Piggybacking on Aaron and Andrews’ brilliant take on BRC-20, I provide some quickfire traction metrics.
The number of Ordinal inscriptions on the Bitcoin network has surpassed 5 million, and the trend shows no sign of slowing down. BRC-20 tokens played a significant role in driving this growth in April, and the increase in infrastructure support also contributed to its rise. In May, there was an average of 272K Ordinals inscribed onto Bitcoin, compared to an average of 68K Ordinals in April, resulting in a 4x increase.
Upon closer examination, BRC-20 tokens represent 47% of all Bitcoin transactions since the beginning of May. On May 7, BRC-20 tokens peaked at a 65% market share, surpassing non-BRC-20 Ordinal transactions by a margin. However, this figure retraced to 48% on May 9. As BRC-20 tokens continue to gain popularity, this trend is likely to continue for the foreseeable future.
More details on BRC-20’s development and an overview of the NFT market over the past month will be covered in the upcoming NFT Debrief next Monday. Stay tuned!
