Bitcoin NFTs were virtually unheard of in web3. Although NFTs that originate from Bitcoin, such as the "Rare Pepe" collection that was minted in 2014, have been around for a long time, such collections are not true Bitcoin NFTs because they have been reconfigured to work on the Ethereum network. However, the Ordinals have made NFTs on Bitcoin a reality.

What are the Ordinals?

On January 21, 2023, software engineer Casey Rodarmor launched the Ordinals protocol, which allows users to mint their own NFTs on the Bitcoin network.

In the Bitcoin network, each Bitcoin is divided into 100,000,000 units called "satoshis." The Ordinals protocol then works by allowing users, those who run Bitcoin nodes, to individually mint each satoshi with data, which is not limited to JPEGs but even includes videos and audio files, and in doing so, create an Ordinal.

How are Ordinals different from typical NFTs?

On the Ethereum network, NFTs come from off-chain data in the interplanetary file system (IPFS), which is a decentralized file storage system that can be modified using dynamic metadata. If you are well-versed in NFTs, you have probably heard the term "refreshing the NFT metadata," especially if you have just minted a new NFT. Updating an NFT's metadata will update the cover image of your NFT and reveal which NFTs you have minted and how rare they are.

In contrast, Ordinals have their data directly stored on the chain, rather than the directory-like connections that conventional NFTs have with servers, making them true immutable digital artifacts interwoven into the Bitcoin network, which is why they are also called "inscriptions."

Additionally, typical NFTs that follow the ERC-721 token standard or its equivalent have their values defined by the rarity of the art based on its attributes, as well as its supply. However, Ordinals derive their rarity from the sats on which they are minted, where key events like halvings would likely add levels of rarity.

As such, the launch of the Ordinals protocol was quite monumental, but as the hype built up and more eyes were drawn to it, controversy followed.

Why are Ordinals controversial?

The birth of the Ordinals protocol has fractured the Bitcoin community, as the age-old question that has enveloped the entire Bitcoin network resurfaced: what is the true purpose of Bitcoin? Was Bitcoin created for processing financial transactions? If so, should it then be used for non-financial and superfluous purposes like minting NFTs? For many Bitcoin maxis, it's a question of what Bitcoin represents as the very first cryptocurrency; it serves as a rallying symbol of defiance against centralization, against banks and governments worldwide. For them, Bitcoin paved the way for unauthorized action in the financial world.

And so, when NFTs, which are taken less seriously in the space, were introduced into Bitcoin, the maxis felt that the historical value and symbolism of Bitcoin were apparently diminished, to the point that some even claimed that the Ordinals protocol was an attack on the Bitcoin network. One of the reasons for this is that Ordinals are fully stored on-chain, bypassing the limitation of non-financial data on the Bitcoin network (80 bytes), where an inscription broadcast could even take up an entire 4 MB block. Additionally, because the NFT is stored in witness data, a quirk of Taproot means that users enjoy a significant 75% discount when minting Ordinals.

There was also a growing concern.

#crypto2023 #BTC #ordinals

Until recently, the only way to enroll and use Bitcoin Ordinals was with a fully synchronized Bitcoin node, which is costly and requires advanced technical competence. However, the Gamma platform has provided a no-code alternative. Here is a quick guide:

Step 1: Install the Xverse Desktop browser extension for Chrome. Connect to Gamma.i® and select your enrollment type.

Step 2: You can enroll an image or text directly on the Bitcoin blockchain. Upload the file you want to enroll. Remember to keep your files under 35 kb for best results. You cannot change or delete it either. Make sure what you upload is exactly as you intend it to be.

Step 3: You can now choose your transaction rate based on network congestion. The higher the rate, the more likely your transcript will be created sooner. However, this can still take a few hours or even several days.

Step 4: You will now need to enter your Ordinal recipient address.

Step 5: To receive your Bitcoin NFT, you will need a new, unused, and Ordinals-compatible Bitcoin taproot recipient address.

Step 6: In your Xverse wallet, navigate to the NFT tab and press the receive Ordinals NFT button.

