• Bitcoin NFTs are driving an increase in block size and attention, with more than 100,000 ordinals inscribed on the network.
• Multiple high-end sales have already taken place within the first 1,000 inscriptions.
• Today marks a new milestone for this space with the 100,000th inscription taking place.
Bitcoin NFT Mania
Bitcoin Non-Fungible Tokens (NFTs) have been creating a buzz recently with their impact on the Bitcoin network’s block size and attention from the community. Ordinals have been making headlines as they continue to be inscribed onto Bitcoin’s blockchain; today marks the milestone of 100,000 inscriptions!
Within just the first 1,000 inscriptions carried out on Bitcoin’s network, multiple high-end sales already took place. The all time high was set by Ordinal Punks who sold one of their works for a jaw dropping price.
Dune Analytics reports that there are currently around 106K inscriptions carried out on the protocol – highlighting how quickly people are using this new feature. It should also be noted that at present, inscription requires users to maintain a fully synchronized Bitcoin node – making it a highly technical process!
Taproot Usage Soars
With increasing interest in Ordinals on Bitcoin – Taproot usage has also seen an upward trend as well. This is due to increased demand from miners and nodes who want to take advantage of taproot’s features which offer enhanced privacy and greater scalability for transactions on Bitcoin’s network.
Six Year High Miner Sell Pressure
As interest in NFTs grows so does miner sell pressure which has now reached its highest level in six years according to recent data gathered by Chainalysis researchers – indicating that miners are selling off large amounts of bitcoin in order to capitalize on current market trends and prices.