What do you think about Ordinals on the BITCOIN NETWORK?
Basically, the ERC-721 standard on Bitcoin Network allows you to “Inscribe” individual Satoshi’s with data known as the Ordinals [Bitcoin NFTs]. Is anyone still bullish on what this can do for BTC Adoption, will this new discovery taint the original digital P2P cash that Bitcoin started as, I don’t know but it’s pretty wild what’s going with the Ordinals trends in the Crypto and NFT space and its great to see builders building amazing blockchain infrastructures.
Since this new meta launched weeks ago, Ordinals NFT transactions have been limited to spreadsheet OTC trading— due to a nonavailability of a marketplace to process trades. Interestingly, Mark Hendrickson of the Hiro Wallet Project announced on the microblogging platform Twitter that; “Hiro Wallet has begun rolling out support for Bitcoin, and Ordinals for a truly cross-protocol Bitcoin Web3 experience.”
With the new bridge, Extension users can send Bitcoin from their Hiro Wallet using the same Secret Key or Ledger device for managing their STX and other assets (such as BNS names and NFTs) across accounts. Send to all Bitcoin address types, with additional support for sending to BNS names coming soon.
Users can view their BTC holdings as stored on the account’s Native SegWit address under “Balances”.
They can also copy this address under “Receive” and soon reveal Taproot addresses for the deposit of Ordinal inscriptions (more on that below!). All inbound and outbound Bitcoin transactions appear within the “Activity” tab, alongside other Stacks activity such as contract executions and deployments. You can access this Bitcoin functionality now for testing by switching your network to “Testnet” with the latest version (v3.34.0) of the Hiro Wallet extension. Mainnet activation is expected soon later this week.
Meanwhile, the fun is only getting started as we roll out expansive support for both Stacks-based NFTs and Ordinal inscriptions. By connecting Hiro Wallet to apps like Gamma, you’ll be able to pay for new inscriptions and deposit them directly into your account as “Collectibles” Mark stated.
The simplest way to describe Ordinal Theory according to ChainLeft, an early advocate of Ordinal Theory — Is to track the provenance of fungible sats on Bitcoin and assign a “non-fungible” value to them. It’s up to the collectors to subscribe to accept this method and find value in it. Different methods to track provenance aren’t new in Blockchains.
Ordinals are actually “sats”, not the images you see shared around. With ordinals, you could philosophically assign a “non-fungible” value to technically fungible satoshis (1/100 millionth of a $BTC). Here’s alpha: I think in the future these early sats will have a lot of value.
In a different twist, a closely followed crypto strategist is predicting a huge upside for one under-the-radar Ethereum (ETH) altcoin. Pseudonymous analyst Cantering Clark tells his 159,800 Twitter followers that he has his eye on Hashflow Token (HFT).
On May 15, 2023, the number of Ordinal inscriptions surpassed the 7 million mark, and as of 9:00 a.m.
Eastern Time on Tuesday morning, 7,204,882 Ordinal inscriptions have been added to the Bitcoin blockchain. Miners have collected 1,324 bitcoin in fees by confirming inscription transactions which equate to roughly $35.86 million in added on-chain fees.
Bitcoin’s Inscription Frenzy: Over 7 Million Ordinal Inscriptions and Counting
The unstoppable momentum of Bitcoin’s Ordinal inscriptions continues to defy detractors, surging past several milestones. With over 7 million inscriptions now firmly embedded in the blockchain, any skepticism toward demand surrounding this trend is being shattered. Today, on May 16, 2023, the tally stands at 7,204,882 inscriptions since the inaugural one occurred on December 16, 2022.
Bitcoin’s Ordinal Inscriptions Surpass 7 Million Mark, Fueling the Trend’s Unstoppable Momentum
The world of inscriptions experienced a significant acceleration on April 21, 2023, when the count stood at a mere 1.24 million. In just 25 days since then, the number of Ordinal inscriptions has skyrocketed by over 480%, signaling an astonishing surge. Notably, May 7, 2023, emerged as the pinnacle of this inscription frenzy, with a record-breaking influx of inscriptions.
It was on this day that Bitcoin’s mem pool found itself congested with an overwhelming 500,000 unconfirmed transactions, a testament to the overwhelming demand and activity in the system.
30-Day Sales Stats Show Bitcoin’s Ordinal Inscriptions Have Bolstered NFT Market
Bitcoin miners have been handsomely rewarded for their role in processing inscription transactions, receiving 1,324 bitcoins (BTC) valued at $35.86 million. Notably, the pinnacle of these fees was witnessed on May 7, coinciding with the day when Bitcoin’s network fees surpassed the 6.25 BTC block subsidy.
Intriguingly, the majority of Ordinal inscriptions take the form of plain text rather than JPEG images, with an overwhelming count of 6,402,199 inscriptions embracing the plain text format.
The realm of selling NFT collections has proven profitable for Ordinal inscriptions, amassing $93 million in sales over the past 30 days. As a result, Bitcoin has ascended to become the second-largest blockchain in terms of NFT sales this month, according to 30-day statistics from cryptoslam.io.
Notably, the market has recorded sales from popular Ordinal collections such as Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes, Bitcoin Punks, and Sub10k.
Out of the six highest-priced NFTs sold this month, five have emerged from the fertile grounds of the Bitcoin blockchain’s Ordinal inscribing technology.
Source: https://news.bitcoin.com/
