Bitcoin Ordinals rolls out upgrade to rectify ‘Cursed Inscriptions’ issue

June 5, 2023 Coin Telegraph

Previously unrecognized Ordinals inscriptions will be indexed by the protocol following the upgrade, which will allow them to be traded.

Developers behind the Bitcoin Ordinals protocol have rolled out a new upgrade that aims to cure over 71,000 invalid or “cursed” inscriptions — allowing them to be traded.

“Cursed inscriptions” was the name given to inscriptions that were created by incorrect use or intentional misuse of opcodes to create inscriptions, which led to them becoming invalid and unrecognized.

On June 4, developers, including Twitter user Raphjaph, revealed the Ordinals protocol was upgraded to version 0.6.0, which would be the first step in indexing the previously unrecognized inscriptions.

Just released a new version of ord (0.6.0), which implements the first steps in recognizing more types of inscriptions (cursed inscriptions). Additionally you can now pass in RPC credentials through command-line flags, environmental vars or a config file.https://t.co/Xi6C92cC6z
— raph (@raphjaph) June 4, 2023

The proposal to fix the issue was first s made in late April by Ordinals creator Casey Rodarmor to recognize these cursed inscriptions and convert them to “blessed” ones.

The upgrade introduced support for a subset of the different types of cursed inscriptions. It does this by setting a block activation height where specific types of previously invalid inscriptions would start being indexed as normal positive inscriptions.

Ordinals influencer LeonidasNFT explained that these would be added to the list of tradable indexed Ordinals, stating:

“This is important because over 70k existing but invalid inscriptions are now supported which means that once marketplaces upgrade to v0.6.0 you will be able to start trading them.”

He added that everyone holding cursed inscriptions “should expect the negative inscription numbers to be shifted.”

Version 0.6.0 of the Ordinals Protocol just went live!

Here is everything you need to know about this major update:

Many previously unrecognized inscriptions are now indexed by the Ordinals Protocol as "Cursed Inscriptions". This is important because over 70k existing but… pic.twitter.com/Mh1pArg2p9
— Leonidas.og (@LeonidasNFT) June 4, 2023

Bitcoin Ordinals are nonfungible asset artifacts that enable inscribing data onto the smallest division of a Bitcoin, a satoshi.

The protocol was launched in January by Casey Rodarmor, and the following month saw the inscription hype take off as thousands of them were imprinted on the Bitcoin blockchain, causing congestion and spikes in transaction fees.

Ordinals inscriptions have been considered similar to NFTs regarding rarity and collectability. Users are after a unique slice of data permanently etched onto the Bitcoin blockchain so these early or converted inscriptions on satoshis could become valuable at a later period.

According to Dune Analytics, 10.8 million ordinal inscriptions have generated $45.5 million in transaction fees since the craze began earlier this year.

On May 28, Rodarmor announced he was stepping down and passing the reins to Raphjaph.

Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?

Nifty News: BTC miners cash $5M on Ordinals, Reddit NFTs get botting backlash and more

April 13, 2023 Coin Telegraph

Nifty News: BTC miners cash M on Ordinals, Reddit NFTs get botting backlash and more

Adidas

Bitcoin transaction fees from Ordinals inscriptions have exploded by 240% over the last month.

Bitcoin (BTC) miners have pocketed over $5 million from creating nonfungible token (NFT)-like inscriptions using the Ordinals protocol.

Transaction fees for Ordinals transactions exploded 240% from $1.5 million on March 10 to 5.2 million by April 12, according to Dune Analytics data.

The rise came on the back of a rather slow period between Feb. 16 and March 10, which from $1 million to $1.5 million. Prior to thatfees hit the $1 million mark within the first four weeks of the Ordinals protocol launching on Jan 21.

*Transaction fees paid for Ordinals inscriptions hit the $5 million mark on April 11. Source: Dune Analytics*

Nearly 1.1 million Ordinals have been inscribed on the Bitcoin network, mostly comprising JPEG images and text but also consisting of PDFs, video and audio formats.

Roughly 100 to 500 inscriptions are processed in each Bitcoin block, which usually contains between 2,000 to 3,000 transactions. Block 783,758 on April 3 saw a record 3,785 inscriptions, representing nearly 87% of the entire block.

This is Bitcoin block 783,758.

It currently holds the record for having the most inscriptions.

3,785 inscriptions to be exact.

That's 86.7% of its transactions.

