If you thought the hype about NFT’s op Bitcoin (BTC) would decrease again soon, then you are wrong. The so-called Bitcoin Ordinals have only become more popular lately. Today, there are even 31,700 Ordinals registered on Bitcoin’s blockchain, according to data from Dune Analytics.
Bitcoin NFT and new tokens
Today, it owes that unprecedented popularity to the launch of BRC-20, an experimental way of using the technology to launch tokens on the Bitcoin blockchain. Is this the start of a rain to ICO’s and tokens on Bitcoin? We shall see. For now, the day has started well with 31,700 new tokens.
The ability to launch tokens on Bitcoin is the next step in the revolution that ordinals is called. For Bitcoin maximalists, it is sometimes a real nightmare to see this development, but on the other hand, Ordinals simply follows the rules of the protocol.
An experiment into “brc-20’s” and fungibility on bitcoin with ordinals 1/x pic.twitter.com/9khKLbEPk6
— home (@domodata) March 9, 2023
This new step within the Ordinals revolution is based on the ERC-20 token standard from Ethereum (ETH). A lot of meme tokens like Doge and Pepe have now been published on the Bitcoin blockchain via BRC-20 and Ordinals.
Bitcoin Ordinals only launched in January
Ordinals launched on Bitcoin on January 21, 2023, but 385,000 subscriptions have already been made on the blockchain. In terms of that number, you would almost forget that it has been less than two months since the protocol launched.
If we do an investigation of Galaxy Research to be believed, the Bitcoin NFT market has the potential to be worth $4.5 billion by the year 2025. A lot still needs to be done for that, but now it seems like anything is possible on Bitcoin.
gm. I’m glad that some people like the experiment. Some additional notes.
1. These will be worthless. Please do not waste money mass minting.
2. Due to how some inscription tools are set up, the ‘balance’ may be minted to the intermediary address used in https://t.co/mja39YGIow… https://t.co/C3WdsO33sf— home (@domodata) March 9, 2023
Incidentally, Domo, the developer of the BRC-20 standard for Bitcoin Ordinals, warns that the computer code is probably not yet secure enough for mass use. He thinks it makes sense to wait for newer code.