Ordinals inscriptions, viewed as a kind of Bitcoin-native NFTs, are picking up steam among some Bitcoin circles, even though the procedures to issue them are far from user-friendly. The protocol, which was unveiled in January, has already served to bring more than 7,000 inscriptions directly to the Bitcoin chain, with some collections already present.
Ordinals Pick Up Steam; More Than 7,000 Inscriptions Issued
Ordinals, the protocol that allows each bitcoin satoshi to be identified with a non-fungible number, is gaining popularity among certain circles, even when the procedures to include an element in the Bitcoin blockchain (an “inscription“) is still very far from user-friendly, as each user must run a full Bitcoin node to make an inscription.
The protocol, which rose to prominence due to a feature present in the Taproot update allowing the size of a transaction to be as big as the size of a Bitcoin block, already has served to bring more than 7,000 inscriptions to the bitcoin blockchain as of 12:00 p.m. ET on Feb. 6.
While inscriptions can contain various content, determined by a file type that describes the object inside the inscription, most are images, which will be conserved forever as part of the blockchain. However, this feature has spurred controversy, with some criticizing the effects that this could have on the size of the Bitcoin blockchain in the future, limiting its financial use case.
However, Casey Rodarmord, creator of Ordinals, has declared that the idea behind this protocol is to bring fun and interest to Bitcoin again.
Taproot Wizards and More Collections
Among the more recognizable inscriptions collections being issued is Taproot Wizards, promoted by crypto influencers Udi Wertheimer and Eric Wall. The first Taproot Wizard was issued on top of the biggest block ever mined in the Bitcoin blockchain. It featured an image of the magic internet money meme wizard introduced by Mavensbot, which was used as a Reddit ad in the Bitcoin subreddit back in 2013.
There are already six different inscriptions with art derived from the aforementioned meme. Ordinal Rocks, another collection that claims to be the first one on Ordinals, has 100 images of rocks serialized and present on the bitcoin blockchain. Another collection, called Ordinal Punks, which mimics the Ethereum-based Cryptopunks, also claims to have 100 inscriptions among the first 650 inscriptions on the bitcoin blockchain.
The dynamics of establishing a market for commercializing and monetizing these inscriptions are still a work in progress, as there is currently no marketplace. However, there have been reports of sales in secondary markets, with some inscriptions being sold for almost one bitcoin, but there is currently no way of corroborating if these sales are actually real.
Tags in this story
What do you think about the popularity of Ordinals inscriptions? Tell us in the comments section below.
Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Read More
An astonishing milestone has been reached for bitcoin technology: more than 7,000 Ordinals inscriptions have been included in the bitcoin blockchain. Ordinals is a specific bitcoin blockchain protocol that allows users to encrypt messages and store them in the bitcoin blockchain. This milestone shows how bitcoin technology is continuing to evolve and demonstrates the potential of this groundbreaking technology.
Ordinals allows users to send encrypted messages to each other without a third-party intermediary. This means that the messages can be stored on the blockchain for a long period of time and will not be tampered with or deleted. This provides users with an easy and secure way to send private messages over the internet. It also helps to ensure that the messages remain private and verifiable.
The Ordinals protocol was first released in 2020 and since then over 7,000 inscriptions have been included in the bitcoin blockchain. This has greatly expanded the capabilities of the blockchain technology and has allowed users to securely send and store data.
The milestone of over 7,000 inscriptions also demonstrates the potential of blockchain technology. Blockchain technology allows users to securely store data and transfer value without the need for a third-party intermediary. This means that transactions are secure, transparent and immutable.
The milestone achieved with Ordinals is a sign that bitcoin technology is continuing to evolve and expand. It shows how the technology can be adapted and used in different applications and how users can benefit from it. As more inscriptions are added to the bitcoin blockchain, it will continue to demonstrate the potential of this groundbreaking technology.
