Bitcoin Celebrates One Year of Ordinal Inscriptions With 48 Million Mark Hit, Signaling Longevity Despite Ongoing Debate
2023 has seen Ordinal inscriptions gain immense traction, significantly impacting Bitcoin’s ecosystem and vying with other blockchains in the non-fungible token (NFT) space. This journey began almost a year prior, on Dec. 16, 2022, marking the creation of the first-ever Ordinal inscription on Bitcoin’s distributed ledger. These Ordinal inscriptions are a sophisticated process that transforms a satoshi, Bitcoin’s smallest unit, into a distinct digital asset.
Particularly, Taproot’s introduction enabled more intricate transactions and the integration of additional data within a transaction. The essence of the Ordinal inscription process lies in embedding the digital asset’s data into the transaction’s witness section, thereby converting satoshis into unique, non-fungible entities. This innovative process has also facilitated the creation of fungible tokens, known as BRC20s. As of now, on the eve of the first inscription’s anniversary, a total of 48,054,267 inscriptions have been recorded on the chain. In terms of monetary value, miners have amassed approximately 3,697.38 BTC, equating to $158.36 million, for verifying these inscriptions.
Source
https://t.me/Bitcoin_Crypto_Signals
