Bitcoin: Assessing the full impact of Ordinal Inscriptions

ambcrypto.com:

Bitcoin Ordinals has caused a major stir ever since its inception, profoundly impacting fees and miner revenues within the network. However, the question remains: To what extent have these inscriptions augmented miner revenue, and what is their current influence on fees and overall revenue?

Read Bitcoin (BTC) Price Prediction 2023-24

The introduction of Bitcoin Ordinal inscriptions revolutionized the network with NFT-like assets. This innovative asset class opened up a fresh stream of fees and revenue for miners. Recent data from Glassnode revealed the substantial impact of inscriptions on miner fees and revenue. 

Source: Glassnode

Furthermore, since its inception, Bitcoin miners have generated an impressive 1761 BTC, equivalent to approximately $49.9 million, through transaction fees from inscription-related transactions. These fees accounted for around 22% of the total miner revenue from fees, which amounted to $227.8 million since January 23.

Based on the latest data from Dune Analytics, the cumulative inscription fees have exceeded $53 million as of this writing. However, a closer examination of the daily fee breakdown revealed a recent decline in these fees.

The chart showed a notable surge on 9 May, reaching over 151 BTC, equivalent to more than $4 million. However, as of this writing, the daily fees had plummeted to approximately 4 BTC. This indicated a significant decrease from its previous contribution to fees on the Bitcoin network.

Furthermore, an analysis of the daily Ordinals inscriptions on the Bitcoin network revealed a decline in recent times. Previously, the daily inscriptions reached noteworthy highs.

However, the trend experienced a decrease, although respectable numbers were still observed. As of