[Delio] Not so Ordinal-ry: Ordinal NFTs push Bitcoin network activity to an all-time high | The ultimate guide to the new Bitcoin NFTs
How are Bitcoin NFTs inscriptions impacting Bitcoin?
Bitcoin’s average block size reached an all-time high of 2.5 billion following the creation of the Bitcoin NFTs, better known as Ordinals.
Despite objections from Bitcoin purists, Ordinals continue to grow, with over 400,000 inscriptions* created to date. On February 9, 2023, the number of Ordinals topped 20,800.
*Inscription: a digital asset maintained on the Bitcoin blockchain and enabled the production and transfer of one-of-a-kind digital artifacts.
Today, we will explore the world of Ordinals Binance NFTs and understand what makes them unique.
What are Ordinals?
Every Bitcoin is divided into 100,000,000 satoshis (or sats), the lowest Bitcoin denomination. The new Ordinals protocol allows Bitcoin node administrators to inscribe each sat with data, resulting in an Ordinal.
The data enscribed on Bitcoin can incorporate smart contracts, enabling NFTs. Ordinals are NFTs that are minted directly on the Bitcoin network.
Yet that’s not quite correct. There are some similarities between traditional NFTs; however, not to confuse you, there are a few key distinctions. Let’s take a look.
Ordinals and traditional NFTs: what’s the difference?
Ordinals differ from prior efforts in that digital assets are immediately written onto satoshis without a sidechain or token. Ordinals do not rely on off-chain data like NFTs on Ethereum do. As a result, they are a technological advancement over standard NFTs, which can have issues with modifying NFT information.
Moreover, NFTs’ complexity might result in significant transaction costs when minting or transferring them on Ethereum. But, because of Taproot’s Bitcoin transaction fee optimization, the cost of transmitting Inscriptions is drastically reduced.
- Bitcoin Ordinals are fully decentralized.
- They develop NFTs that do not require off-chain data, allowing them to be “complete” on-chain.
Bitcoin average block size hits all-time high
Ordinals, first released last month, are the most recent effort to integrate NFTs into the Bitcoin ecosystem. With the Rare Pepes collection in 2014, Counterparty was the first project to bring NFTs to Bitcoin, followed by Stacks in 2017.
Believe it or not, NFT Ordinals are going to shift the current paradigm of digital assets, including Bitcoin. It already does. Here is why.
Bitcoin is undoubtedly a ‘flag bearer’ of the blockchain and cryptocurrencies. Bitcoin is a unique cryptocurrency with a finite supply and growing mining difficulty. Ethereum and other similar networks, on the other hand, sprang from the Bitcoin concept to give a new choice within the crypto world centered on transactions, which is why NFTs have always been a feature of these networks.
The emergence of Ordinals, these Digital Artifacts akin to NFTs, dramatically alters the paradigm. Simply because they open up additional Bitcoin transaction-focused alternatives and conveniences with further advancement in this area.
Not to be wordy, Dune Analytics reports that there are currently around 120,000 of them, highlighting the speed at which people are inscribing.
Developers have inserted JPEGs, audio files, films, and even video games to test the Bitcoin blockchain’s boundaries. While the number of Bitcoin NFTs on the network is unclear, the Ordinals website and Gamma, a Bitcoin NFT marketplace on Stacks, imply that several thousand have been released.
The new revolutionary NFT concept in the digital asset market?
Binance Ordinal NFTs is a revolutionary concept for several reasons.
Firstly, they introduce a new level of scarcity and exclusivity to NFTs, making them more valuable. The limited number of NFTs within a set means that only a few people can own them.
Secondly, the programmable feature of Binance Ordinal NFTs is a game-changer. The owner can set rules and conditions for the use and transfer of the NFT, giving them more control over their ownership. This feature can also help prevent fraud and piracy, which has been a major concern for NFT owners.
Finally, Binance Ordinal NFTs are created on the Binance Smart Chain, which is faster and more affordable than other blockchain networks. This makes it easier for creators and collectors to mint and trade NFTs without incurring high transaction fees.
The most notable Ordinals inscriptions with over $100K floor price
Within 24 hours of the release, Bitcoin fans minted 10,000 Punks. The Binance Ordinal Punks are inspired by the original CryptoPunks, which were one of the first NFTs to gain popularity in the crypto community back in 2018.
The launch of Binance Ordinal Punks is just the beginning. In the future, we can expect to see even more unique and valuable NFTs from Binance and other cryptocurrency exchanges.
The value of transactions with them reaches tens and hundreds of thousands of dollars. Some NFTs are offered for sale at prices in excess of $1 million.
In fact, one Ordinal Punks NFT, Punk 94, sold for 9.5 BTC, or roughly $214,000.
The launch of Binance Ordinal Punks is a significant milestone in the world of crypto art. These unique and valuable NFTs represent the future of art ownership and trading. As the world becomes more digital, the demand for NFTs will continue to grow, making them an important part of the cryptocurrency ecosystem. If you’re interested in owning a piece of digital art history, Binance Ordinal Punks might just be the perfect NFT for you.
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