Bitcoin Inscriptions Surpass NFT Minting On Ethereum, Solana, Polygon Despite Bear Market
Portfolio Pulse from Murtuza Merchant
Bitcoin inscriptions, a new way to store data on the Bitcoin blockchain, have surpassed 35 million since January. These digital artifacts can be anything from text files, images, and audio to videos. The majority of Bitcoin inscriptions are text files, accounting for approximately 95% of all inscriptions. In the first 200 days since the first inscription on Bitcoin, a total of 1.14 million image-based inscriptions have been created, surpassing the number of non-fungible tokens (NFTs) minted on other blockchains, such as Ethereum, Solana, and Polygon. Bitcoin has accumulated the third-highest NFT trading volume by the network at $596.4 million.
October 09, 2023 | 2:14 pm
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NEUTRAL IMPACT
The number of image-based inscriptions created on Bitcoin in the first 200 days has surpassed the number of non-fungible tokens (NFTs) minted on Ethereum. However, Bitcoin's minting activity is still much lower than the total minting activity for NFTs on Ethereum.
While the number of image-based inscriptions created on Bitcoin has surpassed the number of NFTs minted on Ethereum, Ethereum still leads in total minting activity. This suggests that Ethereum remains a dominant player in the NFT market, which could continue to support demand for Ethereum.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
The number of image-based inscriptions created on Bitcoin in the first 200 days has surpassed the number of non-fungible tokens (NFTs) minted on Polygon. However, the overall minting activity for NFTs on Polygon is not specified.
The number of image-based inscriptions created on Bitcoin has surpassed the number of NFTs minted on Polygon. However, the overall minting activity for NFTs on Polygon is not specified in the article, making it difficult to assess the potential impact on Polygon.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
The number of image-based inscriptions created on Bitcoin in the first 200 days has surpassed the number of non-fungible tokens (NFTs) minted on Solana. However, Solana remains one of the most popular chains for digital collectible activity.
While the number of image-based inscriptions created on Bitcoin has surpassed the number of NFTs minted on Solana, Solana remains one of the most popular chains for digital collectible activity. This suggests that Solana continues to be a key player in the NFT market, which could continue to support demand for Solana.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Bitcoin inscriptions, a new form of data storage on the Bitcoin blockchain, have surpassed 35 million. This suggests that Bitcoin is being used for more than just a store of value and a medium of exchange, potentially leading to new and innovative use cases for Bitcoin in the future.
The growing popularity of Bitcoin inscriptions indicates that Bitcoin is being used for more than just a store of value and a medium of exchange. This could lead to new and innovative use cases for Bitcoin in the future, potentially increasing demand for Bitcoin and positively impacting its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100