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People are minting ‘BRC-20’ Meme tokens on Bitcoin using Ordinals

People are minting 'BRC-20' Meme tokens on Bitcoin using Ordinals

Ordinal inscriptions hit a new daily high on Thursday after someone figured out how to mint “fungible tokens” on Bitcoin.

If there was any indication that the hype surrounding Ordinals had diminished, that notion was debunked today. Since someone found out how to mint “fungible tokens” using the Ordinals protocol, the buzz is only getting bigger and wilder

As of this writing, the number of Ordinal inscriptions reached a new single-day high of about 31,700, according to a Dune dashboard that tracks public blockchain data. And it’s all because of the launch of “BRC-20,” an experimental way to use the technology that lets people mint and transfer any tokens they want using the Bitcoin blockchain.

what is the effect of ordinals?

The most recent development in the Ordinals saga has irritated some Bitcoin maximalists while exhilarating many creators and collectors about the expanding potential of the original blockchain network. Currently, the technology is being utilized as an analog to Ethereum’s ERC-20 token standard, but it is still in its very early and experimental.

Domo, a pseudonymous enthusiast for on-chain data, unveiled the BRC-20 implementation on Wednesday. Domo refers to BRC-20, or “Bitcoin Request for Comment,” as an experiment inspired by a remark from another pseudonymous user and the Sats Names (.sats) standard.

“I [heard] about the possibility of BRC-20 the past couple of days on Twitter and was curious if I could apply the .sats name format to create it,” Domo said. “Basically, what I was trying to do was to see if I could create an off-chain state with the tooling I had at hand (Dune Analytics) and inscriptions.”

Domo’s Ordi token started things off on Wednesday, but since then, users have deployed meme-inspired tokens such as Doge, Pepe, and even Meme itself via BRC-20 and Ordinals.

According to Dune, the overwhelming majority of Ordinal inscriptions created after the BRC-20 implementation went live consist primarily of text. More than 385,000 inscriptions have been made via Ordinals to date, with the vast majority occurring within the past six weeks.

Launched in late January as a result of the Bitcoin network’s Segwit and Taproot upgrades, Ordinals caused a crypto world tidal wave as crypto devotees flocked to the original blockchain network to mint Bitcoin NFTs. They do not operate identically to NFTs on Ethereum, for instance, but the final result is comparable.

How will the future be with Ordinals?

The Ordinals protocol has been utilized for a variety of on-chain media inscriptions, such as artwork, profile images, playable games, and video web applications. Even Bored Ape Yacht Club creator Yuga Labs auctioned its own collection of original artwork via Ordinals, generating $16.5 million.

According to a report published by Galaxy Research last week, the Bitcoin NFT market is expected to be worth $4.5 billion by 2025.

Domo stated that BRC-20 tokens should in no way be regarded as the “standard” for Bitcoin-based tokens, despite the BRC-20 tokens’ popularity on social media and the rising number of inscriptions. They cautioned against anyone mass-minting these tokens on Twitter, deeming them “worthless,” and suggested that other developers design and code their own more robust solutions.

But it’s a place to start. Even if the BRC-20 launch was just meant to be a fun experiment, it has already caught the attention of a lot of Bitcoin users. Domo said that the responses were better than he had hoped for.

“I have yet to have any very angry reactions, which I’m relieved about,” they said. “However, some of the more technically inclined have pointed out (and rightfully so) that there are much better ways of achieving what I’m doing. And some others question why at all (fair enough).”

“At the end of the day, it was an experiment, and I think the majority understand that,” Domo said. “Those people seem to be having fun.”

Content Source: decrypt.com

About Tina

Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

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