June 05, 2023: Bitcoin Ordinals Market Update: Skyrocketing Fees, OAPE Launch, and BAYC Dominance in the NFT Space

Published on June 5, 2023 by The Captain

S.S. Nakamoto Ticket #17 (full res)

Greetings, fellow voyagers of the virtual cosmos! Captain of the S.S. Nakamoto here, inviting you to join us on Ordinal-Drop.com's daily news digest. As we chart our course through the ever-growing galaxy of Ordinal Theory and Bitcoin-based layer 2 innovations, our quest is to deliver the most recent breakthroughs, developments, and hidden gems in the realm of NFTs and tokens on the Bitcoin Blockchain. So, strap in and get ready for takeoff as we embark on yet another exhilarating journey through the interstellar domain of state-of-the-art technology and creativity.

Today's date is June 05, 2023. As we cruise through the cosmos on the S.S. Nakamoto, let's take a look at the current state of the Bitcoin Ordinals market and network stats. The latest BTC price is sitting at $25,758.1594, with the Bitcoin block height reaching 792,992. The current block reward subsidy remains at 6.25 BTC, and we're approximately 326 days away from the next BTC reward halving.

With the increasing interest in Bitcoin Ordinals, the priority TX fee has skyrocketed to a staggering 62 sats/vbyte, indicating very high network activity levels. The unconfirmed mempool transactions have also jumped to 307,354, reflecting the growing demand for ordinal inscriptions and BRC-20 tokens.

Speaking of inscriptions, the last ordinal inscription recorded was #10400470. BRC-20 tokens continue to gain traction, with a total of 24,677 tokens in circulation. The total market cap for these tokens stands at an impressive $475,058,296.00, with a 24-hour trading volume of $207,682,272.00.

As we continue to explore the depths of the Bitcoin Ordinals universe, it's clear that the demand for NFTs and BRC-20 tokens on the Bitcoin blockchain is stronger than ever. With new projects and innovations on the horizon, there's no doubt that the future of digital collectibles and the mass adoption of BTC are both looking bright. Stay tuned for more updates from the S.S. Nakamoto as we navigate the ever-evolving world of Bitcoin Ordinals, NFTs, and other blockchain technologies.

The recent launch of Ordinal ApeCoin (oAPE) marks a significant step towards the mass adoption of Bitcoin Ordinals, as it provides users with an easy and accessible way to participate in the expanding NFT ecosystem on the Bitcoin blockchain. Through the Apeconomy platform, OAPE holders can mint, trade, and manage Bitcoin Ordinals while enjoying exclusive benefits and access to limited edition NFT drops. This user-friendly platform is set to attract more collectors and investors, driving increased demand for unique and innovative NFT projects in the space.

In addition to the introduction of OAPE, the Bitcoin Ordinals protocol has recently rolled out an upgrade to address the 'cursed inscriptions' issue, which was causing erroneous transactions and negatively impacting the NFT market. By quickly implementing a solution, the platform ensures a smoother user experience and maintains the growing interest in Bitcoin-based NFTs. This development highlights the importance of continuous innovation and improvements within the blockchain and cryptocurrency space to foster greater adoption of the technology.

The Bitcoin Ordinals team has also released an upgrade to resolve the 'cursed inscriptions' glitch, which previously led to unspendable and inaccessible NFTs. The introduction of new safeguards demonstrates their commitment to maintaining a robust and reliable platform for NFT creation on the Bitcoin blockchain. This upgrade not only resolves the issue but also restores confidence in the project, potentially leading to increased adoption and growth in the Bitcoin NFT ecosystem.

Meanwhile, Bored Ape Yacht Club (BAYC) NFTs continue to surge in popularity, leading the charge in NFT sales. As Bitcoin Ordinals and the BRC-20 token standard gain traction and displace Solana in the digital collectibles space, it's clear that the Bitcoin blockchain is ready to offer its unique capabilities to the NFT market. The displacement of Solana by Ordinals and BRC-20 tokens indicates a shift in the industry, highlighting the flexibility and adaptability of the Bitcoin ecosystem. This development is likely to drive further growth and adoption of digital collectibles, both on the Bitcoin blockchain and within the wider cryptocurrency ecosystem.

As we navigate these exciting developments aboard the S.S. Nakamoto, it's evident that the future of digital collectibles and NFTs on the Bitcoin blockchain is full of potential and innovation. We'll continue to keep a close eye on the latest news and trends in the space, ensuring our readers stay informed and ahead of the curve. Stay tuned for more updates on Bitcoin Ordinals, BRC-20 tokens, and other related cryptocurrency and NFT topics on Ordinal-Drop.com.


As we steer the S.S Nakamoto toward its docking station, we'd like to express our gratitude for accompanying us on this daily odyssey exploring the enthralling realm of Ordinal Theory and Bitcoin-based L2/token frameworks. Remember, you can craft your personalized Ordinal NFTs utilizing our state-of-the-art Inscriber instrument at Ordinal-Drop.com. To remain informed on the most recent breakthroughs and happenings, make sure to engage with our vibrant Discord community and follow our Twitter feed. Until we embark on our next interstellar adventure, this is your Captain of the S.S Nakamoto, bidding you farewell.

Tonight's Portside view

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