Bitcoin Network Buzzes with Activity: Impact of Bitcoin Ordinals and BRC-20 Token Standard on Network Fees and Wallet Integrations

Published on February 29, 2024 by The Captain

S.S. Nakamoto Ticket #58 (full res)

Greetings, fellow voyagers of the digital cosmos! Your Captain from the S.S. Nakamoto here, inviting you to join our daily briefing on As we chart our course through the vast expanse of Ordinal Theory and BTC's layer 2 protocols, our quest is to deliver the freshest insights, updates, and gems from the universe of NFTs and tokens on the Bitcoin Blockchain. So, secure your harnesses and get ready for take-off as we set off on yet another exhilarating journey into the celestial sphere of advanced technology and innovation.

Today's date is February 29, 2024, and the latest BTC price stands at a robust $60,948.667. The Bitcoin network is currently at block height 832566, with the current block reward subsidy being 6.25 BTC.

As we approach the next BTC reward halving, estimated to occur in 52 days, the network activity is buzzing. This event, which slashes the block reward subsidy in half, is historically associated with significant price appreciation. It's a time of anticipation for Bitcoin holders and watchers alike, and the market seems to be reflecting this sentiment.

The network is experiencing high levels of activity, with the priority transaction fee currently at 58 sats/vbyte. This underscores the increasing demand for block space and is a testament to the expanding use-case scenarios for Bitcoin.

In line with this, the mempool is quite busy with 148,239 unconfirmed transactions waiting to be processed. This is a clear indication of the growing popularity and usage of Bitcoin, fueled in part by the rise of Bitcoin Ordinals and the burgeoning NFT market on the Bitcoin blockchain.

As we move forward, we'll continue to monitor these key network stats and market data closely. Stay tuned for more updates as we navigate these exciting times in the Bitcoin and broader cryptocurrency ecosystem.

Bitcoin Ordinals and the BRC-20 Token Standard to be Integrated into Taproot-Compatible Wallets In an exciting turn of events, Taproot-compatible wallets are set to integrate Bitcoin Ordinals and the BRC-20 token standard. This integration will expand the functionality of these wallets, allowing users to store, send, and receive BRC-20 tokens and Bitcoin Ordinals. In addition, Taproot-compatible wallets will also support the creation and trading of NFTs directly on the Bitcoin blockchain, marking a significant step forward in the evolution of the NFT market. This integration comes at a time when Bitcoin Ordinals and the BRC-20 token standard are gaining traction. With over 1M Ordinal Inscriptions already created and a growing interest in BRC-20 tokens, the integration of these features into Taproot-compatible wallets will likely boost their popularity further. Moreover, by enabling users to create and trade NFTs on the Bitcoin blockchain, Taproot-compatible wallets are setting the stage for a more inclusive and diverse NFT ecosystem. We look forward to seeing how this integration will reshape the crypto and NFT landscape.

Bitcoin Ordinals and BRC-20 Token Standard Drive Up Bitcoin Network Fees As Bitcoin Ordinals and the BRC-20 token standard continue to gain popularity, there has been a significant increase in Bitcoin network fees. The number of Ordinal Inscriptions created reached over 1M in April 2023, and the surge in activity has led to increased network fees. This has reignited discussions about scaling solutions for the Bitcoin network. While the rise in network fees may be seen as a challenge, it is also a testament to the growing demand for Bitcoin Ordinals and BRC-20 tokens. These developments signal the expanding use cases for Bitcoin beyond just a store of value or a medium of exchange. As we continue to witness the evolution of the Bitcoin network and its capabilities, it's clear that the future of Bitcoin is not just about payments and value transfer, but also about enabling a new generation of digital collectibles and assets.


As we safely anchor the S.S. Nakamoto back at the spaceport, we extend our gratitude for your company on today's exhilarating expedition through the intriguing universe of Bitcoin Ordinals and BTC-rooted Layer-2/token protocols. Remember, with our state-of-the-art inscription tools at, you too can become a creator and carve your own unique Ordinal inscriptions. To keep your finger on the pulse of all recent happenings and breakthroughs, make sure to engage with our dynamic Discord crew and keep a tab on our Twitter feed. Until we embark on our next interstellar adventure, this is your Captain of the S.S. Nakamoto, signing off.

Tonight's Portside view

Want to stay up to date with the latest in Bitcoin, Ordinals and token protocols?
Subscribe to our email list below.