FlashTools & Inscriptions on EVM Chains
Recognizing a paradigm shift in the NFT and inscriptions market.
Last updated
Recognizing a paradigm shift in the NFT and inscriptions market.
Last updated
As we approach the end of 2023, the NFT and digital inscriptions sector has seen a monumental shift, particularly in Ethereum Virtual Machine (EVM) chains. According to Etherscan, a staggering 95% of transaction activity on these chains is now related to inscriptions. This trend, initially observed in the Bitcoin network, is increasingly prevalent in EVM-compatible chains, showcasing a growing fascination with this new approach to creating non-fungible tokens (NFTs).
Ordinals inscriptions represent a novel way of embedding unique data, such as images and texts, directly onto a blockchain. Unlike traditional NFTs stored off-chain and linked via metadata, these inscriptions are fully integrated within the blockchain. On Ethereum and other EVM chains, inscriptions are performed within transaction input data, which, despite relying on third-party services for indexing and applying token rules, has not diminished their growing appeal.
This surge in inscription activities has led to a considerable increase in daily transactions and skyrocketing gas fees. On December 16, the total gas fees spent on inscriptions reached about $8.3 million, impacting chains like Ethereum, Avalanche, Arbitrum One, and the BNB Chain. The Bitcoin Frogs Ordinals collection, for instance, rapidly emerged as a market leader with a capitalization of $182 million and secondary sales hitting $4.8 million on December 17.
As a leader in the NFT and digital asset trading industry, FlashTools recognizes the potential of inscriptions on both Bitcoin and EVM chains. Our Toolkit, designed for the modern trader, is strategically positioned to:
Facilitate Efficient Trading: FlashTools, integrated with Telegram, represents a streamlined platform for trading NFT's and inscriptions, providing a more efficient and user-friendly experience than leading alternatives.
Support Multi-Chain Functionality: Acknowledging the surge in inscriptions across various blockchains, FlashTools' Toolkit will enable users to navigate and trade across different markets, including EVM chains.
Offer Critical Market Insights: With advanced analytics, FlashTools will equip users with vital insights into the rapidly changing dynamics of the inscriptions market, helping them make informed trading decisions.
Mitigate Transaction Load Challenges: Our platform is designed to address the operational challenges posed by the increased transaction loads and gas fees, ensuring a smooth trading experience.
The inscription trend on EVM chains presents both opportunities and challenges in the digital asset landscape. FlashTools, with its innovative approach and integration with Telegram, is set to play a crucial role in this evolving market. By offering comprehensive solutions that cater to the needs of traders in this dynamic environment, FlashTools is not just adapting to these changes – we are at the forefront, shaping the future of digital asset trading in the inscriptions era.
