Bitcoin Ordinals have introduced a new form of collectible assets in the crypto world since their inception in 2022. Bitcoin Ordinals is a process of inscribing unique data directly onto a satoshi—the smallest unit of Bitcoin (0.00000001 BTC).

This process turns each inscribed satoshi into a distinct digital artifact, carrying specific information such as images, videos, or text.

Each inscribed satoshi becomes a unique, tradable collectible, similar to NFTs. But ordinals don’t rely on smart contracts. Instead, the ordinal protocol assigns a unique number to each satoshi, allowing for precise identification and tracking.

This system enables a new layer of collectibles on the Bitcoin network, offering a fresh way to represent ownership of digital art and other unique assets.

In essence, Bitcoin Ordinals have opened up the possibility of collectibles without the need for Ethereum’s smart contract system, making Bitcoin a medium for digital artifacts.

We’ve gathered data on Bitcoin ordinals to give you a clearer understanding of the space. 

Total Bitcoin Ordinal Inscriptions 

As of September 2024, the number of inscriptions on satoshis has surged to 69,651,352. 

At the end of 2023, this number stood at 52,808,358. 

This marks a 31.89% increase in BTC ordinal inscriptions over the past nine months, reflecting the growing interest in Bitcoin’s unique way of embedding data on individual satoshis.

Inscription Type Of Bitcoin Ordinals 

In the Bitcoin Ordinal space, MIME types define the data inscribed onto individual satoshis as part of Ordinal inscriptions. 

The top 5 types of inscriptions dominating this space are provided below – 

  1. text/plain;charset=utf-8 – This MIME type indicates that the inscription contains plain text data encoded using UTF-8 and contains no special formatting. 
  2. text/plain – Similar to the last one, this MIME type refers to plain text data without explicitly specifying the character encoding.
  3. image/png – Understand from the MIME itself that the content is an image in PNG format. 
  4. text/html;charset=utf-8 – In this case, the content is an HTML (HyperText Markup Language) document encoded in UTF-8
  5. application/json – The content here is structured as JSON (JavaScript Object Notation), a widely used data interchange format.
Inscription By MIME Type  Number of Inscriptions 
text/plain;charset=utf-8 34,854,631
text/plain 26,623,309
image/png 1,439,687
text/html;charset=utf-8 959,304
application/json 711,872

Plain text encoded in UTF-8 format leads to approximately 34,854,631 inscriptions among various types of inscriptions in the Bitcoin ordinal space. 

Plain text not encoded in UTF-8 follows with 26,623,309 inscriptions. 

Image content ranks third with 1,439,687 inscriptions, while HTML content encoded in UTF-8 comes next, totaling 959,304 inscriptions. 

This dominance of text-based inscriptions highlights the continued preference for simplicity and readability in Bitcoin’s ordinal space.

Bitcoin Ordinal Fees Over Time 

Bitcoin Ordinal fees are the payments required to inscribe data onto individual satoshis using the Bitcoin Ordinal protocol.

By the end of 2023, the total fees paid for these inscriptions reached 5,309.8069 BTC. As of September 2024, that figure has grown to 6,901.3419 BTC.

In fiat terms, these fees currently amount to $405,045,839.

This significant fee increase highlights the growing popularity of Bitcoin Ordinals as more users continue to inscribe unique data onto the blockchain. 

Recursive Inscription Statistics 

Recursive inscription is a feature of Bitcoin Ordinals that lets users reference existing inscriptions to create new ones. 

Instead of storing all the data in a single inscription, it allows one inscription to link to or “pull in” data from others already on the blockchain. 

This approach reduces the need for redundant data storage, optimizes space, and lowers user costs.

The total number of recursive inscribed satoshis created till September 2024 is 799,077. Last year, at the end of 2023, the figure was around 248,792. 

Bitcoin Ordinal Storage Statistics 

As of September 2024, the total ordinal storage used on the Bitcoin network is 22,568,161. 

Also, the January 2024 data shows that Bitcoin’s block size typically ranged between 0.8 and 1.4 MB. 

However, since the introduction of BTC Ordinals, the average block size has grown significantly, reaching 2.5 MB. 

Bitcoin Ordinal Market Capitalization 

As of September 2024, the market capitalization of Bitcoin Ordinals stands at $656.65 million. 

