Bitcoin (BTC) miners have pocketed over $5 million from creating nonfungible token (NFT)-like inscriptions using the Ordinals protocol.
Transaction fees for Ordinals transactions exploded 240% from $1.5 million on March 10 to 5.2 million by April 12, according to Dune Analytics data.
The rise came on the back of a rather slow period between Feb. 16 and March 10, which from $1 million to $1.5 million. Prior to thatfees hit the $1 million mark within the first four weeks of the Ordinals protocol launching on Jan 21.
Nearly 1.1 million Ordinals have been inscribed on the Bitcoin network, mostly comprising JPEG images and text but also consisting of PDFs, video and audio formats.
Roughly 100 to 500 inscriptions are processed in each Bitcoin block, which usually contains between 2,000 to 3,000 transactions. Block 783,758 on April 3 saw a record 3,785 inscriptions, representing nearly 87% of the entire block.
This is Bitcoin block 783,758.
It currently holds the record for having the most inscriptions.
3,785 inscriptions to be exact.
That’s 86.7% of its transactions.
Ordinals are quite literally on their way to becoming the number one use case on Bitcoin. pic.twitter.com/BxcfbcBWeM
— Leonidas.og (@LeonidasNFT) April 12, 2023
Reddit’s Gen3 NFTs plagued by botting claims
Online community platform Reddit launched its third batch (Gen 3) of NFTs on April 12 — a “Futures Realities Collection” of Collectible Avatars created by over 100 artists.
Reddit explained in its announcement that the artists behind each limited edition Avatar will receive royalties upon each sale and no cryptocurrency was needed to purchase them.
#RedditCollectibles fans, the wait is over! Gen 3 is officially available with limited-edition designs from over 100 different artists. Jump into the next dimension and get yours now. pic.twitter.com/QcCSAUs8rE
— Reddit (@Reddit) April 11, 2023
However, the release didn’t come without issues. Many Reddit users claimed they missed out on the sale because spam bots swooped in almost instantly.
Man also believe the bots were the reason behind Reddit’s NFT shop crashing shortly after launch.
“They didn’t incorporate any type of spam or bot prevention, like a simple captcha. Of course the site got overloaded,” one user wrote with another remarking there was “no way you guys didn’t even think of stopping bots during this drop.”
Twitter user “Pastel…
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