Bitcoin NFT Protocol Ordinals Mark 429,682 NFT Inscriptions with $1.6M Costs
It is reported that the latest data from Dune Analytics shows that the cumulative number of NFT inscriptions on the Bitcoin NFT protocol Ordinals has exceeded 400000, reaching 429682 so far, and the total cost incurred so far has reached about 79 BTC (about $1622000). The historical data shows that the casting quantity of Ordinals inscription NFT reached 200000 pieces at the end of February, which means that the increase in the month has exceeded 100%.
The cumulative casting volume of the Bitcoin NFT protocol Ordinals exceeded 400000 pieces and the cost exceeded 1.6 million US dollars
Analysis based on this information:
The evolution of blockchain technology has seen the emergence of new and exciting digital assets that allow for seamless and secure transactions online. Amongst the most talked-about of these digital assets are non-fungible tokens (NFTs) which have become increasingly popular in recent times. According to the latest data from Dune Analytics, the cumulative number of NFT inscriptions on the Bitcoin NFT protocol Ordinals has exceeded 400,000, reaching 429,682 with a total cost incurred of about 79 BTC (approximately $1,622,000).
The significant increase in the number of Ordinals inscription NFTs in February 2021 is noteworthy. Historical data shows that the total number of NFTs reached 200,000 at the end of February, indicating an impressive monthly growth rate of over 100%. This growth is indicative of the growing interest in NFTs as an alternative investment, collectible or artistic asset.
Ordinals remain one of the most popular NFT marketplaces, with unique features such as the ability to acquire bitcoin with their in-platform token, performance-based rewards, and governance positions. Hence, the numbers reported so far, especially the cost incurred by users, reflect the significance of Ordinals in the larger Bitcoin/NFT ecosystem.
The statistics released by Dune Analytics provide valuable insights into the current state of the market, as well as indicating the potential market opportunities for digital assets and blockchain technology. The increased interest in NFTs highlights the changing perspectives towards traditional modes of production, consumption, and ownership.
In conclusion, the growth in the number of NFT inscriptions on the Bitcoin NFT protocol Ordinals highlights the growing interest in NFTs as an alternative investment, collectible, and artistic asset. The increasing historical data confirms the potential market opportunities for digital assets and blockchain technology. The future looks promising for the NFT market, as more platforms and marketplaces are likely to be launched, creating even more options for collectors and enthusiasts.
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