The Ordinal collection, an inscription similar to the NFTs built upon the Bitcoin blockchain seems unstoppable. Despite the huge disappointment from the Bitcoin community, nearly 81,468 inscriptions have been minted till now.
As per the data present on Dune, the sudden hike in the number of Ordinal inscriptions was seen on Feb 9. On the peak day, 20,848 inscriptions were minted.
The touch of NFTs has been far from the Bitcoin blockchain ecosystem for a long time. Ordinal is the latest NFT project in the Bitcoin space with small alterations in the name. Before this, Counterparty and Stacks were introduced in the bitcoin blockchain respectively in 2014 and 2017.
Ordinal inscriptions are unique as one can inscribe them onto satoshis. Satoshis is the smallest denomination of bitcoin as a single bitcoin can break into 100,000,000 units called satoshis (or sats). This mechanism eliminates the need for sidechains or tokens.
However, the concept of NFTs on the Bitcoin blockchain has gained little compared to Ethereum and Solana. It is because of the scarcity of infrastructure.
Surprisingly, Ordinal carries the potential to draw the attention of the Bitcoin community toward NFTs. The Ordinal NFTs became a new sensation in the NFT community as some of it sold for high prices on over-the-counter trades.
Among these, Ordinal Punks, a mimic collection of CryptoPunks, is performing outstandingly. Surprisingly, the floor value of the CryptoPunks collection increased after Ordinal Punk #41 was minted for 11.5 BTC. It signs upcoming hype on the NFTs on the bitcoin ecosystem.
Apart from this, the OnChainMonkey NFT project also spiked after the launch on Bitcoin blockchain via Ordinals. It became the first 10K collection to be inscribed on Bitcoin via Ordinals.
