While Bitcoin-based non-fungible token (NFT) sales have declined and the network has fallen to seventh place out of 23 blockchains in sales over the past month, Ordinal subscriptions continue unabated. The number of subscriptions linked to the Bitcoin blockchain is approaching 30 million. A record 418,240 inscriptions were struck on September 3, the second highest daily rate to date.
Bitcoin’s ordinal inscriptions hit the second-largest daily total
As of September 7, 2023 at 10 a.m. Eastern Time, at block height 806,606, there are approximately 29.48 million ordinal inscriptions associated with the Bitcoin blockchain. Bitcoin miners have so far received an estimated 1,976.62 BTC, valued at $50.85 million at current exchange rates, from Ordinal inscriptions. The number of daily registrations continues at a rapid pace, with the second highest on September 3: 418,240.
The peak number of Ordinal subscriptions was on July 30, 2023, with the third highest daily rate on August 20, 2023. Given the current trajectory, the number of Ordinal subscriptions on the BTC chain is likely to exceed 30 million this weekend. Of the nearly 30 million inscriptions today, 17.53 million are in text/plain;charset=utf-8 format and 10.17 million are in text/plain. The remaining inscriptions include formats such as image files, videos, GIFs, and software applications.
In addition to an increase in daily enrollments, enrollments per block remain impressively high. In addition, data from Dune Analytics indicates that as of September 3, there are approximately 148,568 recursive inscriptions. ‘Recursives’ enhance the versatility and composability of inscriptions and add an element of unpredictability. Dune Analytics statistics show that Ordinal’s sales in the market have totaled $308.49 million to date.
That volume comes from 714,913 transactions involving 177,573 unique users on platforms such as Okx, Unisat, Magic Eden, Gamma, Open Ordex, Ordinals Wallet, Ordswap, and Ordinals Market. Okx, Unisat and Magic Eden have the largest volumes. Data from Cryptoslam.io shows that the total volume of Bitcoin is $539.71 million, involving 154,350 buyers and 146,898 sellers in 781,431 transactions.