Ordinals were launched less than three months ago, but the equivalents of nonfunctional tokens (NFTs) on the Bitcoin blockchain have already surpassed one million.
According to dune.com, the number of Ordinals tokens exceeded 1,000,000 on April 8 and is now approaching 1.1 million.
It should be noted that until March 21 they were growing at a steady pace, but without a real boom, and then before the first of April the growth even slowed down a bit.
The boom came in the first nine days of April, when they rose from 680,000 to 1,050,000.
For now, this boom seems to have stopped, but the average growth rate since the official launch is 15,000 new inscription ordinaries created each day.
Payment for non-functional bitcoin tokens
One of the main concerns about this initiative is its impact on fees.
Indeed, tokens cannot be created or exchanged using a second layer of Bitcoin, such as the Lightning Network, but only on the chain.
Since the number of daily transactions supported by the Bitcoin blockchain is actually limited, the large number of transactions associated with ordinaries can significantly increase the fees for BTC transactions on the chain.
To be fair, despite the boom, Ordinals transaction fees were only high in the first half of February and from March 22-25, and then in general were almost always below 5 BTC per day.
In fact, the average cost per transaction on the Bitcoin blockchain over the past two and a half months rose sharply only in the days leading up to March 23, and most likely not because of Ordinals.
For three days now, Ordinals transactions have brought in a total of less than 1 BTC per day in fees. Meanwhile, the average cost per transaction on the Bitcoin blockchain, while down from March, is still at November 2022 levels and only slightly down from May 2022.
Suffice it to say, the total fees paid for ordinal transactions so far total just over $5 million, which is only a tiny fraction of those paid for BTC transactions.