In this article, we’ll explore the launch of the Ordinals protocol, how Ordinals work, how they differ from traditional NFTs, and statistics about Ordinals transactions.

In this report, we detail the history of NFTs on Bitcoin, examine the foundations and current landscape of inscriptions and ordinals, explore the opportunities and challenges that inscriptions and ordinals present, and argue that not only do they create significant growth potential for the bitcoin ecosystem, they can improve the fidelity and security of the overall Bitcoin network.

The emergence of NFT Ordinals has caused blocks to increase in size and commission payments to miners to rise, as Bitcoin’s Taproot usage skyrockets by 800%.

Bitcoin [BTC] Ordinals have been a topic of discussion since its launch. Interestingly, Ordinals recently crossed the 300,000 mark. At press time, there were a total of 302,076 inscriptions. 

Yuga Labs is bringing new NFTs to the Bitcoin blockchain, introducing a collection called TwelveFold on Feb. 28. The collection is a limited edition of 300 generative pieces “inscribed on satoshis” on the Bitcoin network.

The Bitcoin Network has recorded over 154,554 inscriptions since the launch of Bitcoin Ordinals on Jan. 21, a fork that enables digital assets to be inscribed on satoshis (sats), which is the lowest denomination of a Bitcoin.

Ordinals, an NFT-like project on the Bitcoin blockchain, has gained momentum over the past month, signalling an opportunity for the biggest cryptocurrency. But its accessibility and security still needs to be improved.

The digital asset market has experienced its first significant pullback of the year, alongside news of heavy US regulatory moves, and SEC crackdowns. Simultaneously, the emergence of Ordinals and Inscriptions on Bitcoin is creating a new, and unexpected demand for blockspace.

Bitcoin (BTC) miners have earned nearly $600,000 in two months from a new controversial NFT protocol called Ordinals that has triggered a surge in user activity.

Let’s talk about the state of the crypto market as of February 2023, and the most important things happening.