The total amount of commissions paid for Ordinals exceeded 6,000 Bitcoins (BTC).
Dune reported that the total fees for inscriptions minted using the Bitcoin non-fungible tokens (NFTs) Ordinals protocol surpassed 6,000 BTC, equivalent to over $257 million at the current exchange rate.
Source: Dune
Furthermore, with a staggering 59 million inscriptions, the average fee per individual inscription stands at 0.0001 BTC, or $4.37.
Bitcoin’s ordinal system enables the unique identification and ordering of each Satoshi, or 0.00000001 BTC. By adhering to the ordinal theory, it becomes possible to assign an identifier to each satoshi based on its mining and transfer order, thus creating the necessary non-fungible property for NFT development on the Bitcoin network.
Despite the buzz surrounding Ordinals, there are skeptics of the technology. In December 2023, the U.S. National Vulnerability Database (NVD) raised concerns over “inscriptions” generated through the Ordinals protocol, flagging them as a cybersecurity threat to the primary cryptocurrency network. The warning highlighted how in certain versions of Bitcoin Core and Bitcoin Knots, BRC-20 tokens could bypass transaction data restrictions by camouflaging it as code.
Bitcoin developer Luke Dashjr criticized BRC-20 tokens for exploiting a code vulnerability to congest the Bitcoin network. Dashjr pointed out that such tokens cause blockchains to become clogged, prompting the network to plan a series of updates aimed at putting an end to BRC-20 and Bitcoin-based NFTs.
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