Ordinals are quite literally on their way to becoming the number one use case on Bitcoin. pic.twitter.com/BxcfbcBWeM
— Leonidas.og (@LeonidasNFT) April 12, 2023

Reddit’s Gen3 NFTs plagued by botting claims

Online community platform Reddit launched its third batch (Gen 3) of NFTs on April 12 — a “Futures Realities Collection” of Collectible Avatars created by over 100 artists.

Reddit explained in its announcement that the artists behind each limited edition Avatar will receive royalties upon each sale and no cryptocurrency was needed to purchase them.

#RedditCollectibles fans, the wait is over! Gen 3 is officially available with limited-edition designs from over 100 different artists. Jump into the next dimension and get yours now. pic.twitter.com/QcCSAUs8rE
— Reddit (@Reddit) April 11, 2023

However, the release didn't come without issues. Many Reddit users claimed they missed out on the sale because spam bots swooped in almost instantly.

Man also believe the bots were the reason behind Reddit's NFT shop crashing shortly after launch.

"They didn't incorporate any type of spam or bot prevention, like a simple captcha. Of course the site got overloaded," one user wrote with another remarking there was "no way you guys didn’t even think of stopping bots during this drop."

Twitter user "Pastel Alpha" tweeted they managed to get "a good amount" of the NFTs "even though the site completely died" and thanked its "bot partners" for helping with its haul.

Even though the site completely died we managed to hit a good amount before the hour thanks to our custom Reddit monitor by our member @CheekyZoot

No need to guess links ‍

Checkouts thanks to our bot partners @orcarobot and @MinTechBots

Pastel on top pic.twitter.com/vVd45om8ZW
— Pastel Alpha (@PastelAlpha) April 11, 2023

Reddit previously released a batch of Halloween-themed avatars in October, which was followed by and Super Bowl avatars in February.

Adidas releases first in series of dynamic NFTs

Shoe brand Adidas has released the first leg of its latest dynamic NFT collection “ALTs by Adidas” the latest move by the company on its quest to expand its NFT ecosystem.

The dynamic NFTs will evolve based on the decisions and engagement of the owner, according to an announcement on April 11 which described the collection as the “first step” towards owning an “ALTS by Adidas” identity.

Chapter 1: ALT[er] Ego starts now

This is your first step on your journey towards your own ‘ALTS by adidas’ identity.

At the end of Chapter 3 you will get a unique PFP consisting of countless trait combinations with a rarity rank.

ALTS by adidas is a dynamic NFT… pic.twitter.com/0D9lrvIy6y
— Indigo Herz (@indigo_herz) April 11, 2023

The floor price of each Adidas NFT is 0.666 Ether (ETH) ($1,275) and has raked in 351 ETH ($672,000) in trading volume so far. There are now 8,989 owners, 56% of them unique.

There are 16,000 items in total and the creators taking a 10% cut of each sale.

*The ALTS by adidas” NFTs are selling for a minimum of around 0.66 ETH. Source: OpenSea*

Collectors must buy and burn Phase 1 and 2 of Adidas' "Into the Metaverse" tokens in order to receive the ALTS by Adidas NFT.

Be nonfungible, my friend: Bruce Lee enters Web3

A NFT collection commemorating the late Kung-Fu fighter and movie star, Bruce “Little Dragon” Lee, has been released by the Bruce Lee Estate in partnership with Shibuya, an NFT-driven video platform.

Plans for the release were revealed on April 11 when Lee's Twitter account, managed by his family, shared an old video clip of Lee, which then transformed him into an animated version of himself.

My last name is Lee. Bruce Lee. pic.twitter.com/hc678dzRgO
— Bruce Lee (@brucelee) April 11, 2023

The NFTs sold at a starting price of 0.008 ETH, or $15, and 13,907 were minted in the first 24 hours, totaling over $205,000 according to its smart contract address on Etherscan.

The NFTs were drawn by artist Emily “pplpleasr” Yang and were designed by Shannon Lee — Bruce Lee’s daughter.

*Cover album of “House of Lee: Genesis” NFT. Source: Manifold*

Despite it being an “open edition” collection, collectors can only mint a maximum of 100 of the NFTs.

Other Nifty News

NFT marketplace OpenSea launched “OpenSea Pro” last week, a new, specialized NFT marketplace aggregator aimed at serving the needs of professional NFT traders. The service was made possible by OpenSea’s acquisition of fellow NFT aggregator, Gem, in April 2022.

