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.

More than 48,000 registrations have been minted at the time of this writing, and the Web3 community is beginning to take note of the fascinating collections and surprising sales that have emerged. Below are some of the most interesting (and valuable) Ordinals.

Bitcoin Rocks It is inspired by Ether Rocks, and the total supply of this collection is limited to just 100. Some NFTs trade for as much as 1,000 BTC/13,858 ETH (over $22 million). The current minimum bid price stands at 2.7 BTC/37.42 ETH (almost $61,000).

Ordinals Punks As lucrative as the famous CryptoPunks. Currently, the minimum price is 3.7 BTC/51.26 ETH (almost $84,000), and the highest selling price is for Ordinal Punk 78 which is priced at 50 BTC/692.66 ETH ($1,132,500).

Timechain Collectibles Series 1 watches from the Timechain Collectibles collection are a very limited set of Ordinals. There are just 21 examples representing clocks in various forms: cyberpunk clocks, pocket watches, antique calendars and more. Auctions of the NFTs are held on the project's Discord, with Inscription 364 and sell for 3.08 BTC/43.59 ETH ($67,000).

#nftcommunity #NFT #ordinals #APfinanciero #buildtogether

#bitcoin #NFT #ordinals #BTC #nftcommunity

The number of NFT Ordinals of Bitcoin has multiplied tenfold in just a few weeks, reaching a total of 500,000. The growth of this new protocol continues to feed interest in the technology, despite criticism and fears from many members of the bitcoiner community.

NFT Ordinals are a new way to store files on the Bitcoin network, digital inscriptions that store information in the blockchain, thanks to the improvements provided by SegWit and Taproot protocols.

At the end of January, there were only just over 100 NFT Ordinals of Bitcoin. However, with the creation of new tools to facilitate the creation and management of inscriptions, the number has grown rapidly.

Initially, creating and managing NFT Ordinals of Bitcoin was only possible through the native wallet developed by Casey Rodarmor, the creator of this protocol. However, using this tool required managing a full Bitcoin node locally. Additionally, executing functions in it required using code, which was not the most user-friendly format for most technology users.

Over time, different companies and teams of programmers have worked to facilitate the adoption of this technology by creating new products or adapting existing ones. Wallets like XVerse, Hiro, and Sparrow now allow their users to manage NFT Ordinals of Bitcoin.

Recently, UniSat Wallet also opened up the possibility for its users to manage NFT Ordinals, but with the added ability to create inscriptions. This feature gives it an advantage over many of its competitors.

While the number of inscriptions on the Bitcoin network continues to grow and gain the attention of more and more people, many members of the bitcoiner community oppose this use of technology. Important developers, such as Luke Dashjr and Adam Back, have spoken out against this modality of NFT in Bitcoin.

Detractors of NFT Ordinals of Bitcoin argue that this system represents a threat to network security, privacy, and efficiency. They believe that storing data such as images, audios, and even video games on the Bitcoin blockchain is a waste of space and increases transaction fees.

As a result, the Bitcoin network has already suffered congestion caused by Ordinals inscriptions. At the time of this writing, there are more than 50,000 transactions waiting to be confirmed. One of the main consequences of the appearance of NFT Ordinals in Bitcoin has been the growing accumulation of transactions in the network's mempool.

The debate over NFT Ordinals of Bitcoin continues, but the growth of this new protocol suggests that it will continue to be an important topic for discussion in the cryptocurrency world.

In a groundbreaking move for the cryptocurrency industry, the first-ever loan in Bitcoin Ordinal Punks history has been completed via Arcade. This marks a significant step forward for the burgeoning cryptocurrency ecosystem, as it opens up new possibilities for holders of Ordinal Punks tokens.

According to reports, the loan was made by 58 holders of Ordinal Punks tokens that were wrapped on the Ethereum blockchain. The borrowers were able to secure a loan of 32 ETH through Arcade, a platform that allows users to borrow and lend cryptocurrencies. The loan term was set at 30 days, with an annual percentage rate (APR) of 20%.

This development is notable for several reasons. Firstly, it demonstrates the increasing use cases for cryptocurrencies beyond simply being a speculative investment. With this loan, cryptocurrency holders were able to use their digital assets as collateral to secure a loan. This is an important step forward in the integration of cryptocurrencies into the wider financial system.

Secondly, it highlights the potential for blockchain technology to facilitate more efficient and transparent lending practices. By using Arcade, borrowers were able to access a loan with a relatively low APR, and the entire process was completed quickly and securely on the blockchain.

The news of this loan also comes on the back of reports that the cumulative fees paid for Ordinals Inscriptions minting have exceeded 100 BTC. This is a further indication of the growing interest in cryptocurrency collectibles, with Ordinal Punks tokens being highly sought after by collectors and investors alike.

Source: Dune Analytics

A recent report by Galaxy Research sheds light on the rise of a novel area in the Bitcoin realm: inscriptions. As of December 2022, more than 200,000 inscriptions have been created on Bitcoin, paving the way for a new ecosystem for NFTs with an estimated value of $4.5 billion by 2025. These inscriptions are unique files that can comprise images, text, audio, or applications, anchored to a single, exclusive Satoshi (sat), the smallest BTC unit.

#NFT #ordinals #ordinalinscriptions #ordinalpunk #azcoinnews

This article was republished from azcoinnews.com