• Bitcoiners have inscribed 100,000 pieces of data onto the Bitcoin blockchain using the Ordinals protocol.
• Popular projects on Ordinals include Bitcoin Shrooms, Astral Babes and Bitcoin Punks, with one selling for 9.5 BTC.
• Technical details of Ordinals can be found in a full write-up and podcast episode.
Ordinals Protocol Reaches 100,000 Inscriptions
Five days after reaching 50,000 inscriptions, users employing the Ordinals protocol to embed data on the Bitcoin blockchain have now surpassed 100,000 pieces of data. Since the project’s launch in January 2023, images, audio files and PDFs have been uploaded continuously. This has allowed users to create Non-Fungible Tokens (NFTs) directly on the Bitcoin platform – inheriting all its qualities as a top Layer 1 blockchain.
Popular Projects on Ordinals
Amongst popular projects making use of Ordinals are Bitcoin Shrooms, Astral Babes and Bitcoin Punks – uploads from original Ethereum CryptoPunks which have sold for up to 9.5 BTC apiece (~$215K). These can be explored via an inscriptions explorer. Not only artists but businesses too are utilizing this new wave of NFTs available on Bitcoin’s infrastructure.
Technical Details of Ordinals
A technical write-up detailing how inscriptions work through the Ordinals protocol is available online for those who wish to delve deeper into understanding how it works in practice. Additionally Matt Odell has hosted Casey Rodarmor – creator of this protocol – in an episode of Citadel Dispatch podcast discussing further technical aspects and implications associated with this technology.
Growth in NFT Use
The recent surge in usage seen by this platform is likely attributed to increasing popularity around NFTs and its promise that they may be built directly into a secure and reliable Layer 1 blockchain such as Bitcoin’s own network infrastructure.
The rapid adoption seen by users across industries highlights just how valuable NFTs could become when applied alongside sound technologies like that offered by Ordinal’s protocol built atop a secure base layer like that provided by Bitcoin itself.