With insights from reports by Dune Analytics, a crypto-based market research platform, on May 20, 2023, the network fees for minting Bitcoin Ordinals were about 1.414 Bitcoin or $38.2 million and showed a rise of almost 700% from April 20, 2023, stated Cointelgraph. Reportedly, in spite of the constant interest in Bitcoin, non-fungible tokens, almost every Bitcoin ordinal moved to text-based inscriptions.
As explained by BitKeep, a cross-chain wallet, Bitcoin Ordinals can be defined as “a numbering system that assigns a unique number to each individual SAT [Satoshi, or 1/100 million of a Bitcoin], enabling its tracking and transfer,” Cointelegraph added. It is believed that with Bitcoin Ordinals users will be able to mint digital assets on the Bitcoin blockchain.
Sources revealed that “Ordinals reside entirely on the Bitcoin blockchain and do not require a sidechain or separate token,” BitKeep told Cointelegraph.
(With insights from Cointelegraph)