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 (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.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, 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.
More articles
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, 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.
