According to statistics, there are now more than 500,000 Ordinal inscriptions on the Bitcoin blockchain as the trend continues to gain significant traction. Onchain data also shows that since inscriptions started gaining popularity last month, Bitcoin miners have obtained 98 bitcoins worth $2.66 million in added fees.
The Rise of Ordinal Inscriptions on Bitcoin Blockchain
Ordinal inscriptions have surpassed the 500,000 mark, and at the time of writing, there are approximately 522,243 inscriptions on the Bitcoin blockchain. Essentially, the technology behind Ordinal inscriptions allows people to embed all types of arbitrary data into the blockchain. Inscriptions include data such as text, images, audio, video, and applications.
The number of Ordinal inscriptions surpassed the 500,000 range on March 17, 2023, according to data hosted on Dune Analytics. Statistics show that 31.1% of inscriptions are in PNG format, or a total of 162,615 PNG-based inscriptions. Approximately 14% of Ordinal inscriptions are in WEBP format, and roughly 7% are in JPEG format.
A total of 212,827 inscriptions are text-based, accounting for more than 40% of all the Ordinal inscriptions today. Dune Analytics data further shows that at block height…