{"id":9488,"date":"2023-07-12T10:04:32","date_gmt":"2023-07-12T10:04:32","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/07\/12\/ordinals-ignite-bitcoin-nft-frenzy-with-350k-daily-inscriptions\/"},"modified":"2023-07-12T10:04:32","modified_gmt":"2023-07-12T10:04:32","slug":"ordinals-ignite-bitcoin-nft-frenzy-with-350k-daily-inscriptions","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/07\/12\/ordinals-ignite-bitcoin-nft-frenzy-with-350k-daily-inscriptions\/","title":{"rendered":"Ordinals Ignite Bitcoin NFT Frenzy with 350K+ Daily Inscriptions"},"content":{"rendered":"<p><\/p>\n<div>\n<p><span style=\"font-weight: 400;\">Bitcoin Ordinals\u2019 daily inscriptions have crossed the 350,000 mark, according to data from blockchain analytics firm Glassnode. This surge in activity is a testament to the growing interest in <a href=\"https:\/\/nftevening.com\/ordinal-nfts-are-bitcoin-nfts-the-hottest-new-trend\/\" target=\"_blank\" rel=\"noopener\">Bitcoin NFTs<\/a>, particularly following the launch of the BRC-69 token standard.<\/span><\/p>\n<p><strong>TL;DR<\/strong><\/p>\n<ul>\n<li>Bitcoin Ordinals, a method of generating NFTs through inscribing, has seen a surge in activity. Daily inscriptions crossed 350,000, largely due to the launch of the BRC-69 token standard.<\/li>\n<li>The BRC-69 token standard was introduced by Ordinals launchpad Luminex. It has significantly reduced the cost of inscriptions for Ordinals by over 90%.<\/li>\n<li>Despite the increase in inscriptions, the daily fees for inscriptions have remained stagnant. This indicates the effectiveness of the BRC-69 standard in keeping costs low.<\/li>\n<\/ul>\n<p><noscript><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-122157 size-full\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"purple wires and cables with BRC-69 over the top for bitcoin nfts\" width=\"1400\" height=\"1200\" data-lazy-srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background.png.webp 1400w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-300x257.png.webp 300w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-1024x878.png.webp 1024w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-768x658.png.webp 768w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-65x56.png.webp 65w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-150x129.png.webp 150w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-450x386.png.webp 450w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-1200x1029.png.webp 1200w\" data-lazy-sizes=\"(max-width: 1400px) 100vw, 1400px\" data-lazy-src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background.png.webp\"\/><\/noscript><noscript><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-122157 size-full\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background.png.webp\" alt=\"purple wires and cables with BRC-69 over the top for bitcoin nfts\" width=\"1400\" height=\"1200\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background.png.webp 1400w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-300x257.png.webp 300w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-1024x878.png.webp 1024w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-768x658.png.webp 768w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-65x56.png.webp 65w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-150x129.png.webp 150w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-450x386.png.webp 450w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-1200x1029.png.webp 1200w\" sizes=\"(max-width: 1400px) 100vw, 1400px\"\/><\/noscript><\/p>\n<p>\u00a0<\/p>\n<h2><span id=\"What_are_Bitcoin_NFTs\">What are Bitcoin NFTs?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Introduced in January, the Bitcoin Ordinals NFTs brought a fresh perspective to the crypto world by integrating NFTs and smart contracts into the Bitcoin blockchain. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This innovative approach quickly garnered a significant amount of interest. Consequently, tokens like STX, the native token of Bitcoin layer 2 Stacks Network, greatly benefited from this trend.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following this, the Ordinals launchpad <a href=\"https:\/\/luminex.io\/\" target=\"_blank\" rel=\"noopener\">Luminex<\/a> unveiled the BRC-69 token standard. This new standard, a modified version of the BRC-20, was designed to significantly reduce the cost of inscriptions for Ordinals by over 90%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To clarify the cost reduction process, Luminex detailed it in a tweet thread. The process involves four steps: inscribing traits, deploying the collection, compiling the collection, and finally, minting assets.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-122159 perfmatters-lazy\" alt=\"screenshot of lummox introducing BRC69\" width=\"601\" height=\"231\" data-lazy-srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am.png.webp 601w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am-300x115.png.webp 300w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am-146x56.png.webp 146w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am-150x58.png.webp 150w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am-450x173.png.webp 450w\" data-lazy-sizes=\"(max-width: 601px) 100vw, 601px\" data-lazy-src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am.png.webp\" src=\"https:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20601%20231'%3E%3C\/svg%3E\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-122159\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"screenshot of lummox introducing BRC69\" width=\"601\" height=\"231\" data-lazy-srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am.png.webp 601w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am-300x115.png.webp 300w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am-146x56.png.webp 146w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am-150x58.png.webp 150w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am-450x173.png.webp 450w\" data-lazy-sizes=\"(max-width: 601px) 100vw, 601px\" data-lazy-src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am.png.webp\"\/><\/noscript><noscript><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-122159\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am.png.webp\" alt=\"screenshot of lummox introducing BRC69\" width=\"601\" height=\"231\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am.png.webp 601w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am-300x115.png.webp 300w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am-146x56.png.webp 146w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am-150x58.png.webp 150w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Screen-Shot-2023-07-13-at-9.32.59-am-450x173.png.webp 450w\" sizes=\"(max-width: 601px) 100vw, 601px\"\/><\/noscript><\/p>\n<h2><span id=\"What_is_the_BRC-69_Standard\">What is the BRC-69 Standard?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The simplicity of BRC-69 is its standout feature. Minters of Bitcoin NFTs only need to inscribe a single line of text instead of a full image. This text allows the final image to be automatically rendered on all ordinals-frontends. It uses solely on-chain resources, thanks to recursive inscriptions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the significant increase in new inscriptions, the daily fees paid for inscriptions have remained stagnant, as per data tracked by Dune Analytics. This indicates that the Ordinals fee remains low and well below the highs reached in May.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Glassnode\u2019s data suggests that the Ordinals boom can be divided into two waves. The first wave, between early February and late April, was led by image-based inscriptions. The second wave began in May, with high free-paying text-based inscriptions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bitcoin Ordinals NFTs have brought a new dimension to the Bitcoin blockchain. The recent surge in daily inscriptions indicates a promising future for this innovative approach. <\/span><\/p>\n<p><iframe data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\" class=\"perfmatters-lazy\" data-src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\"><\/iframe><noscript><iframe loading=\"lazy\" src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\" data-test-id=\"beehiiv-embed\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\"><\/iframe><\/noscript><\/p>\n<div class=\"bottom-text__wrapper post-content\">\n<p>\u00a0<\/p>\n<hr\/>\n<p><em>All investment\/financial opinions expressed by NFTevening.com are not recommendations.<\/em><\/p>\n<p><em>This article is educational material.<\/em><\/p>\n<p><em>As always, make your own research prior to making any kind of investment.<\/em><\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/nftevening.com\/ordinals-ignite-bitcoin-nft-frenzy-with-350k-daily-inscriptions\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Ordinals\u2019 daily inscriptions have crossed the 350,000 mark, according to data from blockchain analytics firm Glassnode. This surge in activity is a testament to the growing interest in Bitcoin NFTs, particularly following the launch of the BRC-69 token standard. TL;DR Bitcoin Ordinals, a method of generating NFTs through inscribing, has seen a surge in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9489,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/07\/Copy-of-NFTe-and-wildxyz-Transparent-Background-1024x878.png","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/9488"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=9488"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/9488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/9489"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=9488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=9488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=9488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}