A staggering 3.35 million Ordinal inscriptions and a brand-new experimental token standard called “Bitcoin Request for Comment,” or BRC20, have been recorded on the Bitcoin blockchain as of May 3, 2023. By utilising the Ordinals protocol, BRC20 tokens make it simple for creators to mint fungible crypto assets onchain. As a result, the mempool of Bitcoin currently has over 200,000 unconfirmed transactions in backlog.
With the ordi market cap hovering over $52 million, the $OG$ market cap at $7.9 million, and the PEPE BRC20 coin’s market valuation resting at $8.3 million, the BRC20 token economy has experienced quadruple-digit gains. A contentious discussion about whether fungible tokens and non-fungible token (NFT) concepts built on BTC justify confirmation alongside financial transactions has been reignited by the rise of BRC20s and Ordinal inscriptions.
