Bitcoin Ordinals To The Moon

GM Readers!📪 It's BitDegree Insider, and let's turn that Web3 light on.

⭐️Today's selection:

• 🚀Bitcoin Ordinals Stuff
• 😎Cool Facts Tuesday
• 👌Selected Meme of The Day
• 📰Bite-Sized News

BITCOIN ORDINALS INTENSIFY

Bitcoin Ordinals, or, more commonly, Bitcoin NFTs, have been launched in January 2023.

We wrote about them, presenting the news as a beginning of a new era.

Reminder: Bitcoin Ordinals, are not just your average NFTs. Unlike most NFTs in other blockchains, where metadata is stored on centralized servers outside of the blockchain, Bitcoin NFTs are 100% stored in the blockchain.

And, it didn't take long to take off. After its launch, in just three weeks, over 35,000 Bitcoin NFTs were created.

Today, this number has really... changed.

At the time of writing, there are already almost 5 million Bitcoin Ordinals inscriptions on the Bitcoin network.

This already sounds hella impressive. But there's more to it.

Such an increase happened very quickly.

In just nine days, the amount of Ordinals inscriptions on the Bitcoin network has skyrocketed, and went from from 2.5 million to 4.99 million.

So, such an increase signals that Bitcoin Ordinals clearly meet a demand in the market. What is it?

These "NFTs" can be produced using text-based inscriptions, which is similar to Ethereum's ERC-20 token standard.

This form of Ordinals inscriptions have become the most popular way of producing them, and as of May 5th, the majority of Ordinals inscriptions were done this way (2.8 million).

Clearly, there's a trend. Not even a trend, it's almost the new mainstream. So, the industry must not ignore this, now, do they?

No, they don't. Industry giants are paying close attention.

For example, Binance is one of them.

Binance, the crypto exchange, has their own NFT Marketplace. They've just announced that they're about to begin supporting Bitcoin Ordinals.

This update will allow Binance NFT Marketplace users to buy and trade Bitcoin Ordinals using their already existing accounts.

This development is planned for the second half of May.

Binance announced on Twitter: 

"🔶 Binance NFT currently supports BNB Chain, Ethereum, and Polygon. We will further add Bitcoin Ordinals to elevate it to a multi-chain, open marketplace ecosystem."

And, according to them, users can expect:

"Unparalleled ease in purchasing & trading Bitcoin NFTs, seamless integration, and Binance's exceptional security & stability."

Binance's moves echo the actions by yet another crypto exchange, OKX. 

OKX recently announced plans to integrate Bitcoin Ordinals into its marketplace and wallet ecosystem.

This means, that the Domino effect is already on, and Bitcoin Ordinals are here to stay.

TL;DR: Bitcoin Ordinals, a different form of NFTs that have their metadata fully stored within the blockchain, are skyrocketing in their popularity. The number of Ordinals inscriptions is expected to pass the 5 million mark any moment now.

COOL FACTS TUESDAY

It's Tuesday. You know what that means.

Yesterday we talked about the memecoin fever.

So, for today, let's see what kind of numbers did this phenomenon provide us with.

Last week, the cryptocurrency market traded $2.3 billion in memecoins.

This is six times more than the previous week's figure ($387 million), and the highest since May 2021, according to Dune.

So here you go. Imagine having to explain to your great-great-grandparents the meme below.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Estonia's New Laws Result in Closure of Almost 400 Crypto-Related Firms. Estonia doubles down on their Anti-Money Laundering laws.
• Crypto Marketplace Paxful Resumes its Operations After More than 30 Days. Up and running.
• Coinbase Execs Travel to UAE to Explore the Potential of "Strategic Hub". The Coin's International Base.