On September 23, 2024, Bitcoin NFTs recorded an average 24-hour trading volume of $1.53 million. 

Top 3 Bitoin Ordinal Collection 

NodeMonkes, a monkey-inspired digital artwork on the Bitcoin blockchain, leads with the highest market cap of approximately 1,799 BTC, valued at $114.3 million. 

The Bitcoin Puppet collection follows closely, with a market cap of 1,080 BTC, or around $68.6 million. 

Ordinal Maxi Biz, a profile picture NFT collection inscribed on Bitcoin, ranks third, with a market cap of 828.39 BTC, worth $52.6 million. 

The combined market cap of the three Bitcoin collectives accounts for 35.71% of the total Bitcoin Ordinal market capitalization.

Miners’ Income After Bitcoin Ordinal 

Reports show that miners’ income surged after the introduction of Bitcoin Ordinals. 

As Ordinals gained popularity, Bitcoin miner fees in 2023 surpassed the traditional block subsidy. 

Miners, who earn BTC for validating blockchain transactions, generated an impressive daily income of $63 million from fees, totaling about $23 billion annually. 

More Bitcoin Ordinal Statistics 

  1. At the start of March 2024, Bitcoin Ordinals saw a 25.43% rise in sales volume, pushing the total trading volume to nearly $173 million. (Source – blockworks.co)
  2. In August 2023, the Bitcoin Frontier Fund allocated $100,000 to support Ordinals projects through its accelerator program. (Source – coinmarketcap.com)
  3. Tap Protocol, which drives Ordinal Finance (OrdFi), raised $4.2 million in December 2023 to accelerate the tokenization of assets and the development of decentralized applications (Dapps) on the Bitcoin network. (Source – coinmarketcap.com)
  4. As of February 7, 2023, users made over 13,000 BTC ordinal transactions, consuming 526MB of Bitcoin block space and spending 6.77 BTC in fees. (Source – blog.bitmex.com)
  5. The first recorded Ordinals transaction took place on December 14, 2022.  (Source – blog.bitmex.com)

FAQs:

1) How many BTC Ordinals are there?

As of 2024, over 30 million Ordinals have been inscribed on the Bitcoin blockchain. This number continually grows as more users inscribe data (images, text, or other media) onto individual satoshis, using Ordinals to create unique digital assets.

2) Are Ordinals good for Bitcoin?

The impact of Ordinals on Bitcoin is debated within the community. Supporters argue that Ordinals add new utility to Bitcoin, enabling NFTs and other digital collectibles on its blockchain, potentially expanding Bitcoin’s ecosystem. However, critics express concerns about network congestion and higher transaction fees as Ordinals compete for block space, which may detract from Bitcoin’s primary use as a decentralized currency.

3) How big is the Ordinals market?

The Ordinals market saw rapid growth after its inception, with some estimates valuing it at over $200 million by late 2023. Despite fluctuations in the broader crypto market, Ordinals have sparked significant interest from collectors and developers building platforms and marketplaces specifically for Ordinal NFTs. The market size continues to evolve as more platforms and tools are developed to trade and manage Ordinals.

4) What is the history of Bitcoin Ordinals?

Bitcoin Ordinals were introduced in January 2023 by developer Casey Rodarmor, who created the protocol that allows individual satoshis (the smallest unit of Bitcoin) to carry unique data or media, effectively creating NFTs on Bitcoin. This development was built on Taproot, a 2021 Bitcoin upgrade that enhanced the network’s ability to support more complex transactions. Ordinals quickly gained popularity as a novel way to use Bitcoin beyond its traditional role as a currency or store of value.

5) What is the difference between Ordinals and Runes?

Ordinals are a protocol for inscribing digital content (e.g., images, text) directly onto individual satoshis, treating them as unique digital assets (akin to NFTs) permanently stored on the Bitcoin blockchain.

On the other hand, Runes is an emerging protocol designed by Erik Voorhees that introduces token-like features on Bitcoin. While Ordinals focus on inscribing data onto Bitcoin, Runes aims to create fungible tokens on Bitcoin, similar to Ethereum-based ERC-20 tokens. Ordinals represent non-fungible content inscribed on Bitcoin, while Runes focuses on creating fungible tokens for broader use.