Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Ethereum cools down as Bitcoin Strances: the rotation game of Smart Money Decoding!

2025-05-19

Dogecoin (Doge) is struggling to support profit while Meme Coin cools Mania

2025-05-19

Ethereum: Why this analysis company expects ETH $ 6K to hit in 2025

2025-05-19
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Alchemie acquires Solana developer Dexterlab for unknown sum

    2025-05-19

    Interlink and Blazpay Partner to improve the user experience in Web3 with AI

    2025-05-19

    Filmmaker David Goyer bets on blockchain for the next sci-fi franchise

    2025-05-19

    Jesse Pollak explains how Pectra Upgrade will overload the basic network

    2025-05-18

    Ice Open Network welcomes Soonchain AI in its online+ ecosystem to stimulate Web3 AI-Game Development

    2025-05-18
  • NFT

    The most popular collections of the moment on blockchain

    2025-05-18

    Raoul Pal sees NFT market exploding when Ethereum Bull Cycle is approaching

    2025-05-17

    Ethereum is at the top of the charts in weekly NFT sales with $ 44.7 million in sales volume

    2025-05-16

    Founder wallet emptied while he leaves

    2025-05-15

    British Museum puts sculptures from Dürer’s ‘Rhinoceros’ on Bitcoin Blockchain

    2025-05-14
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    Dogecoin (Doge) is struggling to support profit while Meme Coin cools Mania

    2025-05-19

    Crypto analyst says that Bitcoin correction comes before the outbreak to the new all-time here is his prediction

    2025-05-19

    XRP – Price is struggling to keep the ground – breakdown or breathing break?

    2025-05-19

    The American stock market now looks more favorable than pre-trade war, according to Tom Lee from Fundstrat-Dit why is why

    2025-05-18

    Michael Burry van Big Short abruptly sells one ‘recession-proof’ assets

    2025-05-17
  • Learn

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15

    What Is Proof-of-Work (PoW)?

    2025-05-12

    What Is Proof-of-Authority (PoA)?

    2025-05-10
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»NFT»How do ordinal numbers change the way we look at NFTs?
NFT

How do ordinal numbers change the way we look at NFTs?

2024-05-16No Comments5 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Launched in January 2023, the Ordinals Protocol opened the Bitcoin ecosystem to the NFT craze, allowing users to enroll data – images, art, videos and more – into individual Bitcoin denominations known as satoshis.

The idea of ​​bringing NFTs to the Bitcoin network may have seemed frivolous to some.

However, others recognized the significance and called Ordinals a bull’s-eye for the Proof-of-Work blockchain.

As strong as it was, the digital gold story would now be supported by another compelling use case, as bitcoin became more than a deflationary digital currency: now it could function as a non-fungible piece of digital art or a piece of music.

Ordinal numbers: from inscriptions to infinity

The arrival of Ordinals effectively made it possible for the first time to mint NFTs directly on the Bitcoin blockchain. The idea is credited to Casey Rodarmor, ex-Bitcoin Core employee and Ordinals creator.

Ordinals represents a system of assigning serial numbers to satoshis, giving each a unique identifier that can be tracked across transactions and allowing users to add additional data to them (inscriptions).

Just months after the arrival of Ordinals, an anonymous developer pioneered BRC-20, a token standard that expanded Bitcoin functionality by supporting the creation and transfer of fungible tokens via a protocol.

The experimental standard – which uses Ordinal inscriptions to embed token data directly on the blockchain – has been a revelation: less than a year after Ordinals’ launch, the moonshot BRC-20 meme coin ORDI surpassed $1 billion in market capitalization .

As for the Ordinals, approximately 66.5 million inscriptions were made on satoshis, according to Dune Analytics.

See also  Trump NFT trading volume increases following DeSantis' endorsement of Trump's reelection moves

Considering there are 100 million satoshis per bitcoin, we still have a long way to go before inscriptions equal an entire coin. The dollar amount generated by Ordinals fees, meanwhile, exceeds $417 million.

