On June 21, 2023, BitKeep, a self-custody wallet provider, stated that it will be supporting BRC-20 tokens issued on the Bitcoin network, stated Cointelegraph. It is expected that this feature can enable users to view, rank and transfer BRC-20 tokens and non-fungible tokens (NFTs). The developing team also mentioned that the BRC-20 in-wallet swaps are coming “in [the] future.”
Sources revealed that in spite of the adoption, the present market capital of BRC-20 tokens is about $154.5 million, which represents about an 85% decrease from May during the memecoin popularity. Supposedly, most of the BRC-20 tokens’ market capital currently includes memecoins such as WZRD, PIZA and PEPE, among others, Cointelegraph added.
According to BitKeep, BRC-20 is the new token standard which uses Ordinals and Inscriptions for making new assets on Bitcoin. The BRC-20 tokens cannot perform complicated functions. Supposedly, Domo mentioned that the BRC-20 standard is “worthless” and users should “not waste money mass minting” this “fun experiment,” Cointelegraph concluded.
(With insights from Cointelegraph)