Ethereum Explores NFT Inscriptions with Ethscriptions

In a move that mirrors Bitcoin’s foray into NFT inscriptions, Ethereum is making significant strides by introducing a new feature called Ethscriptions. This Ethereum-based inscription system has generated a positive response from users, drawing parallels with Bitcoin’s inscriptions and their impact on the crypto industry.

Middlemarch, the co-founder of Capsule 21, announced Ethscriptions on June 17, unveiling a groundbreaking system that allows the creation and sharing of digital works through Ethereum transaction calldata. In conjunction with this exciting development, Middlemarch also launched Ethereum Punks, a collection of non-contract punks similar to those found on Bitcoin.

Introducing Ethscriptions: a new way of creating and sharing digital artifacts on Ethereum using transaction calldata.https://t.co/XfQ7RdtblD

ALSO: Introducing Ethereum Punks. Because why should all non-contract Punk collecting happen on Bitcoin?https://t.co/d3Ycwbdc2Z…

— Middlemarch (@dumbnamenumbers) June 16, 2023

Overwhelming Response: All 10,000 Ethscriptions Claimed Instantly

The Ethereum Punks page offered a glimpse into the enthusiasm surrounding this new venture, as all 10,000 inscriptions were quickly claimed, leaving none available at the time of writing. This overwhelming response demonstrates the eagerness with which the community embraced this inaugural inscription initiative.

Ethereum has emerged as a dominant force in the NFT landscape, thanks to its smart contract capabilities and widespread adoption. The platform hosts the first set of prestigious NFTs, commonly referred to as blue-chip NFTs. A closer look at the NFT rankings on DappRadar, based on volume, sales, and market capitalization, reveals that the top five NFTs are all on the Ethereum network.

Leading the pack of all-time NFT collections is Axie Infinity, boasting over 19.3 million in sales and a volume exceeding 4.2 billion. Close behind is Crypto Punks, with impressive sales surpassing 28,000, a substantial volume of over 3.5 billion, and a market capitalization approaching $2 billion.

The Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) secured third and fourth positions, respectively, showcasing the prominence of these Ethereum-based NFT collections. This data reinforces Ethereum’s dominant share in the NFT space, and the recent Ethscriptions launch has the potential to further enhance the platform’s allure.

Ethereum Records Highest Fees: Daily and Weekly Fee Statistics

However, with the rise of inscriptions, Ethereum may experience an increase in transaction fees. Just as Bitcoin inscriptions and Ordinals impacted fees on its network, Ethereum could encounter a similar spike due to the popularity of Ethscriptions. The higher volume of transactions on the network could lead to increased fees being generated.

Crypto Fees data indicates that on June 16, Ethereum recorded the highest fees among other platforms, with daily fees surpassing 4.6 million.