A new trend in the cryptocurrency market is the emergence of tokens based on the Bitcoin blockchain, particularly the BRC-20 category. This development has led to significant market activity, with BRC-20 tokens adding about 21% in sector value over the past 24 hours. Leading the gains are infrastructure token trac (TRAC), meme (MEME), and nals (NALS). The BRC-20 standard, introduced in April, enables the issuance of transferable tokens directly on the Bitcoin network for the first time. These tokens, called inscriptions, operate on the Ordinals Protocol, which embeds data into the Bitcoin blockchain through small bitcoin-based transactions.
Over 37,000 BRC-20 tokens now exist, as reported by Ordinals tracker OrdSpace. This rapid proliferation underscores the growing interest and investment in this new token ecosystem.
In addition to the financial market, popular social applications on Bitcoin are incorporating in-game tokens to attract users and boost revenues. For instance, Alpha, an app allowing X (formerly Twitter) personalities to issue ‘keys’ for group chat access, now enables users to offer their own tokens. These tokens, cheaper than ‘keys,’ facilitate participation in community games and lottery wheels. Alpha positions itself as a “super app,” featuring a decentralized exchange, an NFT marketplace, and a gaming store. This move indicates a broader adoption of bitcoin in interactive applications beyond its traditional DeFi use on other chains like Ethereum or Solana.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
