Number of new Bitcoin NFTs rises to new record: 193,000 in 1 day

Since January, the Bitcoin (BTC) network has gained an extra function, resulting in a conflict within the community. Where the Bitcoin network was originally launched as a decentralized alternative to the traditional financial system where people can only send and receive bitcoins, the blockchain can now also be used to generate non-fungible tokens (NFTs). Since the arrival of Ordinals, carrying data on individual satoshis, the smallest unit of bitcoin, has become extremely popular.

After the hype surrounding these Bitcoin NFTs faded earlier this month, it appears to be back in full force with a new all-time record of ‘inscriptions’ in one day.

193 thousand new NFTs on Bitcoin

Dates from on chain Indeed, analysis company Glassnode shows that a peak of about 193,000 inscriptions were registered in one day recently. Since its launch, Ordinals has enjoyed increasing popularity, but until a few days ago, there was a declining trend in the number of daily new NFTs on Bitcoin. In recent days, however, this new Bitcoin application has experienced a real resurgence.

During the massive spike in the number of NFTs on the network, these inscriptions took up as much as 40% of the total number of transactions.

The Bitcoin NFTs, unlike the usual NFTs on other networks such as Ethereum (ETH), are registered directly in the blockchain. As a result, it takes up part of the total space of a transaction block.

Despite the huge hype of the past few days and in that sense a true ‘comeback’ in terms of the number of inscriptions, the share of these NFTs in the total block size has only decreased further.

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Text-based BTC NFTs

The decline in Bitcoin NFTs share of the total block size is all about the rising demand for text-based inscriptions, which obviously take up less data than images or videos.

The data that can be added to individual satoshis is not just limited to images. Unique inscriptions such as videos, text, audio and gifs are all possible.

While image inscriptions were most popular in the early days of Ordinals, text-based inscriptions seem to have dominated the blockchain in recent times.

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