• Ordinals is a new NFT project that has been integrated into the Bitcoin network.
• Over 81,000 Ordinals have been minted and there have been over 2,700 mints of these tokens.
• The popularity of this project has influenced key metrics of the king coin such as active addresses and non-zero balances.
Introduction to Ordinals
Ordinals is a recent initiative to integrate NFTs into the Bitcoin ecosystem. This new NFT project has been gaining traction on the Bitcoin network, resulting in an increase in active addresses and non-zero balances. At the time of writing, there were over 81,000 Ordinals minted with over 2,700 mints including texts, photographs and videos.
Impact on Bitcoin Network Metrics
The surge in popularity of Ordinals on Bitcoin has had a positive effect on some important metrics of the king coin according to Glassnode’s report published on 13 February 2023. The number of addresses having a non-zero balance increased to an all-time high of over 44 million at the time of writing due to this boom in activity from Ordinal users. Furthermore, Santiment’s seven-day statistic revealed that the active address metric was also trending upwards as it rose above 4.8 million at this point in time.
Resistance from BTC Community
Despite what appeared to be resistance from “purists” within the Bitcoin [BTC] community, the demand for Ordinals kept rising which caused some conflicting reactions from participants in the crypto sphere. However, this did not stop investors looking for yield or those who wanted something beyond peer-to-peer payments from flocking to this new offering by developers within the crypto universe..
Price Movement Still Unaffected
Despite its potential impact on certain aspects of BTC’s network utilization and performance metrics, its presence still had no significant effect on its price as it continued trading around $21k at this point in time — slightly lower than where it had previously traded during parts of January 2021.
The emergence and subsequent growth of Ordinals has resulted in more use cases for BTC beyond just peer-to-peer payments while also providing yield opportunities for investors looking for ways to make consistent ROI through crypto assets such as NFTs without requiring them to spend their funds outright solely for speculative purposes or HODLing them with hopes that their value increases exponentially later down their timeline