Due to the popularity of the Ordinals protocol, the number of non-zero Bitcoin addresses grew to a new all-time high of 44 million. Ordinals NFTs occupy about half of the first cryptocurrency’s block, and BTC miners earned about $600,000 in two months.
According to a report by Glassnode, the network activity of Bitcoin is used by non-financial transactions for the first time. Due to the popularity of Ordinals, the network registered an inflow of “new active users” with a non-zero BTC balance.
So, the number of non-zero Bitcoin addresses reached a new record high of 44 million, Glassnode reported. Analysts claim that the Ordinals protocol allows “generating network activity without a classical transfer of coin volume for monetary purposes” because it carries “a larger payload of data.” Thus, Ordinals enables the Bitcoin user base to grow “beyond the typical investment and monetary transfer use cases.”
To date, more than 78,400 “digital artifacts” (images or videos that are partially analogous to NFTs) have been embedded into Bitcoin using Ordinals. According to Dune Analytics, BTC miners earned $574,000 in transaction fees. A BitMEX Research data shows that Ordinals NFTs regularly occupy about half of the Bitcoin blockchain.
Recall that the Ordinals protocol, which allows NFTs to be stored on Bitcoin, was launched in late January and instantly increased network transaction fees.
