Place/Date: - April 26th, 2023 at 7:17 pm UTC · 5 min read
Source: CUDOS Markets
Bitcoin ordinals, also known as Bitcoin NFTs or digital artefacts, offer a new way to inscribe digital content on the Bitcoin blockchain. The protocol was introduced by Casey Rodarmor in January 2023, enabling users to create an immutable on-chain presence of a piece of art, text, or video. This is in contrast to non-fungible tokens (NFTs) on Ethereum and other blockchains, which do not have the same level of permanence.
Rodarmor, a programmer and artist, recognized the opportunity to create a unique experience on the Bitcoin blockchain, based somewhat on Ethereum’s ERC-721 standard, which skyrocketed in 2021. Using ordinal theory, which concerns individual identities for satoshis and then imbues them with meaning, he developed Bitcoin ordinals. The first ordinal was a pixel art of a skull that Rodarmor inscribed on December 14, 2022, and the hype surrounding ordinals began to pick up six weeks later in February 2023.
Due to the initial excitement around ordinals, the number of inscriptions doubled every week for a few weeks. This growth could have been exponential if the infrastructure to inscribe and trade ordinals had been better planned and executed. Nonetheless, the potential for Bitcoin ordinals to revolutionize the way digital content is inscribed on the blockchain is significant. With the increasing interest in cryptocurrency and blockchain technology, it is likely that the demand for immutable on-chain digital artefacts like Bitcoin ordinals will continue to grow. 2023’s market upturn should only add fuel to the furnace.
Genesis was the first ordinal created on the Bitcoin blockchain using Casey Rodarmor’s Bitcoin ordinal protocol. The pixel art skull is significant because it marks the beginning of a new era in the way digital content is inscribed on the Bitcoin blockchain.
Since the creation of the Genesis ordinal, it has seen a significant increase in value. This is partly due to the hype surrounding the new protocol and the fact that it is the first of its kind. In addition, the pixel art itself is visually striking and has gained popularity among art collectors and enthusiasts in the cryptocurrency community. Don’t be surprised to see that skull again and again in future, perhaps its value could reach millions – time will tell.
The early success of the Genesis ordinal has spurred interest in the potential of Bitcoin ordinals to revolutionise the way digital content is inscribed on the blockchain. As the market for cryptocurrency and blockchain technology continues to grow, it is likely that the value of the Genesis ordinal and other Bitcoin ordinals will continue to rise, making them a potentially valuable asset for collectors and investors alike.
Bitcoin ordinals are a way of numbering satoshis (sats) on the Bitcoin blockchain, based on ordinals theory. This theory defines sats as the atomic unit that can be identified and traded individually on the network, with a unique ordinal number. As a unit of transaction, sats can be inscribed with digital content to create immutable digital collectables that can be transacted using Bitcoin wallets. It might sound a little complicated or far-fetched if you’re new to this space, but you’ve likely heard of NFTs, so you need to know how they differ.
Unlike non-fungible tokens (NFTs), which are based on Ethereum and other blockchains, Bitcoin ordinals are not limited to being used solely as collectables. Ordinals can be attached to security tokens, accounts, or stablecoins, using the ordinal number as a stable identifier. While Bitcoin ordinals can then be used to create non-fungible tokens on the network, their design actually allows them to function as a broader concept with many potential use cases.
CUDOS Markets is a sustainable NFT marketplace by Cudo, featuring hashrate collectables to onboard the next generation of sustainable BTC miners to the Cudos blockchain. Built on the Cudos sustainable blockchain, CUDOS Markets tackles the energy and waste problems associated with traditional blockchain technologies.
CUDOS Markets connects clean-powered mining farms with collectors, NFT buyers, BTC miners, gamers, and mining farms on one frictionless platform. It offers access to bitcoin mining rewards without hardware purchases, a major learning curve, pollution, or a saturated marketplace to navigate. It also opens up exciting new avenues for gaming and competition by allowing users to battle each other for one another’s hashrate. Whilst it’s not based on Ordinals, it offers many similarities, and shares the goal of bringing new value and users to the Bitcoin ecosystem.
What makes CUDOS Markets even more unique, is that the miners who provide the hash rate are vetted beforehand to ensure they power their mining rigs using clean or self-generated energy. Knowing that ordinals could therefore contribute to a more sustainable industry – there’s further reason to be enthusiastic.
The Blockmole genesis drop, which is set to feature unique hashrate collectables, has the potential to tap into the growing interest in Bitcoin-based collectables. Much like the genesis ordinal pixel art did in late 2022, the signs suggest that the popularity of these types of collectables is only set to grow. Could this spark the next bull run? Only time will tell.
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