An NFT trader fat-fingered a bid for a free NFT buying it at 100 Ether ($191,000). The token was part of NFT marketplace OpenSea’s Gemesis NFT collection to commemorate the launch of OpenSea Pro on April 4. Some believe the trader meant to bid the token for $100 instead.

NFT Creator, Emily Xie: Creating ‘organic’ generative art from robotic algorithms

Bitcoin Ordinals community debates fix after inscription validation bug

April 11, 2023 Coin Telegraph

Code Bug

Currently, over two-thirds of voters on a Twitter poll said the missed inscriptions should be added at a later date instead of there being a retroactive reshuffling.

A few solutions are being discussed to fix a code bug found in the Bitcoin (BTC)-native Ordinals protocol which has prevented over 1,200 inscriptions from being validated.

While nearly every member of the Ordinals community agrees that these inscription requests should be reincluded, the community is debating whether they should be added retroactively or not.

The bug came from the indexer function of the protocol only counting inscriptions that were in the first input of a transaction submitted up to and including version 0.5.1 of the protocol.

One prominent Ordinals member known on Twitter as “Leonidas.og” summarized the pros and cons of each solution in an April 10 tweet, coming a few days after the issue was first made public on April 5 by the GitHub user “veryordinally.”

A bug was found in the ordinals protocol that caused ~1,200 inscriptions that should have been valid to not get included. The first of these "orphan" inscriptions happened just before inscription number 420,285. The bug was caused by the ordinals protocol only counting…
— Leonidas.og (@LeonidasNFT) April 10, 2023

The first solution involves selecting a block height to retroactively index the so-called “orphan” inscriptions from inscription number 420,285 onwards, which is roughly where the first orphan inscription was identified.

“This feels like the ‘purist’ solution because it means the ordinals protocol would correctly match the logical ordering on-chain,” Leonidas.og explained, despite acknowledging that the reshuffling “may cause other complications.”

We currently have 1206 “hidden” inscriptions that are not indexed due to https://t.co/VZHCNaBmw0 - join the discussion on GitHub on this interesting consensus and decentralized protocol evolution issue
— ordinally (@veryordinally) April 10, 2023

The alternative is to not change inscription numbers that have already been validated and to pick a block height to add these orphan inscriptions in at some time in the future, Leonidas.og explained:

“This would not change any existing inscription numbers so the ~1,200 orphans would not be assigned inscription numbers officially in the protocol. It would be up to the market to value them as 'misprints' or not.”

Another Ordinals GitHub community member, “Yilak” argued in favor of not changing up the order because only a fraction of inscription owners have been impacted.

At the time of writing, 67.5% of 1,266 voters are in favor of not changing the inscription numbers according to a Twitter poll created by Leonidas.og.

On April 8, the number of Bitcoin Ordinals inscriptions surpassed 1 million according to data from the crypto analytics platform Dune. It came just days after daily new inscriptions hit a record of over 76,300 on April 4.

Ordinals are considered to be digital artifacts on the Bitcoin network, similar to that of nonfungible tokens (NFTs) and can compromise of images, PDFs, video or audio formats.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Bitcoin Ordinals daily inscriptions surge due to ‘BRC-20 tokens’

April 3, 2023 Coin Telegraph

Bitcoin NFTs

The BRC-20 token standard utilizes Ordinal inscriptions to deploy token contracts, mint tokens and transfer tokens.

A new daily all-time high has been recorded for the number of Ordinals inscribed on the Bitcoin (BTC) network due to a recently launched “token standard” for the blockchain.

Bitcoin Ordinals reached 58,179 inscriptions on April 2, smashing the previous all-time high of 31,692 on March 9 by 83.5%, according to Dune Analytics data.

The surge is believed to be driven by the recent creation of “Bitcoin Request for Comment” (BRC-20) tokens on the Ordinals protocol by a pseudonymous on-chain analyst named Domo in early March.

*Daily count of Ordinals inscriptions shown in green. Source: Dune Analytics*

While Ordinals are nonfungible token (NFT)-like “digital artifacts” which carry data in the form of text, JPEG images, PDFs, video and audio formats on the Bitcoin network, the BRC-20 token standard utilizes Ordinal inscriptions to deploy token contracts, mint tokens, and transfer tokens — similar to Ethereum’s ERC-20 token standard.

