55,000,000.
That’s the total number of inscriptions that Bitcoin is rapidly closing in on, according to network data surfaced by Data Always on Dune Analytics. 2023 was a historic year for this new demographic of Bitcoin users. But for every part of the Ordinals and DeFi ecosystem on Bitcoin, it’s only the beginning.
So, what’s on the horizon for 2024? Three things.
First, wider adoption is something to expect. Over the past 12 months, the initial groundswell around everything related to inscriptions on Bitcoin was largely a proof-of-concept phase. Lots of critics and disbelievers remained confident in their opposition. But sentiment is noticeably changing as growth continues. Expect more communities throughout crypto to recognize and act on the staying power of ordinals this year.
Second, better collections are coming. It’s no secret that a lot of the current art, data, and other things embedded on Bitcoin are experimental and sort of “rough drafts” of what the ecosystem could become.
But more adoption will lead to better art. Some existing collections–irrespective of any opinions on quality–have very important lore supporting their communities. Some examples of this are Bitcoin Frogs and Taproot Wizards origin stories. But as this market sector accelerates its growth, more artists will join the party with even better art.
Lastly, better infrastructure is a necessity. Across all sorts of important tools that support every other onchain ecosystem, the fungible and non-fungible asset markets on Bitcoin need them too. These include things like robust data aggregators, safe and simple wallet interfaces, liquid and accessible marketplaces, tools for creators, and more. A lot of early products are built and improved. Over the course of 2024, a lot more products will be built and better features will serve every type of user.
