News on February 28, according to data from Dune Analytics, since the launch of the Bitcoin network NFT protocol Ordinals in mid-December, users have written more than 200,000 NFTs into the Bitcoin blockchain.
Due to the popularity of Ordinals, fees on the Bitcoin network have skyrocketed over the past month, with fees for the February 15, 2023 inscription alone topping $170,500. Miners on the Bitcoin network have paid out more than $1.31 million in fees.
Since February 15, however, the daily fee paid to Bitcoin miners has steadily declined to $54,000 on February 20, and is currently just over $11,000 at press time.
Ordinals creator and former Bitcoin Core contributor Casey Rodarmor said: “It’s clear we’re not releasing features fast enough to keep the mempool fully loaded;
This will be rectified in due course. ” Yuga Labs will launch the NFT series TwelveFold on the Bitcoin blockchain based on the Ordinal protocol.
