On March 23, the daily volume of fees spent on minting NFTs on the Bitcoin blockchain hit a record high of 9.28 BTC, according to Dune Analytics.
Ordinals just smashed its prior ATH for daily fees spent inscribing.
$257,460 (9.28 BTC) has been spent on inscription fees today!
Every single inscription is making the Bitcoin network more decentralized and more secure. pic.twitter.com/kV0CgVGnVF
— Leonidas.og (@LeonidasNFT) March 23, 2023
Experts largely attributed the spike to blocks containing images from Yuga Labs’ popular BAYC collection. The original NFT series were issued on Ethereum.
The Bitcoin Apes Twitter account reported that over 8,000 BAYC tokens out of 10,000 are now present on the Bitcoin network.
? Over 7̶,̶0̶0̶0̶ ?,??? @BitcoinApes_ have now been inscribed! ?
Bitcoin Apes are byte-perfect ordinal inscriptions of the original Bored Apes, 100% on the Bitcoin blockchain ? https://t.co/j015ht54Nq #inscriptions #ordinals #ordinalsnft pic.twitter.com/X4VhomuD11
— Bitcoin Apes (@BitcoinApes_) March 23, 2023
According to NFT collector Leonidas.og, BAYC images account for 1 GB of the Bitcoin blockchain’s total 466 GB.
1 GB of the 466 GB Bitcoin blockchain is now byte-perfect @BoredApeYC images.
Never doubt the ordinal degens.
— Leonidas.og (@LeonidasNFT) March 23, 2023
Since the Ordinals protocol launched in January, users have minted over 577,000 Bitcoin-NFTs and paid 125.6 BTC in fees (~$3.6 million).
However, images account for a 31.4% share. The most popular form is text inscriptions — 42.5%.
Regarding BAYC as NFTs on the Bitcoin network, Leonidas.og noted:
“Paradoxically, this is really good for Bitcoin. Each additional transaction fee paid for these apes helps secure the network by providing miners with an additional source of income.”
According to Ordinals Wallet, the base BAYC price in Bitcoin is 0.012 BTC (~$340), while for the original tokens on the OpenSea platform — 57.95 ETH (~$105,180).
In March, the market for NFT on the Bitcoin blockchain launched a Solana-based marketplace, Magic Eden.