Yes. The spike has been primarily caused by the uptick in interest around BRC-20.
— Leonidas.og (@LeonidasNFT) April 2, 2023

The arrival of Ordinals and BRC-20 tokens on Bitcoin were enabled by the Taproot soft fork, which took effect on Nov. 14, 2021.

Over 55,000 of the inscriptions on April 2 came in the form of text-based Ordinals, many of which were represented by BRC-20 tokens, according to “Leonidis.og,” the host of an Ordinals-focused podcast.

*BRC-20 tokens — which are categorized as text-based Ordinals — are the most commonly inscribed Ordinal on Bitcoin. Source:* *Dune Analytics.*

Leonidis explained in a tweet that the spike on April 2 came on the back of new tools used to interact with BRC-20 tokens launched in the last few days.

“There was a lot of excitement around BRC-20 when it launched a month ago but eventually the hyped died down. During the lull, devs built tools to make interacting with BRC-20 much easier and now we're seeing ATH interest. I've said it before and I will say it again. UX matters!”

Among those new tools include Ord.io, UniSat Wallet and BRC-20.io. According to BRC-20.io, 1,600 tokens have been created since the BRC-20 standard was created.

Among the most popular BRC-20 tokens include “pepe,” “ordi,” and “punk,” currently boasting respective market caps of $2.5 million, $2.1 million and $900,000.

Over 42,700 BRC–20 tokens have been minted in the last 24 hours, mostly coming from the tokens wzrd, domo, BAYC, meme and pups.

*Bitcoin tokens, through the BRC-20 standard, can now be bought and sold on marketplaces, similar to Ethereum ERC-20 tokens. Source:* *BRC-20.io*

While the market cap of BRC-20 tokens currently sits at less than $10 million, digital asset investment firm Galaxy Digital believes the “Bitcoin NFT” market may reach $4.5 billion by 2025.

Members of the Bitcoin community are still split on whether Ordinals is a good fit for the Bitcoin ecosystem. Proponents such as Dan Held suggest it offers more financial use cases on Bitcoin, while others say it’s straying away from Satoshi Nakamoto’s vision of Bitcoin as a peer-to-peer cash system.

Magazine: 4 out of 10 NFT sales are fake: Learn to spot the signs of wash trading

Bitgo Launches Storage and Tracking Solution for Bitcoin-Based Ordinal Inscriptions

March 31, 2023 Bitcoin.com

Galaxy Digital Report Predicts Bitcoin NFT Market Could Reach $4.5 Billion by 2025

March 4, 2023 Bitcoin.com

Galaxy tips Bitcoin NFT market to hit $4.5B by 2025

March 4, 2023 Coin Telegraph

Bitcoin

Galaxy’s estimation was based on the rapid uptick of interest in Bitcoin NFTs, currency market infrastructure, and the potential to take some market-share away from Ethereum.

In a “base case” scenario, Galaxy Digital's research unit has tipped the burgeoning Bitcoin nonfungible token (NFT) market to hit a $4.5 billion market cap by March 2025.

Bitcoin NFTs, or Ordinals, have attracted a significant amount of attention since the Ordinals protocol launched in late January, enabling users to inscribe data such as images, PDFs video and audio onto individual satoshis, or sats that each represent 0.00000001 Bitcoin (BTC).

NFT giants such as Yuga Labs have even jumped in on the hype. On Feb. 28, the $4 billion firm behind the Bored Ape Yacht Club announced a Bitcoin-based NFT project dubbed “TwelveFold,” marking a notable form of recognition of the Ordinals movement.

In a new report published on March. 3, Galaxy researchers analyzed the potential growth of Bitcoin NFTs and made estimations “conservatively based on the current size of Ethereum’s NFT market” and its growth rate over the past few years.

“While there are notable differences between inscriptions and NFTs, it’s fair to say that a native on-chain ecosystem for NFTs has emerged on Bitcoin in a way that was never before possible, and its usage has been exploding.”

The report provided three different market cap predictions based on the firm’s analysis, covering a bear case, base case and bull case scenarios.

Looking at Galaxy’s baseline analysis, the report outlined that if Bitcoin NFTs can “expand to mainstream NFT culture like PFPs [Profile Pictures], memes and utility projects,” the market capitalization should increase to $4.5 billion.

The researchers also noted that the projection of $4.5 billion is also based on the “rapid development in inscription awareness coupled with the marketplace/wallet infrastructure already [being] out today.”

