Even though the community is still divided, Ordinals has taken Bitcoin by storm.
Ordinals, the NFT-like initiative on the Bitcoin blockchain, continues to grow despite opposition from Bitcoin purists, with over 76,400 inscriptions created to date. According to data from Dune, the number of Ordinals surpassed 20,800 inscriptions on February 9, 2023.
What are Ordinals?
Each Bitcoin is broken into 100,000,000 satoshis (or sats). The new Ordinals protocol enables Bitcoin node operators to inscribe each sat with data, generating something known as an Ordinal.
Ordinals is different from previous projects in that digital assets are inscribed directly onto satoshis, the smallest Bitcoin denomination, without the requirement for a sidechain or token.
Ordinals, which was launched last month, is the most recent initiative to bring NFTs into the Bitcoin ecosystem. Counterparty was the first initiative to bring NFTs to Bitcoin with the Rare Pepes collection in 2014, followed by Stacks in 2017.
Developers have included JPEGs, audio files, videos, and even video games on the Bitcoin blockchain to test its limits. While the total quantity of Bitcoin NFTs is unknown, the Ordinals website and Gamma, a Bitcoin NFT marketplace on Stacks, indicate that several thousand have been issued on the network.
Bitcoin NFTs may be trending, but the technology is still in its infancy compared to Ethereum and Solana, which have had years to develop the minting, trading, and viewing of digital valuables.
As Bitcoin Twitter debates the pros and cons of filling blocks with pictures and videos, Bitcoin miners are making a lot of money from fees. On February 12, 2023, fees for Ordinal transactions alone topped $92,220.
Some people tweeted a poll on Twitter to find out if Bitcoins are good or not. As of this writing, about 64% have said that it is not good.
Unsurprisingly, clones of well-known NFT projects such as CryptoPunks and Bored Ape Yacht Club NFTs have made their way to the Bitcoin Blockchain. On February 8, a single Ordinal Punk was sold for roughly $215,000, or 9.5 bitcoins.
Cover Image Source: altcoinbuzz.io