In under three months since its launch, the Ordinals project has achieved a significant milestone by exceeding one million inscriptions. As of April 10, the number of Ordinals NFTs has reached 1,058,189, earning miners over 170 BTC in fees, or $4.8 million at the time of writing.
🥳 WE DID IT! 🥳
🚀We have inscribed the MILLIONTH INSCRIPTION! 🚀
🥩Today we celebrate with bacon! 🥩
🐷 OINK! OINK! 🐷
— Piggies World 🐷 (@Piggies_World) April 8, 2023
On April 8, at 17:44:24 UTC, the milestone was achieved with the inscription of the single word “Piggy,” an asset attributed to the “Piggies World” project, which features hand-drawn images etched onto the Bitcoin Ordinals protocol.
Despite its popularity, the Ordinals project has stirred up controversy among Bitcoin and NFT circles, with some questioning whether it detracts from the core principles of the world’s largest blockchain network. Nevertheless, with one million inscriptions and counting, the Ordinals project continues to gather momentum.
Magic Eden Leads Ordinals Trading Volumes
The introduction of a marketplace by Magic Eden has helped boost the project’s appeal by providing a platform for the specific trading of Bitcoin NFTs. This has resulted in greater accessibility for collectors and is reflected in the overall trading volumes. Bitcoin NFTs have generated turnover of $19.5 million across various marketplaces, with 54,174 trades from 18,462 unique users.
Trading activity is spread across six marketplaces, including Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Magic Eden. At present, Magic Eden accounts for the majority of trading volumes at 66%, followed by Ordinals Wallet at 21%. However, it is worth noting that Magic Eden’s figures include sales of a significant number of high-value De-Gods Bitcoin NFTs.