Ordinal inscriptions have generated over $7.6 million in fees since their launch on Monday. Over 372,000 inscriptions were created on the Bitcoin network on Monday, contributing to a daily record of 682,281 Bitcoin transactions. The daily network fees for Bitcoin also hit a record of 23 BTC, or around $656,000.
The high demand for Ordinal inscriptions is likely due to the fact that they allow users to add metadata to individual satoshis on the Bitcoin blockchain. This metadata can be anything from a simple text message to a more complex digital asset, such as an NFT. The ability to add metadata to satoshis opens up a number of new possibilities for Bitcoin users, such as the ability to create unique digital collectibles or to track the ownership history of individual satoshis.
It remains to be seen whether the high demand for Ordinal inscriptions will be sustained. However, the initial surge in interest suggests that there is a strong appetite for this new type of Bitcoin-based asset.
Trevor Owens, Managing Partner at Bitcoin Frontier Fund, attributed the recent surge in inscriptions on the Bitcoin network to the BRC-20 token standard. The BRC-20 token standard is an experimental standard that allows users to mint tokens and meme coins on the Bitcoin network. Since the launch of the BRC-20 token standard, over 1 million more inscriptions have been added to the Bitcoin network, bringing the total number of inscriptions to over 2.5 million.
The BRC-20 token standard is still in its early stages, but it has the potential to revolutionize the way that tokens are created and used on the Bitcoin network. By making it possible to mint tokens and meme coins on the Bitcoin network, the BRC-20 token standard could open up new possibilities for businesses and individuals who want to use tokens on the Bitcoin network.
It remains to be seen how the BRC-20 token standard will be used in the long term. However, the early adoption of the standard suggests that there is a strong demand for tokens on the Bitcoin network.