Bitcoin Ordinals' total mintage fees increase 700% from April: Report

Bitcoin Ordinals’ total mintage fees increase 700% from April: Report

The total number of Bitcoin Ordinals has surpassed 8 million since its inception in January.

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According to a report compiled by @dgtl_assets of Dune Analytics, the total network fees paid for the minting of Bitcoin Ordinals reached 1,414 Bitcoin (BTC), or $38.2 million, on May 20, representing an increase of 700% from April 20 and 831% from April 1, respectively. An analysis shows that despite continued interest in Bitcoin NFTs, the overwhelming majority of Bitcoin Ordinals has since shifted to text-based inscriptions, compared to a somewhat equal balance of text and image inscriptions from February to April. 

As explained by cross-chain wallet BitKeep, Bitcoin Ordinals “is a numbering system that assigns a unique number to each individual SAT [Satoshi,

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