OVER $ 8 Million Has Been Paid out to the Network Since Inscript Creator Was Founded. The number of non-FUNGIBLENS (NFTS) Tied to the Bitcoin Blockchain Sur Ged ABove 3 Million Earlier this week, accounting to dune analytics, following a day of action action composed of text-based assets.
These tokens, called Inscriptions, run on the Ordinals protocol, which allows users to embed data into the bitcoin blockchain by inscribing references to digital art into small bitcoin-based transactions. The jump follows the introduction of the Bitcoin Request for Comments (BRC-2 0 ) token standard, allowing users to issue transferable tokens directly through the network. This has spurred a slew of bitcoin-based digital art and meme tokens. The latter's market capitalization jumped to $137 million on Tuesday.
The data show that most descriptions are still text-based. These cost much less than digital art or meme coins, since network fees depend on the amount of data burned.
More than 372,000 unique inscriptions, 371,000 of which were text-based, were seen on the bitcoin blockchain on Monday. Only 316 image-based inscriptions were created, the rest were applications or tokens.
The creator paid a cumulative fee of 28 bitcoins (BTC) to make the inscription, plus a lifetime fee of nearly 284 bitcoins from the Ordinals campaign. At current prices, that's over $8 million.
Meanwhile, tokens focused on use in the bitcoin ecosystem rose in price as inscriptions proliferated.
