BTC miners cash $5M on Ordinals, Reddit NFTs get botting backlash and more

Bitcoin (BTC) miners have pocketed over $5 million from creating nonfungible tokens (NFT) 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 relatively slow period between Feb. 16 and March 10, from $1 million to $1.5 million. Before that, fees hit the $1 million mark within the first four weeks of the Ordinals protocol launching on Jan 21.

Transaction fees paid for Ordinals inscriptions hit the $5 million mark on April 11. Source: Dune Analytics

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 and 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 Gen 3 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…

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