Despite a surge in Bitcoin transaction rates, registrations for the Bitcoin Ordinals NFT hit an all-time high of 3.4 million in a single week.
Registrations for the Bitcoin Ordinals NFT actually soared to 3.4 million last week. Despite soaring rates, this was a record high for daily BTC transactions.
The All-Time High in Daily BTC Transactions and Bitcoin Ordinals NFT
3.31 million people have signed up for Bitcoin Ordinals NFT, most of them last week.
Dune Analytics’ graph shows that daily enrollments went from 55,000 to 193,000 to 223,000 till May 1, when approximately 372,000 were enrolled in one day.
This helped to reach the ATH, or all-time high, of 682,281 daily Bitcoin transactions on Monday.
The daily network costs associated with these milestones have also soared, to the point that just last Monday, the total fees surpassed 23 BTC, or around $656,000.
However, yesterday’s registration costs for Ordinals were 278 BTC, or nearly $7.6 million.
The BRC-20 standard, which was developed in March and permits new tokens to be created on the BTC network, is compliant with Bitcoin’s NFT ordinals.
A real and numerical explosion with Bitcoin Ordinals NFT
An absolute spike in interest in Bitcoin NFT Ordinals has been observed over the past week.
The Mempool is reporting on the current state of the Bitcoin network’s memory usage. It has gone beyond its original capacity of 300MB and is now using over 650MB. The increase is due to more transactions and bigger blocks, requiring more computer memory. While this can make node administration more difficult, supporters of the protocol contend that it ultimately makes the network more robust and secure.
Furthermore, a breakdown of the BRC-20 standard registrations, specifically NFT Ordinals, can be observed through Dune Analytics data. On Monday, 371,000 text registrations, 1,326 app registrations, and 316 JPEG image registrations increased.
NFTs staked Litecoin
A Twitter user allegedly promised up to 5 LTC in February to anyone who could convert Ordinal NFTs into Litecoin. Other users later joined this “bet,” bringing the total prize up to 22 LTC.
Then, in response to the call, developer Anthony Guerrera said that it would be feasible since Ordinals could cooperate with SegWit and Taproot.
The first Ordinal NFT on Litecoin had been built, Guerrera then declared.
Exactly the 22 LTC promised are currently present in the LTC address he gave to collect the incentive.