Markets News Report
February 28, 2024

Bitcoin ‘Inscription 2’ Sold for $14M, Setting New Record for Ordinals

In Brief

Inscription 2 was sold for 24.48 BTC worth approximately $14M, setting a record for the highest sale value among Bitcoin Ordinals.

Bitcoin "Inscription 2" Sold for $14M, Setting New Record for Ordinals

Bitcoin (BTC) inscription “Inscription 2” was sold for 24.48 BTC, worth approximately $14 million. According to non-fungible token (NFT) expert Leonidas, this sale marks a record price at which Bitcoin Ordinals have ever been sold.

Inscription 2 is a multi-coloured, animated representation featuring a dancing parrot, that was created during end of 2022.

Bitcoin Ordinals function as the equivalent of NFTs on the Bitcoin blockchain, utilizing satoshis—the smallest denomination on the chain. Each satoshi is assigned a serial number based on its mining order. Inscriptions, as the contents of Ordinals, can encompass diverse digital elements, including text, images, video, and other forms. These digital entries or artefacts exist within the network, contributing to the network’s expansion.

Since the launch of Ordinals on the Bitcoin mainnet last year, a growing community of users, developers, and enthusiasts has created over 200,000 ordinal NFTs, indicating a shared enthusiasm for the potential of native Bitcoin NFTs.

Currently, 94% of inscriptions primarily comprise text, while the remaining 6% encompass other content types, such as images, models, applications, videos, and other data.

Bitcoin Ordinals Surpass $300 Million in Cumulative Fee Revenue

Recently, the cumulative fee revenue from transaction processing by Bitcoin Ordinals exceeded $300 million for the first time. The count of processed transactions has reached 60,258,105, leading to a cumulative fee income of approximately 6,131.78 Bitcoin, equivalent to $306.5 million, according to Dune Analytics.

The increase in Bitcoin Ordinals’ popularity is linked to the positive trend in Bitcoin prices, recently fueled by heightened investor interest in Bitcoin ETFs and the anticipation surrounding the upcoming Bitcoin halving event scheduled for April 18, 2024.

The growing popularity of Bitcoin Ordinals highlights the evolving significance and appeal of native Bitcoin NFTs in the cryptocurrency space.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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