NFT Update: Ordinals - The Rise of Bitcoin-Native NFTs
Ordinals are a new type of NFTs that run on the Bitcoin network. Despite many concerns, Ordinals may represent a new era of possibilities in the crypto industry.
Ordinals are Bitcoin-native NFTs, enabled by a numbering scheme for satoshis that tracks and transfers individual sats.
The launch of Ordinals has sparked mixed reactions in the crypto community, with some, like Casey Rodarmor, seeing it as a way for people to have fun with Bitcoin and contribute to its security budget, while others, like Adam Back, have concerns about the idea of Bitcoin NFTs.
Despite the differing opinions, Ordinals represent a new world of possibilities in the crypto industry, providing a unique numbering scheme and transfer system for NFTs in the Bitcoin network.
Ordinals, the Bitcoin-native NFTs, have taken the crypto world by storm. Launched at the end of January on the Bitcoin blockchain, they have enabled on-chain NFTs to exist in the Bitcoin network. With 1,087 Ordinals NFTs minted yesterday, an all-time high so far, and a cumulative total of 3,210 mints, the growth in the popularity of Ordinals NFTs is apparent.
The concept behind Ordinals is to provide a numbering scheme for satoshis that tracks and transfers individual sats. This numbering scheme is called ordinal numbers and relies on the order in which satoshis are mined and transferred from transaction inputs to outputs.
Casey Rodarmor, the former Bitcoin core developer, has stated that he sees Ordinals as a way for people to have fun with Bitcoin. He believes that art and culture are important, and NFTs are one of the few things in crypto that have product-market fit. He hopes that people who come to NFTs for the wrong reasons, such as the popular monkey pictures, will become Bitcoin bag holders and eventually embrace the sound money aspect of Bitcoin.
However, not everyone is a fan of Bitcoin NFTs. Dan Held has explained why he thinks Ordinals are a good thing, while Adam Back has shared his concerns about the idea of Bitcoin NFTs.
In conclusion, Ordinals have opened up a new world of possibilities in the crypto industry. With its unique numbering scheme and transfer system, they provide a way for Bitcoin users to have fun with the cryptocurrency while also contributing to its security budget. Whether you love them or hate them, Ordinals are definitely worth keeping an eye on in the coming months.
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