- Ordinals bring more financial use cases to Bitcoin.
- A new NFT protocol Ordinals launched on the Bitcoin mainnet.
A new technique known as “Ordinals” is making waves in the Bitcoin ‘BTC’ community. The idea enables non-fungible tokens (NFTs) to transact directly on the Bitcoin blockchain. The consequences triggered a divide between Bitcoin sophists and others who believe the network is wide and diverse enough to support a variety of financial use cases.
Ordinals were developed by software engineer Casey Rodarmor, who formally launched the case on the Bitcoin mainnet. According to its creator Casey Rodarmor, the Ordinals protocol uses “inscriptions or arbitrary content like text or images”. That can be added to sequentially numbered ‘satoshis, or sats’, to create one-of-a-kind NFT referred to as “digital artifacts” on the Bitcoin network. The copies of NFTs for BTC may be JPEG images, PDF files, or audio or video files. Which can be managed to hold and transferred across the Bitcoin blockchain.
NFTs on Bitcoin Network
When it comes to digital collectibles ‘NFT’ many of the crypto users think of Ethereum, Solana, or Polygon. Due to the proof-of-stake blockchains, which have significant dominance in the NFT arena. However, Bitcoin-based digital collectibles have been in existence since 2014. And lots of initiatives have made it their continuous goal to introduce NFTs to the first and largest cryptocurrency.
By introducing Ordinals, BTC enthusiasts may have a way to build a ring of protection to save their digital gold from non-financial use cases. According to the Ordinals website, just 277 digital artifacts have reportedly been inscribed thus far. Further, Rodarmor claimed earlier that digital artifacts are 100% meme-themed art developments.
Since the start of 2023, the global cryptocurrency market signaling bullish momentum as Bitcoin (BTC) climbed over 8% in 14 days and around 40% from the preceding month. Prominent altcoins such as Ethereum, BNB, and Aptos also trade with greens in their chart.