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Bitcoin’s Ordinal Inscriptions Crossed 500,000 Mark

There are roughly 522,243 ordinary inscriptions on the Bitcoin blockchain, surpassing the 500,000 thresholds. Ordinal inscriptions’ underlying technology essentially enables the inclusion of any kind of arbitrary data onto the blockchain. Data such as text, photos, audio, video, and applications are included in inscriptions.

Statistics related to inscriptions

According to data stored on Dune Analytics, the number of Ordinal inscriptions crossed the 500,000 mark on March 17, 2023. Data indicate that 162,615 inscriptions, or 31.1% of all inscriptions, are PNG-based. The WEBP format makes up about 14% of Ordinal inscriptions, whereas the JPG format makes up about 7%.

Text-based inscriptions comprise 212,827, or more than 40% of all current Ordinal inscriptions. Also, according to Dune Analytics data, the block with Ordinal inscriptions contained about 1,870 inscriptions at a block height of 780,895. With almost 610 Ordinal inscriptions coined in a single block, block height 780,037 has the second-highest number of inscriptions.

Almost 3,598 transactions were confirmed in Block 780,895, which had 1,870 inscriptions and was just 2.83 MB in size. It was mined on March 15. With the rise in the number of Ordinal inscriptions beyond the 500K mark, a few collections have seen significant increases in sales. Twelvefold, a group of inscriptions from Yuga Laboratories, was auctioned for $16.6 million.

Concerns related to inscriptions

Ordinal NFTs are now widely accepted, although a small part of the Bitcoin community is still against them. Top developers have previously spoken out against these kinds of NFTs on the Bitcoin network, including Adam Back and Luke Dashjr.

Ordinal NFTs, according to their detractors, pose a danger to the efficiency, security, and anonymity of the Bitcoin network. They claim that keeping material like photographs, films, and games is a waste of storage space and clogs the Bitcoin network.

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