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Ordinals Gain Momentum With 76,000 NFTs Minted to Bitcoin

Posted by Andries Van Tonder on February 14, 2023 - 10:51am
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Ordinals Gain Momentum With 76,000 NFTs Minted to Bitcoin

While the community remains divided, Ordinals has taken the Bitcoin ecosystem by storm.

By Jason Nelson

Image: Shutterstock

Despite pushback from Bitcoin purists, Ordinals—the NFT-like project on the Bitcoin blockchain—shows no signs of slowing, as over 76,400 inscriptions have been created to date. The number of Ordinals spiked on February 9, 2023, exceeding 20,800 inscriptions for the day, according to data from Dune.

Launched last month, Ordinals is the latest project aiming to bring NFTs into the Bitcoin ecosystem. Counterparty, launched in 2014, was the first project that introduced non-fungible tokens to Bitcoin with the Rare Pepes collection, followed by the 2017 launch of Stacks.

What distinguishes Ordinals from earlier projects is that the digital assets are inscribed directly onto satoshis, the lowest denomination of a Bitcoin, without needing a sidechain or token.

Developers have inscribed JPEGs, audio files, videos, and even video games to test the limits of what can go on the Bitcoin blockchain. While the total number of Bitcoin NFTs is unknown, the Ordinals website and Gamma, a Bitcoin NFT marketplace on Stacks, appear to point to several thousand minted on the network.

Bitcoin NFTs may be having a moment, but the technology is still in its infancy, especially when compared to Ethereum and Solana, which have had several years to perfect the minting, trading, and viewing of digital collectibles.

“Ordinals have been live for a few months now, but it’s only really a week old in terms of mass adoption,” Satoshibles developer Brian Laughlan told Decrypt on Discord. “It’s going to take a while before we see general wallet support.” Launched in 2021, Satoshibles is the first NFT Collection to bridge Ethereum NFTs with Bitcoin using Stacks.

As Bitcoin Twitter continues to argue the merits of filling blocks with pictures and videos, Bitcoin miners are raking in a tidal wave in fees that topped $92,220 on February 12, 2023, for Ordinal transactions alone.

Unsurprisingly, clones of popular NFT projects like CryptoPunks and Bored Ape Yacht Club NFTs have made their way to the Bitcoin Blockchain. On February 8, a single Ordinal Punk sold for 9.5 BTC, or nearly $215,000.

Andries Van Tonder Thank you Otto, I appreciate it
February 14, 2023 at 12:50pm
Andries Van Tonder Thank you Simon. Despite pushback from Bitcoin purists, Ordinals—the NFT-like project on the Bitcoin blockchain—shows no signs of slowing, as over 76,400 inscriptions have been created to date.
February 14, 2023 at 12:50pm
Andries Van Tonder I agree with you Neal. The Markethive System has unlimited potentials to Market and Grow any business. In my many years of being online, this is the ONLY system, where you have the CEO and CTO almost round the clock in the Telegram support room, answering questions and supporting new members to better navigate the system. Markethive is one of the best and easiest to use business Building systems I have ever used. In constant development with a well established end goal, but already works 100% as it, and can be used to build any business to any level. The system is built on the block chain and has all the tools one will ever need to be successful online or offline.
February 14, 2023 at 12:39pm
The Neal and Janet Brown Family Trust I'm still not sold on the long term benefits of NFT's. As such I have not been purchasing them. Instead I am focusing my investments on projects such as Markethive, where I see almost exponential growth in revenue, profits, and thereby ILP loan repayments that will dwarf a vast number of projects. That's why I have added 6 more E1s to my subscriptions. I am doing my best to help provide the operating capital that Markethive needs to complete the last bits of the wallet and then of course LAUNCH. I can't wait to watch Markethive break record after record after record after record, etc. It's going to be EPIC!
February 14, 2023 at 11:30am
Simon Keighley Although there's pushback from the purists - that's an impressive run for NFTs in the Bitcoin blockchain - thanks for sharing the news, Andries.
February 14, 2023 at 11:28am
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