The Rise of Bitcoin Inscriptions and NFTs: Insights from a Recent Study
In Brief
Bitcoin Inscriptions are witnessing a notable rise in their appeal, a trend supported by data from NFTScan The overall count of Inscriptions on the Bitcoin network is approaching the impressive figure of 38 million, generating upwards of 2,400 BTC in transaction fees.
Additionally, more than 672,000 wallets currently encompass inscription assets. An exciting highlight is that the BRC-20 SATS token achieved over $32 million in transaction volume in just the past week.
This extraordinary figure eclipses that of some well-known NFT collections, placing it at the forefront of transaction volume across the entire Bitcoin network. CryptoPunks and BAYC There are now over 672,000 wallets that contain inscription assets. Moreover, the BRC-20 SATS token has made a significant mark this past week with transaction volumes surpassing $32 million.
In an unexpected move, the Chinese government has granted legal recognition and protection to non-fungible tokens (NFTs), officially classifying them as virtual property under the law. This pivotal decision could act as a major driving force propelling interest in Bitcoin NFTs.
This ruling emerges against a backdrop of varying judicial perspectives on cryptocurrency within the country. It signifies a major adjustment in China's approach towards digital assets, providing a legal basis for addressing NFT theft incidents and affirming their legitimacy.
Even with this encouraging news for NFTs, a judge in China clarified that parties involved in crypto lending agreements will not receive legal protection under the prevailing laws. This distinction emphasizes the careful approach China is adopting regarding different segments of the cryptocurrency landscape. China The rising impact of NFTs and blockchain tech is becoming increasingly apparent in popular culture. A prime example of this is the famed U.S. animated show “
”, which recently incorporated NFTs into its Halloween-themed episode, “Treehouse of Horror 34.” This particular episode humorously critiqued the inflated valuations of on-chain NFTs, showcasing the growing mainstream engagement and discussions surrounding this asset class.
Current Movements with NFTs
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