Ordinals and BRC-20 tokens could be added to Bitcoin. “Leonidis.og,” a podcaster who specialises in Ordinals, says that on April 2, more than 55,000 entries were text-based Ordinals. The majority of these were symbolized by BRC-20 coins.

Leonidis said in a tweet that the rise on April 2 was because there were now more tools for BRC-20 coins. At first, there was a lot of buzz about BRC-20, but after a month, the buzz went down. During the break, tools were made to help the BRC-20 communicate, which led to more people being interested in ATH. It’s been said before, and it will be said again. UX is a big deal.

Ord.io, UniSat Wallet, and BRC-20.io are some of the new tools. BRC-20.io says that the BRC-20 standard has been used to make 1,600 coins. The market capitalization of the popular BRC-20 tokens Pepe, Ordi, and Punk is $2.5M, $2.1M, and $900K, respectively.

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Is this moved by text based ordinals?

— fservin.sats ⬡ LuchadorOG 🌮 (@fservin) April 2, 2023

In the last 24 hours, more than 42,700 BRC-20 tokens have been made. The main tokens are wzrd, domo, BAYC, meme, and pets. Galaxy Digital thinks that the “Bitcoin NFT” market could hit $4.5 billion by 2025, even though BRC-20 tokens are worth less than $10 million on the market right now.

There are different opinions about whether or not Ordinals is a good fit for Bitcoin. Some people say it goes against Satoshi Nakamoto’s idea that Bitcoin should be a money that anyone can use. Dan Held thinks that there are more ways to use money with Bitcoin.