Ordinal Inscriptions Reach 19 Million as Fees Stagnate, Bitcoin NFT Sales Drop

    Bitcoin Ordinal inscriptions approach 19 million, a trend for 218 days since December 16, 2022. Miners have earned around 1,847.66 BTC in fees, equivalent to approximately $55.29 million, confirming the vast number of inscriptions.

    As of July 22, 2023, there have been around 18.6 million Ordinal inscriptions on the Bitcoin blockchain, steadily increasing since 218 days ago. According to Dune Analytics, 78.5% of these inscriptions are plain text or character sets, while another 13.5% are plain text, making up a total of 92% of all inscriptions. The remaining inscriptions consist of various media types such as images, GIF files, animations, and applications.

    The number of inscriptions per block (Source: Dune Analytics)

    The highest number of daily inscriptions occurred on May 7, 2023, with 400,091 inscriptions, followed by 385,920 on July 9, 385,604 on July 16, and 323,964 on July 18. In addition to daily inscriptions, the number of inscriptions per block significantly increased in July, with some blocks confirming over 5,000 inscriptions. However, fees for inscriptions have stagnated since May.

    Miners’ fees for confirming Ordinal inscriptions since December 2022 (Source: Dune Analytics)

    Despite the consistent number of inscriptions, people are paying less to confirm them compared to May. As of block height 799,832 on July 22, there are over 300,000 unconfirmed transactions on the Bitcoin blockchain. Low-priority transactions cost around 71 cents, while high-priority transactions cost approximately $1.88 or 0.000063 BTC. Both financial transactions and Ordinal inscriptions contribute to the transaction backlog.

    Over the past 30 days, nonfungible token (NFT) sales recorded $98.85 million. Among 22 different blockchain networks, the Bitcoin blockchain ranks second in terms of sales. However, sales have decreased by more than 13% compared to the previous month. Only two Bitcoin-based NFT collections are among the top 10 in terms of 30-day sales, with the “Uncategorized Ordinals” collection being the second-largest, generating $41 million.

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