Bitcoin Ordinals Revolutionize NFT Market: Milestone of 1M Inscriptions and Introduction of BRC-20 Tokens

Published on February 19, 2024 by The Captain

S.S. Nakamoto Ticket #53 (full res)

Greetings, digital voyagers! As the Captain of the S.S. Nakamoto, I'd like to welcome you to your daily briefing at We're set to journey across the vast cosmos of Ordinal Theory and BTC-centric layer 2 protocols, with our compass set towards the most recent breakthroughs and developments in the universe of Bitcoin Blockchain NFTs and tokens. Secure your harnesses and brace for a thrilling excursion through the celestial domain of pioneering tech and innovation.

Today's date is February 19, 2024, and the Bitcoin market is in full swing. The latest Bitcoin price in USD stands at a robust $52,153.919. With the block height reaching 831150, we are seeing a consistent growth in the network.

The current block reward subsidy is 6.25 BTC, a figure that miners across the globe are eagerly watching. With an estimated 61 days until the next BTC reward halving, the anticipation within the community is palpable. This event, expected to occur around mid-April, will cut the mining reward to 3.125 BTC, a move that traditionally has a significant impact on the market.

In terms of network statistics, the priority transaction fee is at a high level of 34 sats/vbyte. This fee level is a testament to the increasing demand for block space, driven largely by the recent surge in Bitcoin Ordinal activity.

The number of unconfirmed transactions in the mempool currently stands at 148559. This is a substantial increase from the previous month, indicating that the Bitcoin network is experiencing high traffic. This is likely due to the growing interest in Bitcoin Ordinals and the BRC-20 token standard.

In the realm of Bitcoin Ordinals, the growth has been phenomenal. As we reported earlier, the number of Ordinal Inscriptions surpassed the 1 million mark in April 2023. Since then, the growth has been exponential, and the activity in this space is driving up network fees and reigniting scaling discussions.

This dynamic market scenario points to an exciting future for Bitcoin and the broader cryptocurrency ecosystem. As we continue to chart this journey, the role of Bitcoin Ordinals and their impact on the NFT market will undoubtedly be a key area to watch.

Bitcoin Ordinals Presents: The First BRC-20 Tokens In a fascinating twist, Bitcoin Ordinals has introduced the BRC-20 token standard, an experimental fungible token created using Ordinals and Inscriptions and saved on the Bitcoin base chain. This concept is similar to the familiar ERC20 tokens, using Ordinal inscriptions of JSON data to deploy token contracts, mint tokens, and transfer tokens. While this isn't a token standard like we're used to with EVM chains, it is a new way to store a script file in Bitcoin and use that file to attribute tokens to satoshis, then allow them to move from one user to another. BRC-20 tokens have quickly become a popular use of Ordinal Theory due to their small transaction size and simplicity. This new token standard could lead to a broad range of applications in the crypto space, adding yet another dimension to the functionality of Bitcoin.

Bitcoin Ordinals Hits 1M Inscriptions Milestone In April 2023, the number of Ordinal Inscriptions created reached a significant milestone of over 1M, indicating a rapidly growing interest in this new form of NFTs. This surge in activity has driven up Bitcoin network fees and reopened discussions around scaling. It's clear that Bitcoin Ordinals and the BRC-20 token standard are gaining traction, and we can expect to see even more developments in this space. This milestone attests to the potential of Bitcoin Ordinals and its ability to revolutionize the NFT market.

In conclusion, the emergence of Bitcoin Ordinals and the BRC-20 token standard offer exciting new avenues for the NFT and cryptocurrency markets. As we continue to explore the potential of these innovations, we can expect to see a significant impact on the way we view and interact with digital collectibles and tokens. Here on the S.S. Nakamoto, we'll keep our eyes on the horizon, ready to navigate the ever-evolving landscape of Bitcoin and beyond. Stay tuned to for the latest news and updates.


As the S.S Nakamoto smoothly glides back into its digital harbor, we extend our gratitude for accompanying us on this daily interstellar journey through the captivating universe of Ordinal Theory and Bitcoin-rooted L2/token protocols. Remember, you're not just a passenger, but a creator too! With our state-of-the-art creator tools at, you can forge your own unique Ordinal inscriptions. To remain at the forefront of all things new and noteworthy, we encourage you to become a part of our vibrant Discord community and connect with us on Twitter. Until we embark on our next cosmic odyssey, this is the Captain of the S.S Nakamoto, signing off.

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