Fantastic research piece by @intangiblecoins at @galaxyhq on the rise of Bitcoin Ordinals:

- $4.5B base case market
- Help with Bitcoin's fee market
- Increase the design space for smart contracts

Read more here
— Dan Held (@danheld) March 3, 2023

In a bear case, in which Bitcoin NFTs don’t creep into the mainstream NFT market and pry market share away from Ethereum, Galaxy estimated that Bitcoin NFTs can still reach a market cap of $1.5 billion based on the current level of interest and supporting infrastructure.

On the bullish side of things, Galaxy researchers estimate that the Bitcoin NFT market could reach around $10 billion if it manages to provide strong competition to Ethereum NFTs, while also providing unique use cases.

*Estimated Bitcoin NFT market cap: Galaxy Digital*

At the time of the report, more than 250,000 Ordinals have hit the market, and highlighting the significance and utility of Bitcoin NFTs, the researchers noted that:

“The addition of sizeable data storage with strong availability assurances opens up a variety of use cases, many of which are only beginning to be explored, including things like new types of decentralized software or bitcoin scaling techniques. Even the NFT use-case alone, though, has the potential to dramatically widen the scope of Bitcoin’s cultural impact.”

The Bitcoin Dark Ages are over

Fun is back on the menu, boys pic.twitter.com/ybk5NKObmB
— Eric Wall ‍♂️ Taproot Wizard #2 (@ercwl) March 3, 2023

Bitcoin-Based NFTs Cross 200,000 Ordinal Inscriptions, Yuga Labs Launches Twelvefold Collection

February 28, 2023 Bitcoin.com

Ordinals Litecoin fork took one week and was ‘quite simple,’ says creator

February 21, 2023 Coin Telegraph

bitcoin ordinals

The creator of a Bitcoin Ordinals protocol fork that works on Litecoin said he did it all for a crypto bounty of a few thousand dollars.

A small monetary bounty and an aptitude for coding were all it took to fork the Ordinals protocol to the world’s second-ever cryptocurrency network, Litecoin (LTC) earlier this week, its creator told Cointelegraph.

On Feb. 18, an Australian software engineer by the name of Anthony Guerrera posted a repository to GitHub that forked the Bitcoin (BTC) Ordinals protocol to Litecoin. This allowed for nonfungible token (NFT)-like assets on the Litecoin network in much the same way it had made it to Bitcoin earlier in the year.

In an interview with Cointelegraph, Guerrera said he was spurred to make a Litecoin Ordinal fork due to a 5 LTC bounty posted by the pseudonymous Twitter user Indigo Nakamoto on Feb. 11 that rose to 22 LTC, or about $2,000, to anyone who was first to successfully create a fork.

22 $LTC to port Ordinals to #Litecoin from:
+ 5 $LTC @indigo_nakamoto
+ 5 $LTC @ryanwrights
+ 5 $LTC @MASTERBTCLTC
+ 2 $LTC @ChiefLitecoin
+ 5 $LTC @finitemaz https://t.co/7X4JfMzq97
— Indigo | Nakamotoist (@indigo_nakamoto) February 16, 2023

“I knew it was possible because Litecoin has taproot as well as SegWit,” Guerrera said, adding:

“I was in a bit of a mad rush to try and get it done as fast as I could.”

Taproot and SegWit are the names given to the Bitcoin protocol updates that aimed to improve the privacy and efficiency of the network but also allowed for NFT-like structures called “inscriptions” to be attached to satoshis.

The cost to inscribe an image onto the Bitcoin blockchain can cost tens of dollars depending on its size but Guerrera said the cost to inscribe a litoshi — the LTC equivalent to a satoshi — is “about two cents.”

A point of contention amongst Bitcoiners is the block space Ordinals take up on the network due to their data size being far greater than transactions. Guerrera doesn’t think this issue will be as prominent on Litecoin due to its larger block size but could still possibly eventuate.

“Pandora's Box has already been opened and someone was going to do it so it may as well be me.”

Guerrera said his LTC fork took around one week to create as “the changes were quite simple.” He explained he updated the Ordinals code to work with inputs from the Litecoin network instead of the Bitcoin network.

Parameters that differed between the blockchains such as the total possible number of coins and block time creation differences also had to be accounted for in the fork.

In a Feb. 19 tweet, Guerrera said he’d inscribed the first ever Litecoin Ordinal, putting the MimbleWimble whitepaper onto the blockchain in the so-named “inscription 0.”

The first #Litecoin #Ordinal has been inscribed on the Litecoin blockchain.

