Data from Dune Analytics show that the number of Non-Fungible Tokens (NFTs) linked to the Bitcoin Blockchain soared above 3,000,000 earlier this week, after an activity spike consisting mainly of text-based assets.

The tokens are called inscriptions and they work on the Ordinals protocol, which allows users embed data in the Bitcoin blockchain through the inscription of references to digital art within small Bitcoin-based transactions.

The leap follows the introduction to the Bitcoin Request for Comment token standard (BRC-20), which allows users to transferable tokens through the network. This led to the creation of a series of digital artworks and meme tokens based on Bitcoin. The market capitalization for , the latter category, jumped from $137 million to $137 millions on Tuesday.

Data shows that most inscriptions still use text. They cost less than digital coins or memes because the network fee is based on how much data you inscribe.

On Monday, there were 372,000 unique inscriptions in the Bitcoin blockchain. Of these 371,000 were text-based. Only 316 images-based inscriptions have been created. The rest are applications or tokens.

The number of Bitcoin transactions has increased in recent weeks. (Dune)

The fees paid by the creators for the inscriptions totaled 28 bitcoins (BTC), which was added to the 284 bitcoins in lifetime fees that were generated through the Ordinals. At current prices, that’s more than $8 million.

As inscriptions soared, the price of tokens that focus on Bitcoin’s eco-system usage also grew.

Stacks’ stx token (STX), which tracks the broader cryptocurrency market, gained 1.2% in the last 24 hours.

Stacks is a layer two companion chain that allows for the creation and management of financial products. Crypto funds like North Rock claim that Stacks has several advantages over Ethereum-based blockchain platforms, such as lower fees, faster transactions and enhanced security.

Sheldon Reback is the editor.