It is hard to believe that the king of cryptocurrency has never been involved in the NFT business, yet he has. Despite the notoriety gained from 2009 to the present, the creation of the famous (but never found) Satoshi Nakamoto has never been involved in the Non-Fungible-Token business.
Today, however, things change. In fact, Bitcoin Ordinals was born. The amount of non-fungible tokens is incredible and is likely to have contributed to BTC’s tentative rise during the past few days.
In fact, it has gained 12.79 percent in the last few days, and it is not so difficult to associate the upswing with the possibility of minting Non-Fungible-Tokens on its blockchain.
Now, however, this new protocol is dividing the BTC community. Let’s try to understand why.
Casey Rodarmor’s idea
When we talk about digital tokens we don’t immediately think of the king of cryptocurrencies, that’s a fact. Yet the idea of former Bitcoin Core member Casey Rodarmor was to transport this Web3 sector to the BTC blockchain as well.
And so the most hated man of the moment by the more traditionalist crypto communities designed Bitcoin Ordinals.
The protocol allows the creation of NFTs on the most famous blockchain and, unlike other previous projects such as Counterparty, launched in 2014, and Stacks, launched in 2017, does not need sidechains.
This is quite a step forward, and Rodarmor has thus allowed the desired files to transfer directly to “satoshi,” the minimum unit of 1 BTC. In practice, 1 Bitcoin is equivalent to 100 million satoshi.
What is Bitcoin Ordinals?
As mentioned, it is a project by Casey Rodarmor. The Bitcoin Ordinals protocol is a project accessible to anyone who wants to do NFT minting on the aforementioned blockchain.
Thanks to it, no other network is necessary and we can transfer images, audio files, videos and even video games on the crypto king’s network and create our own Non-Fungible-Tokens.
This is a system that allows us to number satoshi, give them a serial number and track them through transactions. The method for doing minting is not that different, but there are differences from the most famous networks for this practice such as Ethereum, Solana or Polygon.
How to create NFTs on Bitcoin Ordinals
The process is very straightforward. Basically, the system allows satoshi to transfer by leveraging the aforementioned network. These can be overwritten with images, video, audio or video games through a process called “inscription.”
These merely fill the blocks of the blockchain and do not increase their size. Furthermore, Casey Rodarmor was clear: Bitcoin Ordinals do not increase transaction costs.
Adding files to the transaction with BTC is then recorded and stored with a signature typical of the Bitcoin network. A new and not too complex way that leads the cryptocurrency king to raise criticism, however.
A divided BTC community
Casey Rodarmor has found himself having to defend himself against many accusations. Communities of the more traditionalist crypto king fans have said that this all goes against what BTC was born to do and they do not seem at all happy with the birth of Bitcoin Ordinals.
However, its creator has repeatedly gone on record saying that this is an improvement, nothing that will, however, lead to transactions costing more or the network having difficulties. But the team does not seem worried: haters are good for the project.
Why? Simple, they generate more curiosity, interest and push users to delve into the new protocol. Indeed, many traders and investors seem to have already tried Bitcoin Ordinals, taking advantage of the Web3 innovation in large numbers!
Bitcoin Ordinals, incredible success
Despite the controversy and divided communities, between supporters and purists, BTC seems to have taken off. The Bitcoin Ordinals project is a success.
In fact, it seems that in just over a month since its launch, 76,400 NFTs have been created! A number that shows no sign of decreasing; indeed, it seems that we can expect much more from the new protocol.
Incidentally, some of the copies available for the occasion of Crypto Punk and The Bored Ape Yacht Club have already been launched on Bitcoin Ordinals. Just think that one NFT went for 9.5 BTC, i.e. about $215,000.
NFT Collections on Bitcoin Ordinals
In addition to the ones already mentioned, many other Non-Fungible-Token collections have made their way onto the BTC network. One of them is Taproot Wizards, with only 6 at the moment.
Then we have the famous Rocks collection, already present on Ethereum like so many others.
Timechain Collectibles, The Shadow Hats, The Dan Files and again Squiggs, Ornate ms, or the first ever “inscription”. Inscription 0, depicting a black skull on a white background.
In short, there is no shortage of choices with several Non-Fungible-Tokens that have catapulted to Bitcoin Ordinals.
Read also: NFTs, why are they deemed bad investments by some experts