Less than three months after the Ordinals project launched, the number of inscriptions has passed the 1 million mark. As of April 10, there are 1,058,189 Ordinals NFTs that have earned miners over 170 BTC in fees, or $4.8 million as of press time.
The major milestone was hit at 17:44:24 UTC on April 8 with an inscription that consists of the single, now immortal word, ‘Piggy.’ An enviable asset attributed to the ‘Piggies World‘ project that consists of hand drawn images etched onto the Bitcoin Ordinals protocol.
🥳 WE DID IT! 🥳
🚀We have inscribed the MILLIONTH INSCRIPTION! 🚀
🥩Today we celebrate with bacon! 🥩
🐷 OINK! OINK! 🐷
— Piggies World 🐷 (@Piggies_World) April 8, 2023
Despite its popularity, Ordinals has proven divisive amongst both Bitcoin and NFT circles, with some believing it detracts from the overarching message of the world’s biggest blockchain network. However, with a million inscriptions and counting, the Ordinals freight train is showing no signs of slowing down.
Magic Eden Dominates Ordinals Trading Volumes
Helping the project gain traction, Magic Eden recently introduced a marketplace to specifically trade Bitcoin NFTs. This has made inscriptions more accessible to the average collector, and is reflected in the overall volumes. Currently, Bitcoin NFTs have turned over $19.5 million across various marketplaces, with 54,174 individual trades, emanating from 18,462 unique users.
Trading is spread across six marketplaces: Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Magic Eden. As of press time, Magic Eden holds the majority of the volume with 66%, followed by Ordinals Wallet with 21%. However, these figures only tell half of the story, as Magic Eden’s figures include the sales of a significant number of high-value De-Gods Bitcoin NFTs.
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Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the globe.
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