Recently Bitcoin NFTs are creating a massive buzz on Crypto and NFT Twitter, Ordinals Bitcoin NFTS are inscriptions on the Satoshi script that can be collected and traded. The principle is probably to use the technology of “Ordinal Theory” to inscribe the picture information on the smallest unit of Bitcoin (satoshi).
The transfer requires a full node, so it is still in a very primitive stage. It’s still relatively new as it just crossed 10k Ordinals created. Satoshis, not bitcoin, are the atomic, native currency of the Bitcoin network. 1 BTC can be subdivided into 100,000,000 Satoshis.
Ordinal Bitcoin NFTs were created not so long ago by renowned Blockchain Developer Rodarmor. Currently, there are no secondary marketplaces for Ordinals BTC NFTs and all trading activities are done over the counter (I.e, send money to owner, owner sends ordinal). Creators have been acting as middlemen in processing transactions. The relatively popular Ordinal Punk has risen from the Mint price of 0.01? to 2? transaction price.
Tekedia Mini-MBA edition 14 (June 3 – Sept 2, 2024) begins registrations; get massive discounts with early registration here.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
A successful ecosystem of Ordinals Bitcoin NFTs means:
Miners make more money
Security budget increases
Bitcoin devs become in-demand
Bitcoin podcasters get new sponsors
Speculators on-board to bitcoin/lightning wallets.
Will Ordinals BTC NFTs be scalable for centralized NFT exchanges like Opensea, or Web3 native Looksrare, trading them efficiently without hinge or Bitcoin wallets like Ledger or others showing them like NFT’s on Ethereum magnet. Certainly a marketplace will be out in 1-2 weeks that will be actually decentralized so you don’t have your NFT blocked for selling on Opensea.
Apparently, there is a GitHub application on a DEX built by Nostr for Offer Files nostr-dex.vercel.app on Chia project but the same concept can be done in Bitcoin of course since they’re both UTXO/coin set model).
Trevor.BTC, CEO NinjaAlerts wrote on Twitter;
The first ever gas war on Bitcoin is happening right now as the global NFT community rushes to inscribe the final 1,000 of the first 10,000 Ordinals ever made, It’s a historic moment. BTC Ordinals opened the Overton Window for Bitcoin liquidity to participate in supporting artists and culture. If more than 45% of Bitcoiner holders take an interest in it, BTC Ordinals will be bigger than ETH NFTs. This doesn’t even count supply constraints of Ordinals. This also assumed 100% of ETH holders participate in ETH NFTs, which isn’t even the case.
Tropo Farmer, Co-Owner of the Bloot Project and Yugalabs Maxi wrote “To say I’m impressed with Rodarmor would be a gross understatement. He may not be familiar with the Ethereum NFT scene, but wow does he understand the importance and value of art and fun on the blockchain. If he’s packing like Vitalik it’s over.”
Right now people are trading Bitcoin NFTs for five figures using nothing more than Discord DMs and spreadsheets. I haven’t experienced this kind of true degeneracy since early Top Shot and I love it.