The total number of inscriptions on the Bitcoin blockchain has exceeded 24 million.
Bitcoin NFTs are no longer in the top five in terms of transaction volume.
Over the past few months, the Bitcoin Ordinals have witnessed an interplay of highs and lows, marking a significant shift in the ecosystem. As of press time, the total number of Inscription data minted has exceeded 24 million.
From the valley to the peak
Data from Dune Analytics shows that the BTC serial number breaking the 24 million mark may be related to the increase in the number of daily inscriptions. On August 14, the number of inscriptions minted daily on the Bitcoin blockchain was 317, 350. This was the highest number in the last week.
But before the recent rise, Bitcoin Ordinal experienced a low season. For example, on July 2, 12, and 22, the number of inscriptions was at an extremely low level and was not close to the peak. This situation continued on August 7-8.
The decline in the aforementioned period explains how the interest in Bitcoin serial numbers has waned. In addition, the activity rate is not as impressive as in the first quarter (Q1). Therefore, the decrease means that users are creating less digital artifacts native to Bitcoin.
Recall that the sequence number proposed by Casy Rodarmor appeared around the first three months of this year. Despite the controversy surrounding the application on the Bitcoin network, its adoption rate soared.
The fate of the serial number
The introduction of recursive inscriptions to blockchain had a significant impact on the technology. For context, recursive inscriptions are a feature of the Bitcoin blockchain that allow for the creation of complex data structures that can be stored on the blockchain.
In addition, the developers noted that they will introduce recursive inscriptions in July, thus creating chains of inscriptions. In addition, these reference data are all previously created based on existing inscriptions.
As a result, thousands of recursive inscriptions have entered the Bitcoin blockchain. At the time of writing, assets inscribed in text format exceed those created to date. Images come in second, while applications make up a smaller percentage.
Despite the $56 million in fees for Bitcoin Ordinals, it has been pulled off the NFT rankings. At some point, Bitcoin NFT sales may take over Ethereum [ETH]’s top spot.
Unfortunately, the blockchain has not been able to maintain this momentum. At press time, Bitcoin has fallen to seventh place in terms of transactions registered per blockchain. This drop reinforces the view that interest in Bitcoin ordinals and NFTs in general is declining.