At the same time, the total market cap of BRC-20 tokens has surged to $613 million since their inception in January.
compiled by @dgtl_assets of Dune Analytics, the total network fees paid for the minting of Bitcoin Ordinals reached 1,414 Bitcoin , 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.
In January 2023, Web 3.0 developer Rodarmor released the Bitcoin Ordinal theory framework. On top of this, Web 3.0 developer domo the BRC-20 Bitcoin token standard in March 2023 that employs both Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers on Bitcoin.
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