Bitcoin’s Ordinal Inscriptions Surpass 14 Million: Sats Names and Growing Adoption
Bitcoin’s Ordinal inscription technology has reached a new milestone, surpassing 14 million inscriptions in June 2023, just days after surpassing 13 million.
This trend has resulted in additional revenue for bitcoin miners, with over 1,799.65 BTC earned through inscription-related fees, equivalent to around $54 million. While the majority of inscriptions are plain text, various file types. The rise of Ordinal inscriptions has led to the emergence of Sats Names, a new standard for human-readable names on the Bitcoin blockchain.
Sats Names, or SNS, allow users to create names with appended extensions like .sats and .xbt, facilitating unique naming possibilities. No space applies while registering names, and capitalization is irrelevant. The Sats Names API can be used to check whether Sats Names are available, and various Ordinal marketplaces might be used to buy them.
With over 250,000 .sats names and 120,000 SNS names in various namespaces, Sats Names have gained traction with around 50,000 users currently possessing them. Wallets such as Unisat and Ordinals support SNS name resolution, providing further convenience for users.
Clever Robot News Desk 3rd July 2023
