Big Move: How Bitcoin Ordinals Is Taking NFTs To New Heights
- Bitcoin Ordinals is a way of creating Bitcoin NFTs by attaching data to individual satoshis on the Bitcoin blockchain.
- The Chinese BSV community has been instrumental in developing Bitcoin Ordinals and BRC 20.
- The use of ordinal inscriptions on the Bitcoin blockchain allows for the creation of actual, immutable collections.
Bitcoin Ordinals is a way to create NFTs by attaching data to individual satoshis on the blockchain. Developed by the Chinese BSV community, Bitcoin Ordinals have paved the way for new use cases beyond simple value transfer or storage.
Wu reported that the BSV community has been instrumental in developing Bitcoin Ordinals and BRC 20. Unisat, the core wallet of BRC20, was created by the Chinese development team of the former BSV community, which also developed Sensible Contract, a smart contract solution on BSV.
The team behind Ordswap, the first BRC20 trading platform, developed RelayX, the first decentralized trading platform on the BSV network. Twetch, a social application built on BSV, is behind the Ordinals Wallet. Additionally, the founder of the Mempool mining pool is a core member of the BSV community.
These advancements have paved the way for Binance NFT Marketplace to announce its upcoming support for Bitcoin Ordinals. Bitcoin Ordinals are a way to create NFTs by attaching data to individual satoshis on the blockchain. Each bitcoin consists of 100,000,000 satoshis, and the protocol allows each satoshi to be identified and transacted with extra data attached. The additional data can include text, images, videos, or other content and is added to each satoshi through inscription.
The Taproot and SegWit upgrades to the Bitcoin protocol have made this possible. As a result, ordinal inscriptions do not require a sidechain or separate token and allow the creation of true, immutable collections on the Bitcoin blockchain. More than one million inscriptions have been made in the first three months since the Bitcoin Ordinals launch, creating yet another use case for Bitcoin beyond simple value transfer or storage.
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