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Bitcoin NFTs Explode in Popularity as BitMEX Research Shows 13,000 Ordinals
Interest has skyrocketed following the first Ordinals transaction on Dec. 14.
Crypto derivatives firm BitMEX has identified over 13,000 Ordinals NFTs on the Bitcoin blockchain, evidence that buzz about a still-young flavor of non-fungible tokens is growing fast.
The firm’s research arm published a blog post on Wednesday showing that 13,000 Ordinals were minted or “inscribed” between their debut on Dec. 14 and Feb. 7.
Story continues
In a few short weeks, the sudden influx of JPEGs and other media files onto Bitcoin has consumed 526 megabytes (MB) of block space and cost creators 6.77 bitcoin (roughly $155,000 at the time of publication), according to the post.
Ordinals Data
— BitMEX Research (@BitMEXResearch) February 8, 2023
Up until 7 February 2023, we have identified:
* Over 13,000 Ordinals transactions
* 526MB of Bitcoin blockspace usage
* 6.77 BTC of Ordinals related spendhttps://t.co/cSNHSPIEs3
When plotted out graphically, the total number of Ordinals transactions to date shows a steep “hockey stick” curve, indicating NFT activity on Bitcoin has gone exponential.
The surging popularity of Ordinals has drawn the ire of prominent Bitcoiners such as Rene Pickhardt, who accused the Ordinals crowd of “spamming” the most dominant blockchain with oversized JPEGs.
So @adam3us invented hashcash as a spam prevention mechanism.
— Rene Pickhardt (@renepickhardt) February 8, 2023
Then satoshi utilized this in #bitcoin to solve double spending.
And now folks waste precious blockspace by spamming jpegs?!
Why creating the #lightningnetwork in the first place if the base layer allows this shit?! https://t.co/okytBt1uof
Critics like Pickhardt have some data to back their view. Ordinals’ share of total Bitcoin transactions barely cracked the 3% mark on Wednesday, yet they consumed nearly 70% of the Bitcoin block space.
Read more: Bitcoin Community Erupts in Existential Debate Over NFT Project Ordinals
Frederick Munawa
Frederick Munawa was a Technology Reporter for Coindesk. He covered blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks. Prior to his work in the blockchain space, he worked at the Royal Bank of Canada, Fidelity Investments, and several other global financial institutions. He has a background in Finance and Law, with an emphasis on technology, investments, and securities regulation. Frederick owns units of the CI Bitcoin ETF fund above Coindesk’s $1,000 disclosure threshold.