The mimblewimble whitepaper will live within Litecoin forever Ⓜ️ #MWEB!$LTC $BTC #NFT @SatoshiLite @finitemaz @ryanwrights @MASTERBTCLTC @ChiefLitecoin @indigo_nakamoto pic.twitter.com/ICLkTMjwRW
— Crypto Anthony (@anthonyonchain) February 19, 2023

The inscription of the whitepaper is in the wake of the May 2022 Mimblewimble Extension Blocks (MWEB) upgrade that allows Litecoin users to opt-in to confidential transactions and other blockchain improvements such as helping reduce excess and unnecessary transaction data.

“I wanted to dedicate the first inscription to that and make it aware that Litecoin now has this privacy sidechain attached to it,” Guerrera said.

“I'm a fan of the technology and I like that privacy can become a thing on these public ledgers.”

As for the future of the forked protocol, Guerrera will “keep contributing to this fork as much as I can” and port across updates from the original Ordinals.

“I probably want to hand over this as I don't want it to take too much of my time,” he added. “I'm doing other things. I've got other things on my plate.”

Bitcoin hits record 44M non-zero addresses, thanks to Ordinals: Glassnode

February 14, 2023 Coin Telegraph

addresses

Glassnode noted that this is the first time in Bitcoin history where the network has been used for purposes other than for monetary purposes.

The launch of Bitcoin nonfungible tokens (NFTs) — known as Ordinals — has tipped the number of non-zero Bitcoin addresses to a new all-time high of 44 million, according to crypto analytics platform Glassnode.

In a Feb. 13 report from Glassnode, the firm explained that for the first time in Bitcoin’s 14-year history, a portion of network activity is being used for purposes other than peer-to-peer monetary Bitcoin (BTC) transfers:

“This is a new and unique moment in Bitcoin history, where an innovation is generating network activity without a classical transfer of coin volume for monetary purposes.”

Glassnode explained that the Ordinals surge has contributed to a “short-term uptick in Bitcoin network usage of late” which has brought many “new active users” with a non-zero BTC balance to the network:

*Number of Bitcoin addresses with a non-zero balance. Source:* *Glassnode.*

“The primary source of this activity is due to Ordinals, which instead of carrying a large payload of coin volume, is instead carrying a larger payload of data and new active users,” said Glassnode.

“This describes a growth in the user base [...] from usage beyond the typical investment and monetary transfer use cases,” it added.

A new player competing for block space

Glassnode noted that Ordinals is now competing for block space demand, which is “creating upward pressure on the fee market," but noted that this hasn't led to a significant increase in Bitcoin transaction fees.

According to Glassnode, since Ordinals launched on Jan. 21, the upper range of the mean Bitcoin block size has increased from 1.5-2.0 MB to 3.0-3.5 MB in a matter of weeks.

*Mean Bitcoin block sizes over the last three months. Source:* *Glassnode.*

However, this hasn't led to a surge in fees. While there have been some short-lived spikes, Glassnode stated that a “new lower bound transaction fee required for block inclusion” has been reached since Ordinals made their mark on Jan. 21.

*Median transaction fees on the Bitcoin network over the last five years. Source:* *Glassnode.*

The technological applications behind the Ordinal protocol were enabled by the Taproot soft fork, which took effect in November 2021. Bitcoin Ordinals launched on Jan. 21.

Through the use of the Ordinals numbering scheme, Bitcoin users can assign arbitrary content to satoshis — the smallest denomination of BTC — which enables them to inscribe Bitcoin-native, nonfungible token (NFT)-like images.

There have been over 78,400 NFT-like images and videos inscribed thus far.

*The latest Ordinals inscripted onto the Bitcoin network. Source.* *Ordinals.*

The impact of the NFT-like images on Bitcoin hasn’t come without controversy though.

Some notable “Bitcoiners” such as Blockstream CEO Adam Back have recently expressed their his disliking the Ordinals protocol, suggesting that it deviates from Bitcoin’s purpose as a peer-to-peer electronic cash system.

However, others have been more open to the idea. Bitcoin bull Dan Held has asserted on several occasions that Ordinals bring more “financial use cases to Bitcoin.”

inscriptions

Reddit’s Gen3 NFTs plagued by botting claims

Adidas releases first in series of dynamic NFTs

Be nonfungible, my friend: Bruce Lee enters Web3

Other Nifty News

A new player competing for block space

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