The total amount of Ordinals commissions paid was over 6,000 Bitcoins (BTC).
According to Dune, the total cost for inscriptions minted using the Bitcoin non-fungible tokens (NFTs) Ordinals protocol was over 6,000 BTC, more than $257 million at current rates.
Source: Dune
Furthermore, with over 59 million inscriptions, the average fee per serial inscription is 0.0001 BTC, or $4.37.
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Bitcoin’s ordinal system allows each Satoshi, or 0.00000001 BTC, to be ordered and uniquely identified. According to the ordinal theory, it is possible to assign an identification to each satoshi depending on when it was mined and in what order it was transferred. This creates the non-fungible property needed to develop NFTs in Bitcoin.
Despite the hype surrounding Ordinals, some remain skeptical about the technology. For example, in December 2023, the US National Vulnerability Database (NVD) flagged “inscriptions” made in the Ordinals protocol as a cybersecurity threat to the first cryptocurrency network. According to the warning, in some versions of Bitcoin Core and Bitcoin Knots, BRC-20 can bypass restrictions on the amount of data transferred in a transaction by disguising it as code.
Even Bitcoin developer Luke Dashjr criticized the BRC-20 tokens, which exploited a vulnerability in the code to overload the Bitcoin network. According to Dashjr, such tokens clog the blockchain of the first cryptocurrency. Therefore, the network is planning a series of updates that will put an end to BRC-20 and Bitcoin-based NFTs.
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