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Bitcoin NFT protocol Ordinals experiences exponential growth in number of NFT inscriptions

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It is reported that according to the latest data of Dune Analytics, the cumulative number of NFT inscriptions on the Bitcoin NFT protocol Ordinals has exceeded…

Bitcoin NFT protocol Ordinals experiences exponential growth in number of NFT inscriptions

It is reported that according to the latest data of Dune Analytics, the cumulative number of NFT inscriptions on the Bitcoin NFT protocol Ordinals has exceeded 300000, reaching 301644 so far, and the total cost incurred so far has reached about 66 BTC. Historical data shows that the casting volume of the Ordinals agreement NFT exceeded 100000 pieces on February 15 and 200000 pieces on February 28, which means that the new casting volume in the past week exceeded 100000, with a weekly increase of more than 50%.

The cumulative casting volume of Bitcoin NFT protocol Ordinals exceeded 300000, and the new casting volume this week exceeded 100000

Interpretation of the news:


The latest report from Dune Analytics reveals that the cumulative number of NFT inscriptions on the Bitcoin NFT protocol Ordinals has surpassed 300,000, reaching 301,644. This also means that the total cost incurred so far has reached about 66 BTC. The historical data shown in the report highlights that the casting volume of the Ordinals agreements NFT exceeded 100,000 pieces on February 15th, and 200,000 pieces on February 28th. This surge in numbers indicates that the new casting volume in the past week has increased by more than 50%, surpassing 100,000 figures.

This remarkable growth of NFTs is transforming the art and collectibles market. For centuries, traditional art has relied on museums, galleries, and auctions to add value to their work. With the rise of digital art, artists are shifting to new ways to get paid, and NFTs offer unique benefits in that regard. NFTs have become increasingly prevalent in the art world, as they allow artists to sell their digital creations as rare, unique items with an added level of authenticity connected to blockchain technology.

According to other reports, NFT sales have skyrocketed in the past year, driven in part by demand from influencers, musicians, professional sports teams, gamers, and collectors. While the growth of the Bitcoin NFT protocol Ordinals has been exponential, there is still room for even more expansion. As the market grows, it is important to recognize the potential risks and challenges inherent in this fast-growing industry. For example, one challenge is ensuring that the uniqueness of NFTs is protected, as it is essential to their value. This is why blockchain, with its traceability and immutability, is ideal for recording NFT transactions.

In conclusion, the latest report from Dune Analytics illustrates that the cumulative number of NFT inscriptions on the Bitcoin NFT protocol Ordinals continues to grow. This exponential growth suggests that NFTs are becoming an increasingly important and valuable asset in the art and collectibles market. The rise of NFTs also presents challenges that need to be addressed as the industry continues to expand, but the potential benefits make this innovative technology an exciting development for artists, collectors and investors alike.

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