Bitcoin Ordinals Ranking Over 7 Million Marks, Web3 Indian Insiders Say NFT Is Here To Stay
Bitcoin Ordinals, the up and coming category of Non-Fungible Tokens (NFTs) is growing in popularity by the day. The number of ordinal NFTs surpassed seven million earlier this week, demonstrating the growing trend of fermenting ordinal NFTs in the global Web3 community. Miners, who validated ordinal patterns on the Bitcoin blockchain, were able to charge 1,324 bitcoins. At this point, when BTC is trading at $27,082 (roughly 22.3 lakh), the average validators have made up to $35 million (roughly Rs. 288 crores).
When an NFT is recorded in a single satoshi unit of the Bitcoin blockchain, it is classified as an ordinal NFT. Satoshi, named after the anonymous creator of Bitcoin, is the smallest denomination of Bitcoin.
Between April 21 and May 15, the ordinal number of bitcoins increased from 1.24 million to the current number of 7,204,882, Bitcoin.com reported Wednesday, May 17, citing details from Dune Analytics. This means that in the last 25 days, Ordinals etching on the Bitcoin blockchain has increased by a whopping 480 percent.
Speaking to Gadgets 360, Kameshwaran Elangovan, Co-Founder and COO of Guardianlink, said the enthusiastic market response to this innovation stands as a strong endorsement, undeniably strengthening the future of NFT.
“Bitcoin Ordinals is a revolutionary fusion that quietly emerged at just the right moment, fusing the endless possibilities of blockchain technology with the world of digital art. With the advent of Bitcoin Ordinals NFTs, it ushers in a new era where scarcity and uniqueness merge into the blockchain, enabling individuals to truly own and trade digital assets.” Elangovan said.
Data from Dune Analytics also highlighted that the sales of ordinal NFTs turned a profit by raking in revenue of $93 million (roughly Rs. 765 crores).
Interestingly, most Ordinals engravings are rendered as plain text rather than as JPEG images.
Rajagopal Menon, Vice President, WazirX told Gadgets 360 that Ordinals was created as a tool to ensure that such transparency is maintained, which means that as the Ordinals category thrives, the Bitcoin blockchain will only become more stable.
“For example, transactions on the Bitcoin network can be counted based on their size. But this does not indicate the order in which these transactions took place. However, if each transaction had a sequence number, it would be easy to determine the correct sequence of transactions. Let’s say there were 5,000 A transaction on the network can be easily detected. But to ensure that all transactions were done in the correct order, their serial numbers must be matched with the sequence. This is an important aspect of validating transactions and therefore important for node operators,” Menon said.
With ordinal, each satoshi, the lowest denomination in the BTC network, can be registered with unique images, texts, etc., which cannot be exchanged. This, according to experts, creates a unique opportunity to create applications on Bitcoin with unique and secure identifiers. It is also seen as Utility building tool for the largest cryptocurrency by market cap which is seen as a store of value to a large extent.”
The Ordinals gained traction in the Web3 community after BAYC parent company Yuga Labs announced its Ordinal NFT pool called TwelveFold in March this year.
In recent weeks, NFT marketplaces such as Binance NFT and Magic Eden have added support for trading and selling Ordinals NFTs.
OKX cryptocurrency exchange is reportedly planning to launch an NFT market that will support Ordinal NFTs.