In less than 18 months since Ordinals’ official launch, there have been many meaningful milestones, from the debut of the first Ordinals Collection (Bitcoin Shrooms) to the arrival of the first-ever subscription service (OrdinalsBot) and the aforementioned success of ORDI.

One of the biggest milestones was the opening of a Bitcoin NFT marketplace on Magic Eden, which set the stage for frenetic trading in Bitcoin-based BRC-20 NFTs, similar to the Ethereum NFT boom of 2021.

How Do Bitcoin Ordinals Compare to Ethereum NFTs?

So, how do Bitcoin-based NFTs compare to the longer-standing equivalents on Ethereum?

The main difference worth noting is that Ethereum NFTs are created using smart contracts based on standards like ERC-721 and ERC-1155.

This essentially means that NFT data can be stored on different layers of the Ethereum blockchain or even on the InterPlanetary File System, with NFTs benefiting from greater functionality. Bitcoin NFTs, on the other hand, are registered directly on the blockchain of the same name.

Another point of difference concerns transaction costs. Because Ordinals are stored in the chain, transaction costs are higher. Ethereum NFTs, on the other hand, can be stored off-chain and thus benefit from lower fees.

Because NFT royalties work through smart contracts and Bitcoin is not a smart contract network, Ordinals does not entitle creators to royalty income on the resale of their work.

See also  NFTs crash (again). This is why.

That said, there are initiatives that want to provide Bitcoin with smart contract capabilities, of which covenants are an example.

Although reviled by some for bringing the DeFi degeneration to Bitcoin (not to mention driving up network fees), Ordinals and BRC-20 have been praised by the likes of Vitalik Buterin, who is calling the “organic return of the builder culture” to the PoW network last year. summer.

It’s a culture that has collided with Ethereum’s in the form of the BRC-721 token standard that allows for the bridging of ERC-721 NFTs from Ethereum to Bitcoin.

Interestingly, Ordinals can be used for purposes beyond subscribing a message to a satoshi: a recent initiative from major BTC hodler MicroStrategy sees the protocol being used to enable the creation of reliable, tamper-resistant decentralized identifiers (DIDs) to make.

It can be argued that Ordinals has learned lessons from the previous NFT boom and, since inscriptions cannot be changed after creation and bitcoin NFTs are inherently scarcer, they are better at retaining their value. Time will tell.

The Boom of Bitcoin Layer-2s

Ordinals’ success is inextricably linked to the rise of Bitcoin Layer-2s, secondary protocols built on top of Bitcoin that aim to address the network’s scalability challenges while increasing its usability.

In a way, this evolution of the Bitcoin network follows a similar trend to Ethereum, which spawned its own multitude of Layer-2s during the last major DeFi boom.

One of those Layer-2 is Merlin Chain, which uses ZK-Rollup technology to compress transaction data, enabling faster and cheaper transactions.

Other distinguishing features of the L2 include its decentralized oracle network, tamper-resistant on-chain BTC modules, and compatibility with the Ethereum Virtual Machine.

See also  NFTs are 94% worthless and also up over 52,000%

Despite only being launched earlier this year, Merlin has become by far the largest Bitcoin sidechain, with its $1 billion+ TVL easily surpassing that of Rootstock, Stacks and other Bitcoin L2s.

The team behind Merlin Chain previously developed BRC-420, a standard that converts Ordinals inscriptions into assets that can communicate with each other – also known as recursive inscriptions.

Notably, BRC-420 introduces a royalty standard, entitling developers to revenue from the use of their creations, with the team committed to unleashing the potential of Bitcoin’s native assets, protocols like Ordinals, and associated products.

With the market cap of Bitcoin L2 solutions surpassing $4.3 billion less than 18 months after Ordinals’ launch, Casey Rodarmor has a lot to be proud of.

Not that the developer has rested on his laurels: in April he launched Runes, a protocol for fungible tokens that uses Bitcoin.

