Earlier this year, the market saw an unprecedented uptake of Ordinals and its associated Inscriptions. Ordinals serve as a unique numbering scheme for satoshis, allowing users to track and transfer individual sats. Inscriptions are a form of NFTs on Bitcoin’s network, enabling users to etch their messages on the Bitcoin blockchain. The introduction of the Ordinals theory marked a significant milestone, heralding Bitcoin’s foray into the NFT space.
When the popularity of Ordinals and Inscriptions surged, some market observers speculated that it was a fad. However, recent on-chain data suggests otherwise. The demand for Ordinals remains robust, and the Inscriptions phenomenon might not be waning for a while.
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