Bitcoin's Ordinal Inscriptions Nearly Double to 4.8M in a Week

The number of Ordinals inscriptions on the Bitcoin network has 

nearly doubled in just over a week, reaching 4.78 million from 2.5 million. This surge in activity is due to the popularity of BRC-20 tokens, which are text-based inscriptions used to create fungible tokens on the Bitcoin blockchain. According to Glassnode, text-based inscriptions are now the most popular form of Ordinals inscription, comprising over 2.8 million inscriptions as of May 5. The market cap of BRC-20 tokens is currently around $700 million, and Galaxy Digital predicts that the market for "Bitcoin NFTs" may reach $4.5 billion by 2025.