NFT issuance leads to new records in the bitcoin network

NFT issuance leads to new records in the bitcoin network

Author: Robert Strickland

NFT issuance leads to new records in the bitcoin network
Number of addresses with non-zero balance in the network: 44 million

The release of NFT has led to new records in the bitcoin network: the number of addresses with a non-zero balance in the blockchain of the first cryptocurrency has reached a new all-time high of 44 million, according to a report by analytics platform Glassnode. Analysts explained that the launch of the Ordinals protocol, which took place in January, brought many new active users to the network.

The Ordinals protocol, launched in late January, allows NFT to be added to bitcoin transactions. Since the launch of the new feature, tens of thousands of records have already been released on bitcoin's blockchain, which have caught on in the community under the term Ordinals, which has quickly become a household name.

Bitcoin has NFT. Who's making money on it.

As a result, there has been a significant increase in network activity and commissions in the blockchain of the first cryptocurrency.
Horden records are now competing on the network with regular transactions for a place in the queue to be included in the next block. This puts pressure on the fee market, increasing fees, according to the report. However, the increase in fees has not been steep and significant. Despite some short-lived spikes, Glassnode reports that average monthly fee revenues for miners have not surpassed the minimum rate offered by the bear market of 2.5%.

According to analytics platform Dune, users have already contributed more than 82,000 NFTs to the bitcoin network since Ordinals launched, bringing miners a total of $596,000.

More than 4 thousand Ordinals were issued during half a day on February 14, 3.8 thousand of which were NFT with images, 301 - for text records, two videos and one application.


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