Ordinals NFTs (also known as digital artifacts or inscriptions) permit users to mint non-fungible tokens onto the Bitcoin network, complete with images. Since 2015, NFTs have been a part of the Bitcoin ecosystem on Counterparty, a blockchain network that distinguished non-fungible assets using Bitcoin’s OP RETURN function.
The developer behind the Ordinals protocol released it in January of 2023. It lets users explore, send, and receive individual satoshis, which may contain unique inscribed data such as photographs and movies. It’s a novel method for minting NFTs on Bitcoin that requires placing the entire NFT‘s content on-chain.
Ordinals: an overview of BTC NFTs
At least, it appears that Bitcoin Ordinals have taken over Web3. Since software programmer Casey Rodarmor unveiled the protocol on January 21, the space has been humming, with some delighted about the new improvement and others swearing off Ordinals entirely.
Ordinals quickly rose to prominence. Within a few weeks of going live, unique collections and eye-popping sales emerged, with some individual pieces…