Step 7: Copy the taproot recipient address and insert it into the recipient address field found in the BTC wallet in Gamma.

#nftcommunity #NFT #crypto2023 #ordinals

Most NFTs are created and tracked through a smart contract. However, the assets that these smart contracts represent are often hosted elsewhere. For example, some NFT platforms use the decentralized storage system, IPFS, to store NFT artwork/audio/video files.

However, Ordinals are enrolled in satoshis and, therefore, these Bitcoin-NFTs are stored on the blockchain. They are validated in blocks along with other transactions and stored in the network's distributed ledger.

In addition, traditional NFTs often have metadata that allows creators to change the appearance and characteristics of an NFT. For example, some NFT projects will ask users to update their metadata in order to update their NFTs with higher resolution images. However, since Ordinals are stored in a chain, their data is immutable and cannot be changed. Furthermore, unlike NFTs, Ordinals do not provide creators with the option to receive royalties on subsequent sales.

Simply put, Ordinals are immutable and complete digital artifacts. Unlike traditional NFTs, they cannot be manipulated and reside entirely on the chain. For these reasons, Ordinals Protocol creator Casey Rodarmor believes these digital artifacts are "intended to mirror what NFTs should be."

#nftcommunity #NFT #ordinals

#BTC #ordinals have been gaining growing interest in the #crypto market. This looks like one of the hottest topics in the space right now.

Wallace Wallet has announced the launch of Wallaxy Ordinals, a highly-anticipated one-of-a-kind NFT collection created on the #bitcoin blockchain. Existing Wallace Wallet users, who are already aware of the immense potential and use cases of Wallaxy Ordinals, can easily participate in this minting event.

Wallaxy Ordinals will become your KEY to a complete set of utilities within the Wallaxy platform and the Wallace ecosystem. Early access to new collections, utility perks inside Wallace Wallet, airdrops, shared value with holders from platform revenues, etc. Possibilities are endless in this growing market.

The mint will take place on Tuesday, 28/03/23, at 17:00 CET, and will involve the creation of 10,000 Wallaxy Ordinals. This event makes #WallaceWallet one of the pioneers in bringing ordinal NFTs as a use case for the masses.

You'll need two things:

1.- A wallet with your preferred crypto ready to participate. Since the Ordinals NFTS are in their early days, they will accept payments in multiple cryptocurrencies, including BTC, ETH, BNB, & Matic.

2.- An Ordinals Wallet. You can easily create one here: https://ordinalswallet.com/

Once minted, you can easily view, send, or trade your Wallaxy Ordinals using any ordinals-supported wallets. (Since minting on Bitcoin takes some time, please give the team 24 hours to be able to inscribe & send the Ordinals to you.)

How to prepare for the Mint:

Requirement 1 You'll need to have your preferred cryptocurrency ready to go.

The current cost to mint one Wallaxy #NFT is:

$BTC 0.001

$ETH 0.015

$BNB 0.08

$MATIC 23

Make sure you have the appropriate amount of preferred crypto in your wallet. If you are making the payment through $ETH /$BNB /$MATIC, then you need to have a web 3 extension like Metamask installed, funded & ready to go.

Requirement 2 On the mint website, you will need a bitcoin ordinals address.

This will be used to receive your Wallaxy NFTs. In your Ordinals Wallet, navigate to the NFT tab, press the Receive button, and copy your NFT address. Insert your NFT address in the correct field on the Wallaxy mint website (when released).

Create an Ordinals Wallet here: https://ordinalswallet.com/

Keep an eye on the latest mint announcements on Discord. The web will be public at the exact mint time.

Minting Process (EVM payment method)

Choose the network you want to make the payment from.

Select the Numbers of NFTs you would like to buy.

Enter your Bitcoin Ordinals address.

Click Mint, and your Web3 wallet will give you a pop-up to accept the payment according to the network & no. of NFTs selected. Please review and Proceed.

Minting Process (Bitcoin)

Choose the Bitcoin network

Select the number of NFTs.

