BRC-20 tokens reach $1 billion market cap milestone

The market capitalization of BRC-20 Bitcoin tokens has exceeded $1 billion, with a 24-hour trading volume of $207.7 million. Some prominent tokens in this category include ORDI, NALS, VMPX, PEPE, and MEME. Their prices have fluctuated between +11% and -55% within the past day.

BRC-20 token standard: fungible tokens on the Bitcoin blockchain

BitKeep, a multichain wallet, explains that the BRC-20 token standard is a unique type of fungible token. It uses Ordinals and Inscriptions to manage token contracts, token minting, and token transfers, all stored on the Bitcoin base chain. Ordinals assign a distinct number to each satoshi (0.00000001 Bitcoin), enabling tracking and transfer, while Inscriptions add a layer of data to each satoshi, allowing the creation of distinctive digital assets on the Bitcoin blockchain.

Twitter user Domo developed the BRC-20 token standard on March 8. Over 14,000 BRC-20 tokens have been deployed on Bitcoin, compared to approximately 400 million tokens on Ethereum. Despite its growth, the creator of BRC-20 has emphasized that the standard is worthless and users should not invest in this “fun experiment.”

gm. I’m glad that some people like the experiment. Some additional notes.
1. These will be worthless. Please do not waste money mass minting.
2. Due to how some inscription tools are set up, the ‘balance’ may be minted to the intermediary address used in https://t.co/mja39YGIow…
— domo (@domodata) March 9, 2023

BitKeep to support Ordinals and BRC-20 protocols

On May 8, BitKeep announced plans to support the Ordinals and BRC-20 protocols on its mobile and plugin-extension platforms. The company will also add a Bitcoin NFT section to its marketplace, facilitating the display, minting, transfer, and trading of BTC NFTs based on the Ordinals protocol. BitKeep remains committed to monitoring new protocols like BRC-21, providing diverse support and services based on market trends and user needs.

3/4😍 BitKeep will also be compatible with the #Taproot address format and support the BRC-20 protocol, providing asset display, transfers, and trading services for BRC-20 tokens.
— BitKeep Wallet (@BitKeepOS) May 8, 2023

While optimistic about the future of BRC-20 tokens, Trust Wallet does not currently support Bitcoin Ordinals. MetaMask, on the other hand, introduced a feature in February allowing users to store Ordinals. Cryptocurrency hardware wallet provider Ledger also supports the Ordinals protocol.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/brc-20-tokens-reach-1-billion-market-cap-milestone/