Bitcoin Inscriptions and NFTs are Steadily Gaining Momentum: Study

Published: November 10, 2023 at 4:13 am Updated: November 10, 2023 at 4:13 am

Edited and fact-checked:
November 10, 2023 at 4:13 am

Bitcoin Inscriptions are witnessing a significant surge in popularity, as indicated by data from NFTScan. The total number of Inscriptions on the Bitcoin network is nearing 38 million, generating over 2,400 BTC in transaction fees.

Additionally, there are more than 672,000 wallets that currently hold inscription assets. In a notable achievement, the BRC-20 SATS token has recorded over $32 million in transaction volume in just the past week.

This impressive figure surpasses well-known NFT collections like CryptoPunks and BAYC, leading the pack in underlying transaction volume across the entire network.

672,000 wallets that currently hold inscription assets. In a notable achievement, the BRC-20 SATS token has recorded over $32 million in transaction volume in just the past week. — Sourse: cryptoslam.io

China’s Unexpected Legal Support for NFTs

In a surprising turn of events, the Chinese government has extended legal protection to non-fungible tokens (NFTs), officially recognizing them as virtual property under the law. This groundbreaking decision could be a key catalyst driving the heightened interest in Bitcoin NFTs.

This decision comes amidst a backdrop of mixed judicial opinions regarding cryptocurrency in the country. It represents a significant shift in China’s stance towards digital assets, offering a legal framework for handling NFT theft cases and validating their status.

Despite this positive development for NFTs, a Chinese judge has made a clarification. Parties involved in crypto lending contracts will not receive judicial protection under current laws. This distinction underlines the nuanced approach China is taking towards different aspects of the cryptocurrency market.

Current Movements with NFTs

The growing influence of NFTs and blockchain technology is also evident in popular culture. For instance, the iconic U.S. animated series “The Simpsons” recently featured NFTs in its Halloween special episode, “Treehouse of Horror 34.” The episode humorously commented on the overvaluation of on-chain NFTs. This segment highlighted the growing mainstream awareness and discussion surrounding this digital asset class.

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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti