On Monday alone, Bitcoin Non-Fungible Tokens (NFTs), commonly known as Ordinals, registered over 350,000 new inscriptions showing a resurgence of activity according to Glassnode data.
This surge in daily tally, a significant 250% increase, followed the introduction of the BRC-69 token standard, which has been pivotal in reducing the cost of Ordinals collections by more than 90%.
Luminex said in a Tweet thread “With BRC69, we can reduce the costs of inscriptions for Ordinals collections by over 90%. This reduction is achieved through a 4-step process: (1) inscribe traits, (2) deploy collection, (3) compile collection, and (4) mint assets,”.
Since their launch in January, Bitcoin Ordinals have brought the functionality of NFTs to the Bitcoin blockchain, sparking investor interest in tokens like the native token of the Bitcoin Layer 2 Stacks Network, STX.
Crypto analytics firm Glassnode has identified two primary waves in the Ordinals’ activity. The initial wave, driven by image-based inscriptions, spanned from early February to late April. The second wave, starting in May and dominated by text-based inscriptions, showed a brief uptick before an overall decline in activity.
Despite the fluctuating activity, the increase in daily inscriptions has aided in the clearance of unconfirmed transactions across Bitcoin mempools, underlining the efficacy of Ordinals in managing on-chain resources.
