What are Ordinals aka Bitcoin NFTs?
Should you get one?
Chances are, you’ve heard about them.
Let’s break them down.
Ordinal: A layer-1 protocol that lets users create NFTs
It was launched in January 2023 by @rodarmor
Basically, it finds a way to make bitcoin non-fungible.
Let's look into Bitcoin NFT:
1. How It Works
Bitcoin NFT is created by Inscription.
Inscription: A way to write any data (text, image, SVG, html)on the bitcoin blockchain.
Sort of like stickers (Ordinals) that you put on a box (Bitcoin), where you could write or draw (Inscribe).
2. Stats & Growth
As soon as ordinals launched, inscriptions surged.
3. Pros & Cons
Inscriptions are a bit different from traditional NFTs:
- always on-chain
- and native to Bitcoin.
@ChainLeftist analyzed: Inscriptions have slightly higher permanence than ETH but a much lower storage fee.
Opponents of Bitcoin NFT:
The hardline Bitcoiners like @adam3us
aren’t too happy about Bitcoin NFTs.
It's an exploit because Bitcoin was not designed to store jpegs, said @CryptoTea.
Bitcoin creator Satoshi Nakamoto said data unrelated to financial transactions should not be stored on the blockchain.
4. Top 7 Bitcoin NFT Collections
created by Web3 developer @udiWertheimer
- @TwelveFold created by @yugalabs
Should you invest in Bitcoin NFT?
For now, it's hard to say whether this is
a short-term hype or a change of direction.
Never FOMO invest, look into collections you understand and trust.
More to Read:
A Guide to Buying Ordinal NFTs
Safety Info to Know Before Buying Ordinal NFTs
11 Misconceptions About Ordinals
Building Amid the Bitcoin NFT Buzz