This week marked a milestone as the number of Ordinal inscriptions minted on the Bitcoin blockchain crossed the impressive 20 million threshold. But despite this achievement, Bitcoin-based non-fungible token (NFT) or Ordinal marketplace sales have witnessed a downturn since mid-July. Once consistently taking the second spot week after week in the NFT sales ranking, Bitcoin-based NFT sales have now stumbled, finishing seventh in the last seven-day stretch.
Amid 20 Million Ordinal Inscriptions, Bitcoin’s NFT Sales Nosedive
On July 28, 2023, the tally of Ordinal inscriptions achieved a significant milestone, exceeding 20 million. These Bitcoin Ordinals, digital asset inscriptions within the Bitcoin blockchain, enable users to affix information to individual satoshis, the smallest fraction of BTC. Pioneered by Casey Rodarmor and facilitated by Bitcoin’s Taproot upgrade, this technology catapulted the blockchain into prominence. As the numbers swelled into the millions, Bitcoin Ordinal
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