Bitcoin Ordinals have introduced a new layer-2 solution that allows for decentralized storage of digital art on the Bitcoin blockchain. With the launch of the BRC-721E standard, users can now migrate their Ethereum ERC-721-based nonfungible tokens (NFTs) to the Bitcoin blockchain. The BRC-721E standard was jointly launched by the Ordinals market and the Bitcoin Miladys NFT collection, enabling the conversion of immutable, verifiable ERC-721 NFTs to Ordinals. While metadata is not initially stored on-chain, users can store a lower-quality preview image and include a reference to the Ether (ETH) burn in the raw image data.

Bitcoin Ordinals, the non-fungible tokens minted on the Bitcoin blockchain, have emerged as serious competition to other networks and are changing trading behavior. While Ethereum still ranks number one in terms of trading volume, Bitcoin has maintained a firm grip on second place for more than three weeks.

Michael Saylor, co-founder and executive chairman of MicroStrategy, has become one of the few Bitcoin maximalists to publicly embrace Ordinals. Ordinal inscriptions are similar to NFTs and allow for arbitrary and non-financial information, such as images, to be included on the Bitcoin blockchain.

A recent report by Dune Analytics has highlighted the increasing popularity of Bitcoin Ordinals, with a significant rise in network fees and a shift in inscription preferences. On May 20, the total network fees paid for minting Bitcoin Ordinals reached 1,414 BTC, equivalent to $38.2 million, representing a surge of 700% from April 20 and 831% from April 1.

According to a report by Dune Analytics, the total network fees paid for minting Bitcoin Ordinals reached $38.2 million on May 20, representing a significant increase from the previous month.

Bitcoin Ordinals, a controversial technology that allows for the addition of text, images, and code to the smallest unit of Bitcoin, has raised concerns about rising transaction costs and slower speeds among critics. However, supporters argue that it improves decentralization, ensures freedom of speech, and unlocks new value on the Bitcoin blockchain. The increase in Ordinals inscriptions has caused congestion on the blockchain, leading some to question the technology's potential regulatory scrutiny and flaws. While some community members have questioned the hindrance of Bitcoin's transformation, it remains to be seen whether Ordinals are here to stay and what their true consequences will be. The founder of AngelBlock, Alex Strzesniewski, has also spoken out against attempts to censor transactions and determine what is a valid or invalid transaction on any network, while supporters of Bitcoin Ordinals have praised its contribution to freedom of speech.

Binance NFT marketplace has announced that it will soon support Bitcoin Ordinals, though the specific launch date has not yet been revealed. This move is aimed at expanding the platform's ecosystem and creating more opportunities for NFT traders and collectors. With this addition, customers will be able to purchase Bitcoin NFTs without having to set up a taproot-compatible Bitcoin wallet. Additionally, creators will be able to generate more income through Binance's NFT royalty support, and collaborators will enjoy benefits such as access to Binance's NFT Discord channel and NFT airdrops for upcoming Bitcoin NFT projects. The ordinal protocol, launched in January 2023, enables creators to attach data to individual satoshis on the Bitcoin blockchain, creating immutable digital collectibles that can be transacted through Bitcoin wallets. Binance NFT marketplace offers three functionalities: the marketplace, Initial NFT Offerings (INO), and NFT-Fi, which enables users to stake their NFT or use them as collateral to get a loan.

Bitcoin, the world’s largest cryptocurrency, is experiencing a surge in transaction fees due to the increasing congestion on the network.

Meme coins are shifting to the BRC-20 standard, taking over the Bitcoin network as Ethereum faces congestion from new tokens. Daily minting fees on BRC-20 reached a record high of 247 BTC on May 7, and the total fee for these Bitcoin Ordinals was 641 BTC. BRC-20 tokens have a market cap of $541 million, with 14,079 tokens, many of which are meme coins. The shift to BRC-20 could be due to the congestion of the Ethereum network from popular meme tokens like PEPE. The popularity of Ordinals has also caused Binance to halt BTC withdrawals twice in 12 hours. A new standard called BRC-21 is already in the works to allow tokens on other chains to be minted and redeemed to and from the Bitcoin blockchain.

There’s fresh controversy brewing in the Bitcoin Ordinals community after a developer under the moniker “Supertestnet” initiated a transaction that had no input or output, but is nevertheless seen as valid.