Bitcoin NFT Genesis Records Continue to Climb – Total Genesis Record Breaks 62 Million

Bitcoin ordinals, a relatively new method of generating non-fungible tokens (NFTs) through inscription, continue to bring more new NFT collectibles and smart contracts to the Bitcoin blockchain network. In less than two years, the number of inscribed ordinals has exceeded 60 million.
Review: What is Bitcoin Ordinal Inscription?
According to the description, Bitcoin inscription is the process of embedding arbitrary data or content (such as text, images and videos) into the smallest denomination unit of Bitcoin, Satoshi. In this process, Satoshi is inscribed with arbitrary content, creating Bitcoin-native digital artwork, more commonly known as non-fungible tokens.
These inscribed satoshis can be transferred via Bitcoin transactions, sent to Bitcoin addresses, and stored in Bitcoin UTXOs (unspent transaction outputs). These transactions, addresses, and UTXOs are normal Bitcoin transactions, addresses, and UTXOs in all respects, with the only difference being that to send a single satoshi, transactions must control the order and value of inputs and outputs according to ordinal theory.
In the early stages, Bitcoin inscriptions were known for their Bitcoin ordinals and caused a stir in the cryptocurrency and NFT markets. However, these digital artworks have evolved into more forms of NFT collectibles, including the recent high-profile BRC-20 NFT collectibles.
Bitcoin Ethscriptions have also inspired creators to etch content on other blockchains, including Solana and Ethereum. Ethscriptions are a new way to create and share digital artwork on the Ethereum blockchain network that is derived from Bitcoin and is cheaper and more decentralized than regular non-fungible tokens.
The total number of inscriptions exceeded 62 million
Data compiled by on-chain market data tracker Dune.com shows that the number of inscriptions on the Bitcoin blockchain continues to increase. As of this writing, there have been more than 62 million inscriptions, generating a total of $232 million in fees. From December 2022 to March 2024, there have also been 51 million BRC-20 events, spending more than $173 million in fees.
Meanwhile, while BRC-20 non-fungible token collectibles seem to have lost their initial heat, Bitcoin ordinals are leading the best-selling list due to the recent rise in Bitcoin liquidity. Since the beginning of this month, Bitcoin prices have seen a sharp rise, reaching the highest value in the history of the cryptocurrency for the first time at $73,000.
Data obtained by on-chain market data aggregator Cryptoslam.io shows that Bitcoin Ordinal is currently the most sold NFT collectible. In the past 24 hours, the transaction sales of Bitcoin Ordinal reached $4.8 million. Bitcoin Ordinal and other popular NFT collectibles, such as NodeMonkes NFT collectibles, have brought Bitcoin NFT transaction sales to more than $12 million.
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