Daily transaction fees for minting Bitcoin Ordinals inscriptions hit a new all-time high of 9.28 BTC on Thursday, around $257,460, according to a report by Dune Analytics.
The surge is largely attributed to Bitcoin Apes, a variation of the popular Bored Ape Yacht Club NFT collection reproduced on the Bitcoin Network.
Since the Ordinals project launched in January 2023, over $3.3 million in fees have been paid to include images, text, and even video games on the original blockchain.
“[Bitcoin Apes] follow the same logic as bitcoin punks, where the first byte-perfect image of a bored ape inscribed is the real one,” pseudonymous NFT historian Leonidas told Decrypt on Twitter. “8,397 Bitcoin Apes have already been inscribed, and once minted, over $1 million will have been spent writing the 10,000 exact copies of the Bored Ape Yacht Club images onto Bitcoin.”
Of the 466GB of data that makes up the Bitcoin blockchain, Leonidas says over 1GB is now pictures of monkeys.
“In a weird way, this is really good for Bitcoin,” Leonidas said. “Any additional transaction fee paid to enroll these monkeys helps secure the bitcoin network by providing miners with an additional revenue stream to complement block rewards.”
Leonidas believes that projects like Bitcoin Apes could be the solution to the long-standing question of what to do after the pre-programmed Bitcoin block rewards finally go to zero in 2140.
But while JPEGs are gaining popularity on the Bitcoin network, most ordinal inscriptions are text-based, according to Dune.
“The Bitcoin Apes do not compete with the original Bored Ape Yacht Club collection,” Leonidas said. “In fact, some of the people I’ve spoken to and who are subscribing are huge fans of the Original Collection and would love to own one of the original Bored Apes one day.”
Leonidas says it is inevitable that the culture behind one of the most iconic NFT collections will spread to other blockchains, and that Bitcoin Apes confirms this trend.
Some Bored Ape Yacht Club owners are concerned that copies of their NFTs will be made and traded on the Bitcoin blockchain. However, Leonidas believes such concerns are unfounded.
“Blockchains solve the digital art provenance problem, so there is no debate as to whether the official owners of the Bored Ape Yacht Club are the owners of the original and the Bored Apes – anyone can verify that ownership on the chain,” explained Leonidas. “This is just another derivative project of an iconic PFP collection that I believe will transmit the culture of the original PFP collection to even more people, ultimately leading to the value returning to the official owners.”
“People are actually doing the original holders of the Bored Ape Yacht Club a favor by storing all 10,000 images fully on chain for the first time so that they live on Bitcoin forever at no cost to the official holders or Yuga,” Leonidas said.
While Bored Ape Yacht Club NFTs holders may not pay to have their digital collectibles written on Bitcoin, the reserve price of Bitcoin Apes is steadily increasing.
The minimum price for Bitcoin Apes is 0.0101 BTC, around $285.00; With Ordinals Wallet, the minimum price is 0.21 ETH, around $380.00 on the Ordinals Market. By comparison, Bored Ape Yacht Club Ethereum NFT has a floor price of 57.5 ETH, around $104,036 on OpenSea.
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