Metaversal is bankless newsletter Weekly level-ups for NFTs, virtual worlds and collectibles
Dear country without banks
Bitcoin is the most traded digital currency these days.
This dynamic is due in no small part to Bitcoin’s development being conservative and narrow by design. idea? We will do our best to optimize the censorship-resistant decentralized money status.
Ethereum takes a decidedly broader approach by focusing on money When Decentralized applications such as NFTs.
But Bitcoin’s rigorous design doesn’t really prevent creation like NFTs.
In fact, recently there has been a growing wave of experimenters using Bitcoin’s constraints in creative ways to create new types of non-fungible creations on the OG blockchain.
So, in today’s post, let’s take a quick look at what’s happening in the Bitcoin NFT scene right now.
-WMP
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The Bitcoin community has been working on the recent increase in Bitcoin NFT mints. ordinal number — a protocol that converts individual Satoshi, the smallest unit of Bitcoin, into irreplaceable digital artifacts — was launched earlier this month.
The ordinal is that some of the very same people who opposed Bitcoin-based counterparty NFTs as spam in 2014 were ridiculed by “old guard” hardliner Bitcoiners.
In contrast, counterparty veterans and experimenters old and new have hailed Ordinals’ approach as a game changer for the Bitcoin NFT scene. Additionally, these new NFTs are significantly boosting transaction fee income for Bitcoin miners and may point the way for a future where cultural activities will help replace Bitcoin. Declining block subsidies in bitcoin.
Ordinals are centered around a newly developed Bitcoin-native mechanism called Inscriptions.according to the inscription Mainnet announcement post:
“Inscriptions are digital artifacts native to the Bitcoin blockchain. They are created by chopping the contents using sats. ordercan be displayed with . Ordinal ExplorerNo separate token, sidechain, or Bitcoin change is required.
Inscriptions are created by including content such as images, text, SVG, and HTML in Inscription transactions. Content will be included in transaction witnesses. This typically includes a signature or other data that proves the transaction was authorized.
[…] When mined, an inscription is created on the first soil of the transaction’s first output, permanently and mercilessly marked to distinguish it from its peers. It is no longer just a sat, but an intertwined component of the long and confusing narrative that is human art and culture.
use order theoryan unused output containing an inscribed sat can be found, whose movements and ownership are tracked across time and transactions, allowing inscriptions to be traded, gifted, purchased, and sold”
Ordinals Mint media is stored entirely on the Bitcoin blockchain. This means that there are no external dependencies such as private servers or IPFS.These NFTs are forever retrievable from Bitcoin.
Of course, it is possible to create a fully on-chain Ethereum NFT in another way, but creating it on-chain in Ethereum is costly. Interestingly, Ordinals allows you to create on-chain Bitcoin NFTs at a much more affordable price than on-chain Ethereum NFTs.
In the Ethereum ecosystem, on-chain NFTs are hailed by many as the best possible quality and resilient means of metadata storage. Similarly, there is reason to believe that Bitcoin’s on-chain digital artifacts will be similarly celebrated for their robustness.
1. Dennis Porteau I wrote a wonderfully balanced and deep dive into the technical and factional context of the Ordinals.
2. Eric Wall He highlighted the irony that hard-line Bitcoiners tolerate censorship of Bitcoin NFTs.
3. Casey Rodermer Against the essentialism of Bitcoin, he argued that:
The rise of Ordinal is not a passing moment in the Bitcoin ecosystem, as the Bitcoin NFT scene has blossomed since last year.
For example, artists, data scientists, NFT historians, etc. chain left cast Permanenta fully on-chain Bitcoin NFT experiment, took place in November 2022, before the current Ordinal topic.
This Bloom NFT activity is the result of Bitcoin Desperately As BTC block subsidies continue to halve every four years, the blockspace market will need to develop over the next few years if miners want to earn enough to survive and keep bitcoin secure. there is.
ordinal, then teeth even if the hardliners that’s all An example of currency usage. We’ll have to see how things change from here, but in any case Ordinals NFT is here to stay.
William M. Peester is a professional writer and creator of metaversal— Bankless newsletter focused on the emergence of NFTs in the crypto economy. Recently, we also provide content to Bankless, JPG, etc.
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It is not financial or tax advice. This newsletter is strictly educational and is not investment advice and is not a solicitation to buy or sell assets or make financial decisions. This newsletter is not tax advice. Please consult an accountant. Please do your own research.
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