Disclaimer: The above text is an advertorial article and is not part of Cryptonews.com editorial content.

Source link

Change NFTs Numbers Ordinal
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

The most popular collections of the moment on blockchain

2025-05-18

Raoul Pal sees NFT market exploding when Ethereum Bull Cycle is approaching

2025-05-17

Ethereum is at the top of the charts in weekly NFT sales with $ 44.7 million in sales volume

2025-05-16

Founder wallet emptied while he leaves

2025-05-15
Add A Comment

Comments are closed.

Top Posts

Expert reveals four reasons to be optimistic about the fourth quarter

2024-09-03

Hong Kong woman scammed of nearly $1 million after sending money to fake crypto trading platform: report

2024-03-25

CME Group will offer Ether/Bitcoin ratio futures in July

2023-06-29
Editors Picks

Bitcoin is about to make history (but just hit a 2,000-foot wall)

2024-02-12

The best altcoins to watch next week: Binance Coin (BNB), Solana (SOL) and Arbitrum (ARB) prices reached resistance

2023-11-05

Bitcoin Poised to Meet Key Price Level at $99,900

2025-01-04

Bitcoin Bulls Are Aiming Big After Recent Surge To $28,000

2023-10-02
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Ethereum cools down as Bitcoin Strances: the rotation game of Smart Money Decoding!

