Ordinal inscriptions, seen as a kind of native Bitcoin NFT, are gaining traction among some Bitcoin circles, even though the procedures for issuing them are far from user-friendly. The protocol, which was unveiled in January, has already served to bring more than 7,000 registrations directly to the Bitcoin chain, with some collections already in place.
The ordinals gain strength; More than 7,000 Registrations Issued
Ordinals, the protocol that allows each bitcoin satoshi to be identified with a non-fungible number, is gaining popularity among certain circles, even as procedures for including an item on the Bitcoin blockchain (a “inscription“) is still far from user-friendly, as each user must run a full Bitcoin node to sign up.
The protocol, which rose to fame due to a feature in the Taproot update that allows the size of a transaction to be as large as the size of a Bitcoin block, has already served to bring over 7,000 signups on the bitcoin blockchain as of 12:00 pm ET on February 6.
While inscriptions can contain various contents, determined by a file type that describes the object within the inscription, most are images, which will be preserved forever as part of the blockchain. However, this feature has generated controversy, with some criticizing the effects this could have on the size of the Bitcoin blockchain in the future, limiting its financial use case.
However, Casey Rodarmord, creator of Ordinals, has stated that the idea behind this protocol is to bring fun and interest back to Bitcoin.
Taproot Wizards and more collections
Among the more recognizable collections of inscriptions issued are Taproot Wizards, promoted by crypto-influencers Udi Wertheimer and Eric Wall. The first Taproot Wizard was issued on the largest block ever mined on the Bitcoin blockchain. It featured a image from the internet money meme magic wizard featured by Mavensbot, which was used as a Reddit ad on the Bitcoin subreddit in 2013.
There are already six different inscriptions with art derived from the aforementioned meme. Ordinal Rocks, another collection that claims to be the first in Ordinals, has 100 images of rocks serialized and present on the bitcoin blockchain. Another collection, called Ordinal Punks, which mimics Ethereum-based Cryptopunks, too. claims have 100 signups among the first 650 signups on the bitcoin blockchain.
The dynamics of establishing a marketplace to market and monetize these signups is still a work in progress, as there is currently no marketplace. However, there have been reports of secondary market sales, with some registrations being sold for almost a bitcoin, but there is currently no way to verify if these sales are really real.
What do you think of the popularity of ordinal inscriptions? Tell us in the comment section below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
