Ordinals inscriptions approach 4.8M, nearly doubling in just over a week

The number of Ordinals inscriptions on the Bitcoin (.

While the total market cap of BRC-20 tokens currently hover around the $700 million mark, digital asset investment firm Galaxy Digital asserts that the market for “Bitcoin NFTs” may reach $4.5 billion by 2025.

The rise of Ordinals over the last few months has continued to spark debate around whether Ordinals are ultimately a positive for the Bitcoin ecosystem.

Some Bitcoin proponents such as Dan Held claim that Ordinals offers a wider spread of financial use cases for Bitcoin, while more hardline Bitcoiners argue that Ordinals stray from the original vision of Satoshi Nakamoto, who intended for Bitcoin to be used as an electronic, peer-to-peer cash system.

Meanwhile, miners have enjoyed an enormous influx of revenue due to the transaction fees related to the burst of new activity on the network.