Add your Bitcoin Ordinals address.

The website will give you a Bitcoin wallet to send the exact amount of BTC. To send Bitcoin from your wallet, navigate to the main tab, click the Send button, enter the correct amount, and enter the correct address as the official website prompts. Then confirm the transaction.

That's it! Your Wallaxy NFT will appear in your ordinals wallet within 24 hours of the payment. The timing for this will depend on the inscription, Demand, sending process & network congestion.

In case you need help, please feel free to the team on their Discord:

https://discord.com/invite/BrBfcgmnk2Once in Discord, please get a Wallaxy role to Access everything related to Wallaxy.

MMCC is the first project in Solana to distribute royalties to its community. The Meerkat Millionaire Country Club (MMCC) project in Solana is set to revolutionize cryptocurrency and NFTs.

It becomes a bridge for Solana projects to flourish



The existence of Ordinal Inscriptions on the Bitcoin network is a means to record digital assets at satoshis, the lowest denomination of BTC. This development is expected to make a difference in the crypto world, by offering new opportunities for growth and innovation.

Ordinal Inscriptions are another exciting development in the crypto world. Digital assets can now be listed at satoshis, with the smallest nomination of BTC. the purpose of this innovation is to increase privacy as well as reduce transaction costs, because Taproot increases the efficiency of the Bitcoin network.

While Ordinals is complicated by the size of the Bitcoin blockchain and the need to use the Command Line (Windows) or Terminal (Mac/Linux), this development offers a great new opportunity to combine and unify several elements.

#Binance #ordinals #NFT

Bitcoin Ordinals NFTs have recently witnessed a surge in sales, surpassing Solana on chain NFT sales with a staggering $1,245,105 in 24 hour sales. This significant increase in demand can be attributed to several factors and projects within the crypto space.Firstly, the growing popularity of NFTs as a whole has contributed to the surge in Bitcoin Ordinals NFT sales. Non Fungible Tokens have gained immense traction in recent years, attracting both collectors and investors who see the potential value and uniqueness in owning digital assets. Bitcoin Ordinals NFTs, in particular, have gained attention due to their association with the world's leading cryptocurrency, Bitcoin.Additionally, the scarcity and limited supply of Bitcoin Ordinals NFTs have played a role in driving up their sales. Each Bitcoin Ordinals NFT represents a unique string of text that is stored on the blockchain, making them one of a kind digital assets. The limited availability of these NFTs has created a sense of exclusivity and rarity, attracting collectors who are willing to pay a premium for them.Furthermore, the successful launch of the Bitcoin Ordinals NFT project has also contributed to its recent surge in sales. The project was likely launched through a well-executed marketing campaign, leveraging the popularity of Bitcoin and the NFT trend to generate interest and demand. The team behind the project may have also collaborated with influential figures or partnered with other established NFT platforms to increase exposure and reach a wider audience.To get started with Bitcoin Ordinals NFTs, individuals can follow a few simple steps. Firstly, they need to ensure they have a compatible cryptocurrency wallet that supports NFTs. Popular options include MetaMask, Trust Wallet, and Coinbase Wallet. Once they have a compatible wallet, they can visit the marketplace where Bitcoin Ordinals NFTs are listed, such as OpenSea or Rarible. From there, they can browse the available NFTs, select the desired one, and proceed with the purchase using cryptocurrency.It's important to note that the value and potential return on investment of Bitcoin Ordinals NFTs can vary. As with any investment, it's crucial to conduct thorough research, analyze market trends, and consider factors such as the rarity and demand for specific NFTs. Additionally, individuals should carefully evaluate the authenticity and reputation of the project and the marketplace before making any purchases.In conclusion, the recent surge in Bitcoin Ordinals NFT sales can be attributed to the overall popularity of NFTs, the scarcity of these unique digital assets, and the successful launch and marketing efforts of the project. As interest in NFTs continues to grow, it's essential for individuals to stay informed and exercise caution when entering the NFT market.#ordinals