2023-04-27 01:35:45
© Reuters NFTs on the Bitcoin Network: Over 450,000 New Registrations in 4 Days
CriptoFácil – Last weekend, the network witnessed a flood of NFT records with the Ordinals protocol. This increase happened precisely when the network was decongested, after weeks of constant accumulation of transactions awaiting confirmation.
On April 23, 193,063 Ordinal NFTs were registered in Bitcoin, a record for this type of operation. The day before, a similar number had already occurred, with 99,687 NFTs registered.
As of April 24, the trend continued with 87,739 new NFTs anchored on the BTC blockchain, and over 72,000 added to date. This represents 26.61% of all Bitcoin NFTs registered since the launch of Ordinals in late January of this year.
Interestingly, this volume of NFTs had little impact on the network, considering that the mempool was full for five weeks, negatively affecting users and miners.
The fever of the NFTs Ordinals has generated congestion since the first days of February. This is because the images, audios and videos registered on the Bitcoin blockchain took up a lot of space in the blocks. As a result, fees for using the Bitcoin network have increased.
NFTs no Bitcoin
However, between the 16th and 20th of April, the 80% reduction in the number of applications for Ordinals resulted in a decrease in fees. In the following days, the Bitcoin mempool was practically empty, even during the two days with the highest incidence of users registering NFTs with Ordinals.
Currently, transactions on hold are increasing, accumulating around 55,000 transactions. This equates to over 20 blocks.
Most NFTs registered on the Bitcoin network in recent days are text. Over 98% of NFTs filed on April 23 were text. These assets have a weight, compared to a common transaction, of around 50 bytes.
Comparatively, an NFT in image format has greater weight and can occupy, in some cases, the entire block of Bitcoin blockchain transactions, which is equivalent to 4 MBv (virtual megabytes).
Many of the currently registered NFTs correspond to BRC-20 tokens, an experimental standard used to issue and transfer fungible tokens on the Bitcoin network. These tokens are recorded in Bitcoin with JSON (JavaScript Object Notation), a lightweight data exchange format that is easy for anyone to read and write.
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