Ordinals introduce a fresh protocol that enables the creation and minting of NFTs on the Bitcoin blockchain in a unique way, marking a significant milestone. However, what exactly makes them so popular, how can they be acquired, and are they a lasting trend?
How do Bitcoin Ordinal NFTs differ from traditional NFTs?
On January 21, software engineer Casey Rodarmor introduced the Ordinal NFTs protocol, which allows Bitcoin to be subdivided into 100 million units called “sats” for Satoshi. This unique feature allows for the embedding of data, including smart contracts, on each sat, enabling the creation of NFTs on the Bitcoin blockchain. As a result, more developers are utilizing the Ordinal protocol to mint NFTs.
There is a significant contrast between Ethereum NFTs and Bitcoin NFTs. Ethereum NFTs usually link to off-chain data stored on the IPFS system, whereas Ordinals protocol records all data on the blockchain. Consequently, this new ecosystem has the potential to strengthen the NFT landscape by improving the concept of digital collectibles.
Furthermore, since all the data of Ordinal NFTs is exclusively on the blockchain, they go beyond the conventional definition of NFTs or digital assets. Casey Rodarmor refers to them as “digital artifacts.”
Ordinal NFT examples
Casey Rodarmor’s first NFT project on the Bitcoin blockchain, Ordinal Punks, has introduced a new era of digital collectibles. The collectibles consist of 100-pixel PFP avatars that are all tradable digital artifacts on the Bitcoin network.
The project received mixed reviews for being a “replica” of a derivative project called “Mutant Punks,” similar to Ethereum’s CryptoPunks NFTs. However, Rodarmor uses an open-source algorithm and CC0 Punk spite sheet on the blockchain network to generate new Punks, marking the first time on the Bitcoin blockchain. As a result, more than 40k Ordinals are inscribed on the Bitcoin blockchain.
All 10k collectibles have sold out, with one Ordinal Punk (#620) selling for a staggering 9.6 BTC (around $260,839 at the time of writing). In just two weeks, over 100,000 NFTs have joined Bitcoin, including contributions from OG NFT artists like Frank from DeGods and Yuga Labs from Bored Ape Yacht Club. Frank has minted 535 DeGods digital assets to avoid high gas fees, while Yuga Labs utilized Ordinals to showcase their limited-edition Bitcoin project, TwelveFold.
How to purchase Ordinal NFT?
To purchase Ordinal NFTs, you’ll need some BTC in your wallet. You can buy BTC through various exchanges, such as Coinbase, Binance or Kraken.
There are three options available to purchase a BTC Ordinal NFT. The first option is to find an Ordinal owner and buy it directly from them, which can be done by searching for creators on Discord or Twitter. However, buyers must exercise caution and conduct due diligence to avoid fraud.
The second option is to create/inscribe Ordinals themselves. Services are available that make it easy to inscribe NFTs without requiring a node. For example, Satoshibles is a popular Bitcoin project with an Ordinal Bot that enables users to inscribe NFTs to their Bitcoin wallets.
Third option is thru Ordinal marketplaces, like Magic Eden, Gamma.io, OrdinalsMarket or ORDX.
Binance joins Ordinals movement
Binance, a cryptocurrency exchange, announced on May 9th that it plans to add support for Bitcoin ordinals on its NFT marketplace later this month. This development will expand the multichain NFT ecosystem of Binance to include the Bitcoin network, after the Binance NFT market had previously integrated with other decentralized networks such as BNB Chain, Ethereum, and Polygon.
In addition, Binance is seeking to partner with leading NFT projects to further enhance the Bitcoin Ordinals community. Such a partnership could drive growth in the Ordinals ecosystem and create opportunities for creators.
