Ordinals developer Leonidas highlighted the increase of Ordinals trading and inscription activity on the Bitcoin blockchain.
“Over the past 24 hours Bitcoin had 530,788 transactions. 450,785 of those transactions were Ordinals related,” Leonidas tweeted .
“In the midst of everyone claiming ‘Ordinals are dead’ they have literally accounted for 84.9% of the activity on Bitcoin,” reads on Leonidas’ tweet .
The statement highlights the market’s pessimism on NFTs’ future as a form of investment and payment.
However, pessimism on NFTs does not stem from, yet correlates to, the market’s lack of optimism about Bitcoin’s future.
Ordinals aside, NFTs lack profound selling points beyond bragging rights for collectors and the potential for financial investments.
Ordinals natively provide functionality beyond the aforementioned selling points. Through Bitcoin Standard BRC-69 & Recursive Inscriptions, Ordinals aims to empower developers on the chain to develop programs and databases to enable decentralized data storage and application.
“Recursive Inscriptions” refers to the ability to utilize code within a block that may summon code from adjacent blocks on the chain. Blocks provide 4 Megabytes of storage, which would not normally provide ample space for developers to save code for complex programs.
Ordinal developers mitigate the issue through recursive inscriptions, allowing developers to link data saved on multiple blocks, enabling the development of complex programs, such as AA games, on the chain.
Leonidas did not immediately respond to a request for comment.
Digital assets are highly susceptible to extreme market changes caused by news and statements from key market players.
A prime example can be seen when the world’s biggest asset manager BlackRock announced its application for a Bitcoin spot ETF with the US Securities and Exchange Commission, kicking Bitcoin price up by $4,000 in a few hours.
BlackRock’s application signaled the emergence of Wall Street behemoths into the crypto space as a flood of asset managers and adjacent financial institutions followed suit by applying for similar ETFs.
While investor morale may be understandably low recently due to the sudden sharp drop in the token’s value, market professionals are ahead of the aforementioned applications in getting approvals from the regulator.
The SEC has yet to approve any spot ETF applications, including the first application filed by Cathie Wood’s Ark Invest.