Dogecoin (Doge) is struggling to support profit while Meme Coin cools Mania

Ethereum: Why this analysis company expects ETH $ 6K to hit in 2025

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$102,321.90-1.55%
  • ethereumEthereum(ETH)$2,394.59-4.52%
  • tetherTether USDt(USDT)$1.00-0.03%
  • rippleXRP(XRP)$2.30-3.91%
  • binancecoinBNB(BNB)$636.23-1.51%
  • solanaSolana(SOL)$160.42-6.46%
  • usd-coinUSDC(USDC)$1.00-0.02%
  • dogecoinDogecoin(DOGE)$0.214560-4.17%
  • cardanoCardano(ADA)$0.72-4.92%
  • tronTRON(TRX)$0.263784-3.16%
  • suiSui(SUI)$3.60-6.03%
  • chainlinkChainlink(LINK)$15.04-4.03%
  • avalanche-2Avalanche(AVAX)$21.46-6.76%
  • stellarStellar(XLM)$0.278434-3.87%
  • hyperliquidHyperliquid(HYPE)$25.14-6.34%
  • shiba-inuShiba Inu(SHIB)$0.000014-5.63%
  • unus-sed-leoUNUS SED LEO(LEO)$8.60-1.23%
  • hedera-hashgraphHedera(HBAR)$0.185081-4.47%
  • bitcoin-cashBitcoin Cash(BCH)$379.51-4.76%
  • the-open-networkToncoin(TON)$2.91-6.27%
  • litecoinLitecoin(LTC)$94.73-3.78%
  • polkadotPolkadot(DOT)$4.45-6.49%
  • moneroMonero(XMR)$342.58-0.42%
  • bitget-tokenBitget Token(BGB)$5.07-3.17%
  • daiDai(DAI)$1.000.00%
  • pepePepe(PEPE)$0.000013-5.27%
  • piPi(PI)$0.70-2.75%
  • ethena-usdeEthena USDe(USDE)$1.00-0.01%
  • uniswapUniswap(UNI)$5.68-4.23%
  • bittensorBittensor(TAO)$389.30-7.59%
  • aaveAave(AAVE)$218.15-4.06%
  • nearNEAR Protocol(NEAR)$2.65-3.98%
  • aptosAptos(APT)$4.96-4.36%
  • okbOKB(OKB)$51.73-2.58%
  • ondo-financeOndo(ONDO)$0.89-5.01%
  • kaspaKaspa(KAS)$0.103274-7.83%
  • ethereum-classicEthereum Classic(ETC)$17.66-4.03%
  • internet-computerInternet Computer(ICP)$4.99-4.78%
  • gatechain-tokenGateToken(GT)$21.23-1.43%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.40-4.34%
  • crypto-com-chainCronos(CRO)$0.093228-6.18%
  • mantleMantle(MNT)$0.73-1.84%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.228116-4.28%
  • vechainVeChain(VET)$0.026809-5.52%
  • render-tokenRender(RENDER)$4.34-6.26%
  • usd1World Liberty Financial USD(USD1)$1.00-0.02%
  • ethenaEthena(ENA)$0.344990-8.95%
  • filecoinFilecoin(FIL)$2.74-4.57%
  • algorandAlgorand(ALGO)$0.211264-4.88%
  • cosmosCosmos(ATOM)$4.60-4.89%
  • bitcoinBitcoin(BTC)$102,321.90-1.55%
  • ethereumEthereum(ETH)$2,394.59-4.52%
  • tetherTether USDt(USDT)$1.00-0.03%
  • rippleXRP(XRP)$2.30-3.91%
  • binancecoinBNB(BNB)$636.23-1.51%
  • solanaSolana(SOL)$160.42-6.46%
  • usd-coinUSDC(USDC)$1.00-0.02%
  • dogecoinDogecoin(DOGE)$0.214560-4.17%
  • cardanoCardano(ADA)$0.72-4.92%
  • tronTRON(TRX)$0.263784-3.16%
  • suiSui(SUI)$3.60-6.03%
  • chainlinkChainlink(LINK)$15.04-4.03%
  • avalanche-2Avalanche(AVAX)$21.46-6.76%
  • stellarStellar(XLM)$0.278434-3.87%
  • hyperliquidHyperliquid(HYPE)$25.14-6.34%
  • shiba-inuShiba Inu(SHIB)$0.000014-5.63%
  • unus-sed-leoUNUS SED LEO(LEO)$8.60-1.23%
  • hedera-hashgraphHedera(HBAR)$0.185081-4.47%
  • bitcoin-cashBitcoin Cash(BCH)$379.51-4.76%
  • the-open-networkToncoin(TON)$2.91-6.27%
  • litecoinLitecoin(LTC)$94.73-3.78%
  • polkadotPolkadot(DOT)$4.45-6.49%
  • moneroMonero(XMR)$342.58-0.42%
  • bitget-tokenBitget Token(BGB)$5.07-3.17%
  • daiDai(DAI)$1.000.00%
  • pepePepe(PEPE)$0.000013-5.27%
  • piPi(PI)$0.70-2.75%
  • ethena-usdeEthena USDe(USDE)$1.00-0.01%
  • uniswapUniswap(UNI)$5.68-4.23%
  • bittensorBittensor(TAO)$389.30-7.59%
  • aaveAave(AAVE)$218.15-4.06%
  • nearNEAR Protocol(NEAR)$2.65-3.98%
  • aptosAptos(APT)$4.96-4.36%
  • okbOKB(OKB)$51.73-2.58%
  • ondo-financeOndo(ONDO)$0.89-5.01%
  • kaspaKaspa(KAS)$0.103274-7.83%
  • ethereum-classicEthereum Classic(ETC)$17.66-4.03%
  • internet-computerInternet Computer(ICP)$4.99-4.78%
  • gatechain-tokenGateToken(GT)$21.23-1.43%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.40-4.34%
  • crypto-com-chainCronos(CRO)$0.093228-6.18%
  • mantleMantle(MNT)$0.73-1.84%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.228116-4.28%
  • vechainVeChain(VET)$0.026809-5.52%
  • render-tokenRender(RENDER)$4.34-6.26%
  • usd1World Liberty Financial USD(USD1)$1.00-0.02%
  • ethenaEthena(ENA)$0.344990-8.95%
  • filecoinFilecoin(FIL)$2.74-4.57%
  • algorandAlgorand(ALGO)$0.211264-4.88%
  • cosmosCosmos(ATOM)$4.60-4.89%