With Bitcoin-based digital collectibles becoming a popular trend, full-stack bitcoin mining service company Luxor Technologies has acquired the Ordinalhub platform, a project that provides tools to buy, sell, and track non-fungible token assets. (NFT) issued by Bitcoin. .
Luxor Plans to Address Challenges in Ordinal Enrollment Trading Market
At the time of writing, there are over 160,000 ordinal signups on the Bitcoin blockchain, and the trend shows no sign of slowing down. luxora bitcoin mining company, played a role in the rising demand for ordinal listings after mining the largest bitcoin block in history (#774,628) to coin inscription. Block #774,628 was approximately 3.96 MB in size and the entry announced the group that supports ordinal entries, called Taproot Wizards.
After the number of ordinal inscriptions increased to 150,000, Luxor Announced your acquisition of ordinalhub, a platform intended to provide tools to buy, sell, and track Bitcoin-based non-fungible tokens (NFTs). Luxor noted that in the early stages of ordinal inscriptions, the process of buying, selling, or tracking had been cumbersome. The company described how over-the-counter (OTC) transactions had been made on Discord. However, these exchanges were based on a “makeshift trust” and provided a “trading environment that made incorporation difficult and also led to high broker fees.”
We have some exciting news…
You may notice a cleaner look on our site today. That’s because the Luxor team rebuilt it over the weekend. @LuxorTechTeam has entered the chat officially and has acquired @ordinalhub. pic.twitter.com/EeHUkp8RdJ
— OrdinalHub ◉ (@ordinalhub) February 21, 2023
These exchanges are not small, Luxor says, pointing to several ordinal inscription collections that have seen digital collectibles sell for more than 10 BTC. Luxor plans to address these issues by providing a central hub for the Ordinal community through the acquisition of Ordinalhub. The Bitcoin mining services company believes there is a need for tools that index collections, assist with price discovery, and provide escrow services for ordinal listing transactions. Ordinalhub aims to be a one-stop-shop for the growing Ordinal enrollment trend on the Bitcoin blockchain.
“Ordinals provide a new and unique method of minting NFTs on the Bitcoin blockchain, and Luxor is proud to be a central player in this burgeoning movement,” Nick Hansen, CEO of Luxor Technologies, said in a statement. “Ordinals have opened the door to exciting new monetization strategies for Bitcoin miners. There are natural synergies between the Luxor mining pool and OrdinalHub, synergies that will uniquely position Luxor to build critical infrastructure for the industry to foster growth.”
Currently there are approximately 161,831 Ordinal inscriptions in the BTC chain at 11:00 am (ET) on February 22, 2023. Recently, the technology was also transferred to Litecoin. The trend of minting ordinals on the Litecoin chain has also become popular since its introduction, and there are currently 15,899 Litecoin-based enrollments in the LTC grid.
What do you think of Luxor acquiring Ordinalhub amid the growing trend of Ordinal signups? Let us know what you think about this topic in the comments section below.
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