Bitcoin Network Sees Massive Growth in NFTs and Memecoins Due to ‘BRC-20’

If you thought that the hype about NFTs on Bitcoin (BTC) would soon die down, you are wrong. The so-called Bitcoin Ordinals have only become more popular lately. Today, there are even 31,700 Ordinals registered on Bitcoin’s blockchain, according to data from Dune Analytics.

Bitcoin NFT and new tokens

Today, it owes that unprecedented popularity to the launch of BRC-20, an experimental way of using the technology to launch tokens on the Bitcoin blockchain. Is this the start of a rain of ICOs and tokens on Bitcoin? We shall see. For now, the day has started well with 31,700 new tokens.

The ability to launch tokens on Bitcoin is the next step in the revolution called Ordinals. For Bitcoin maximalists, it is sometimes a real nightmare to see this development, but on the other hand, Ordinals simply follows the rules of the protocol.

This new step in the Ordinals revolution is based on Ethereum’s ERC-20 token standard (ETH). A lot of meme tokens like Doge and Pepe have now been published on the Bitcoin blockchain via BRC-20 and Ordinals.

Bitcoin Ordinals only launched in January

Ordinals launched on Bitcoin on January 21, 2023, but 385,000 subscriptions have already been made on the blockchain. In terms of that number, you would almost forget that it has been less than two months since the protocol launched.

If we are to believe a study by Galaxy Research, the Bitcoin NFT market has the potential to be worth $ 4.5 billion by the year 2025. A lot still needs to be done for that, but now it seems like anything is possible on Bitcoin.

Incidentally, Domo, the developer of the BRC-20 standard for Bitcoin Ordinals, warns that the computer code is probably not yet secure enough for mass use. He thinks it makes sense to wait for newer code.

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