Did you hear? NFTs have arrived in Bitcoin, and they’re fast taking over the network with Ordinals.
On Wednesday, the BitMEX blog discussed the adoption of Ordinals, the NFT-enabling protocol that has sparked heated debate in the Bitcoin community over the last week. But what’s the hype about?
As of Friday, February 10, 2023, the Bitcoin blockchain had received over 50,000 Ordinal inscriptions, with the trend continuing to rise daily.
In fact, the Ordinal Punks, a clone of the popular NFT collection Cryptopunks, sells for similar prices to the real NFTs created on Ethereum.
But how much buzz is the new feature generating on the blockchain?
Ordinal Inscriptions Making It Big in the NFT Market
Ordinal inscriptions are becoming increasingly popular in 2023. While there were only 7,000 inscriptions a few days back, 57,179 inscriptions were later hosted on the Bitcoin blockchain as of 12:20 p.m. ET on Feb. 11, 2023.
In addition, some ordinal inscriptions have sold for significant amounts in the last week, including Ordinal Punks, a clone of the Cryptopunks NFT collection.
Ordinal Punks are a group of 100 generative punks created within the first 650 inscriptions on the Bitcoin blockchain. Many new Bitcoin-based NFTs are offered over-the-counter (OTC) using a rudimentary pricing spreadsheet.
Moreover, Ordinal Punk #41 recently sold for 11.5 BTC, or $249,052. Ordinal Punks reached Cryptopunks’ floor values on Friday. While the trend of Ordinal inscriptions is still relatively young, infrastructure in markets and updated price measurements have limitations.
The Future of Ordinal Inscriptions
With the growing hype and popularity in the NFT market and value, the Ordinal Inscriptions seem to be here to stay.
Emblem Vault, a project based on Counterparty and Bitcoin, has constructed vaults for Ordinal inscriptions, similar to vaults created for Rare Pepe NFTs.
The project focuses on adding Ordinal inscriptions to the Opensea NFT marketplace and trading them for Ethereum using Emblem Vault’s technology (ETH). Moreover, Emblem Vault recommends using a community tool to verify Bitcoin-crafted punks to avoid scams.
Ordinal inscriptions are also being used by Ethereum supporters since many ETH-based NFTs are being written onto the Bitcoin blockchain. This broad adoption proves acceptance and adoption of this inscription in the NFT marketplace.
How do you think this adoption will further shape the NFT market?
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