BitMEX, a cryptocurrency derivatives firm, has found over 13,000 Ordinals non-fungible tokens, indicating a surge in popularity over the digital assets.
According to the company, 13,000 Ordinals had been minted (inscribed) from 14 December to 7 February.
Shortly after the news debuted, markets reported a massive inflow of JPEGs and media assets on Bitcoin totalling 526 megabytes of block space and 6.77 Bitcoin (BTC), it explained.
The transactions indicated a major “hockey stick” curve, or an exponential surge in NFT trading activity on the BTC network.
The news comes after Ordinals sparked anger from Bitcoin enthusiasts, with some stating Ordinals fans were “spamming” the world’s most widely-used blockchain with massive JPEGs.
Ordinals have only reached roughly 3 percent of total Bitcoin transactions this week but took roughly 70 of BTC block space.
According to reports, the Ordinals are relatively new to Bitcoiners, allowing them to attach key metadata and digital assets to BTC to inscribe fresh digital artefacts.
Doing so can reshape how people use the Bitcoin blockchain, opening new use cases for the emerging technology. However, others believe it uses vital space on the blockchain needed for other transactions.
