What the numbers say:The total number of Ordinal Inscriptions on the Bitcoin network ;surpassed 5 million on May 9, more than doubling in just 10 days. Total inscriptions hit 5.01 million, up from 2.39 million on April 29. This figure skyrocketed similarly on May 1 by reaching 3 million, with a massive increase from the 58,000 level at the beginning of April. The increased inscription number;also caused;the daily transactions on the Bitcoin network to reach a new all-time high at the beginning of May by hitting the 492,220 level.
Details:;Dune's data has shown that a significant portion of these inscriptions is text-based, with an 86% rate. Text-based inscriptions were followed by image-based ones with a quite distant 13% share. Application, video, audio, and model-based inscriptions were able to take a relatively small share of the cake.
Relevance:;As the Ordinals NFTs have gained massive popularity over the last several months, leading crypto exchange;Binance's NFT marketplace;recently announced that it would start supporting Ordinals NFTs on its platform later in May. Previously, Binance NFT only supported BNB Chain, Polygon, and Ethereum networks. The latest move has expanded Binance's NFT;ecosystem;to the Bitcoin network as well. The update will allow users to buy and sell Bitcoin NFTs directly through their existing Binance accounts.
Brands that should care:;The rising popularity of Ordinals NFTs has caused many other;NFT-related firms to jump on the bandwagon. In late February,;Yuga Labs, the firm behind the famous Bored Ape Yacht Club (BAYC) and CryptoPunks NFTs, introduced its first-ever Ordinals NFT collection, TwelveFold. NFT marketplace Magic Eden also recently launched a new fully audited;NFT marketplace;and a;creator launchpad;for Ordinals NFTs. In April, crypto exchange OKX similarly brought Ordinals NFTs to its marketplace and wallet ecosystem.
What it means:;Ordinals are digital assets permanently attached to a satoshi, or 1/100,000,000 of a full Bitcoin (BTC).