Bitcoin-based Digital Artifacts: 10 Million Ordinals Inscriptions Minted

The amount of Bitcoin Ordinals Inscriptions that have been minted has surpassed 10 million, with over 80% associated with BRC-20. Moreover, a total of 1578.46 BTC fees have been paid, amounting to approximately 44 million US dollars. Currently, the daily production of Ordinals Inscriptions is around 200k.

The Ordinals Protocol enables individuals to incorporate data into the Bitcoin Blockchain. This concept utilizes Ordinals (a numbering mechanism for Sats) and Inscriptions (used to incorporate Sats with arbitrary content) to create Bitcoin-based Digital Artifacts. It relies on two chain upgrades, Segwit and Taproot, that enhanced the blockchain’s smart contract functionalities.

So called “brc-20’s” were first proposed as a “fun experimental standard” by a Twitter user, @domodata on March 8th, 2023.