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Bitcoin Miners Pocket $5 Million On Ordinals, Reddit Non-Fungible Tokens Get Botting Backlash

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The BTC fees from the inscription of Ordinals have shot up by 240% this past month. Bitcoin miners cash more than $5M just from developing NFTs (non-fungible tokens)-like inscriptions through Ordinals protocol.

On April 12, the Dune Analytics data shows that the transaction fees for Ordinals dealings shot up to 240% from the former $1.5 million it was on March 10.

This explosion came about after a slow period that occurred from February 16 to March 10 and the fees were from $1M to $1.5M.

Before then, the transaction fees reached the $1M mark just in the first 4 weeks after the launching of the Ordinals protocols on January 21.

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By April 11, the Ordinals inscription fees paid already strike the $5M mark.

What May Have Led to The Explosion

Almost 1.1 million Ordinals have been inscribed within the BTC network. The majority of them include JPEG as well as text and also PDFs, audio, and video formats.

Each of the Bitcoin block processes has nearly 100 to 500 inscriptions and ordinarily, it contains around 2,000 to 3,000 transactions.

For instance, on April 3, block 783,758 got a record of inscriptions that is up to 3,785 which represents almost 87% of the complete block.

READ ALSO: US Politicians Warren and Ocasio Cortez Questions BlockFi

Reddit’s Gen3 Non-Fungible Tokens Troubled by Botting Claims

On April 12, Reddit, an online community exchange launched its Gen3 (third batch) NFTs. A “Futures Realities Collection” of Collectible Avatars was developed by more than 100 artists.

According to Reddit’s announcement, the artists that supported the limited edition Avatar will earn royalties on every sale. Moreover, it doesn’t need any cryptocurrency to buy them.

However, the launch experienced a little problem. For instance; most Reddit users made claims that they weren’t able to partake in the sale due to spam bots which immediately swooped in.

Some people also believe that the crashing of Reddit’s non-fungible tokens shop a little time after the launching was due to that.

According to a user, “the platform didn’t incorporate any form of security like a bot or spam prevention like a captcha. No wonder the site became overloaded.

Another user remarked that the platform should have thought about stopping bots at the time of this drop.

Pastel Alpha, a Twitter user posted that the platform just managed to earn a large amount from the non-fungible tokens even though the site collapsed completely.

READ ALSO: DeFi Device Alerts Users of Suspicious On-Chain Businesses

Adidas Launched Its First in the Series of High-Powered NFTs

The well-known shoe brand, Adidas has launched the first in the collection of their new dynamic NFT series.

It is known as Adidas’ ALTs and it is the trendiest action the organization has taken on its way to enlarge its non-fungible tokens ecosystem.

As per the announcement made on April 1, the NFTs will evolve according to the engagements and decisions of the owner.

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