Ordinals explorer Ord.io has announced the launch of ‘Degen Chat’, a new feature that introduces Rune-gated live chats for every Rune. This platform allows users to connect their wallets and start chatting instantly. The Degen Chat also introduces unique features such as Holder rank flairs and Mint count flairs. Ord.io founder, Leonidas, emphasized that every […]
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An Introduction to Bitcoin Ordinals
Bitcoin Ordinals have emerged as a novel way to enhance the functionality and use of Bitcoin, the original cryptocurrency. By leveraging Bitcoin’s blockchain in a new and innovative manner, Ordinals bring unique value propositions and helps to revitalize Bitcoin’s developer community. What Are Bitcoin Ordinals? In simple terms, Bitcoin Ordinals are digital collectibles created by […]
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Study: Ordinals and Runes Reach $1 Billion Market Cap
In a significant milestone for Bitcoin-based non-fungible tokens (NFTs), the combined market capitalization of popular collections such as Ordinals and Runes has surged past billion, according to Coingecko. This growth is underscored by increasing trading volumes and user adoption, signaling a robust expansion within the Web3 sphere. Report Reveals Emerging Dynamics in Bitcoin Ordinals […]
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Ordinals Explorer Ord.io Nets $2M in Pre-Seed Round to Pioneer Next-Gen Bitcoin Services
On Wednesday, Ord.io, the Ordinals explorer, announced a million pre-seed funding achievement to pioneer the expansion of Runes. Leonidas, the founder of Ord.io, stated that the startup is strategically positioning itself to “serve the next generation of bitcoiners.” Ordinals Explorer Ord.io Receives M Boost In 2024, a significant number of startups connected to the […]
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Ordinals Market Registers Record Sale: Bitcoin Budgie Changes Hands for Over $1.1 Million in BTC
Leonidas, the pseudonymous founder of Ord.io, an ordinals explorer, has reported one of the biggest sales of inscriptions, the so-called Bitcoin native non-fungible tokens (NFTs), to date. Leonidas stated that the second inscription on the Bitcoin blockchain had been sold for 24.48 BTC (over .1 million), predicting that more sales will beat this record in […]
Bitcoin News
Ordinals ‘Genesis Cat’ Fetches $254K in Sotheby’s Auction
“Genesis Cat,” a 1-of-1 digital artwork in the Quantum Cats collection on the Bitcoin blockchain, has achieved a remarkable sale price of 4,000 along with several other notable sales at a recent Sotheby’s auction.
‘Genesis Cat’ Fetches Over Quarter Million Dollars in Sotheby’s Sale
“Genesis Cat,” a unique piece of digital art created on the Bitcoin blockchain through the Ordinals protocol, sold for 4,000 at a recent Sotheby’s auction.
Created by the artist and engineer Francisco “FAR” Alarcon, Genesis Cat is a special 1-of-1 piece in the Quantum Cats collection, produced by the Taproot Wizards group. Initially estimated to sell for between ,000 and ,000, the artwork significantly exceeded expectations.
Sotheby’s Metaverse account on X said of the sale, “With over 50 Bids, ‘Genesis Cat’ by @0xfar for Taproot Wizards’ has achieved an impressive 4,000 (6.31 BTC), 12X over the high estimate.”
The Quantum Cats collection, comprising 3,333 distinct digital cats, is the first public collection from Taproot Wizards. The quarter million sale of Genesis Cat, as the centerpiece of the Quantum Cats collection, represents a welcome result and confidence booster for Taproot Wizards, especially for their first major project following their successful fundraising of .5 million last year.
The recent Sotheby’s auction, titled “Natively Digital: An Ordinals Curated Sale,” featured 18 other digital art pieces in addition to “Genesis Cat.” Highlights of the auction included Lot 17 “Black Rare Sat (20,159,999,999,999)” which fetched 5,100, Des Lucréce’s Lot 11 “Benediction from Between Worlds” sold for ,250, and Asprey Studio’s “Asprey Bugatti Crown Egg Number 10” achieved ,550. Sotheby’s Head of Digital Art and NFTs Michael Bouhanna revealed in a post on X that all lots were sold, with 641 bids made, culminating in a total sale of ,097,000.
#AuctionUpdate: A contemplative piece that showcases @DesLucrece’s identity and signature style, ‘Benediction from Between Worlds’ achieved ,250 (2.36 BTC), smashing the high estimate by 6X. pic.twitter.com/6nL0lL4fjg
— Sotheby’s Metaverse (@Sothebysverse) January 22, 2024
The sale of “Genesis Cat” and other pieces in this auction highlights the increasing popularity of NFT-like creations on the Bitcoin blockchain. This movement has brought both excitement and scrutiny from within the crypto community, as it represents a shift in the use of the Bitcoin blockchain’s bandwidth, traditionally reserved for monetary transactions.
Are you a fan of the art style of the Quantum Cats, and Genesis Cat in particular? Share your thoughts and opinions about this subject in the comments section below.
STX20 Protocol Demonstrates Potential for Scaling Bitcoin Ordinals on an L2 Network
According to developers behind the project, the debut of the STX20 protocol on Stacks’ Bitcoin layer two (L2) has marked a pivotal moment for Ordinals-style assets. Amid growing demand for innovative use cases in the Bitcoin ecosystem, the Stacks team believes the STX20 test has shown significant potential for scaling and efficiency.
Stacks Seeks to Transform Bitcoin Ecosystem With STX20 L2 Solutions
On Dec. 17, the STX20 protocol was launched on Stacks’ Bitcoin layer two, aiming to test the practicality and impact of Ordinals-style assets on layer two platforms. The surge in popularity of Ordinals and BRC20 tokens has catalyzed a burst of creativity and user engagement within the Bitcoin ecosystem, albeit at the cost of increased network fees and congestion.
Just as Ethereum’s economic activity has gravitated toward layer twos for better efficiency and lower fees, Bitcoin’s Ordinals and multi-token assets can also leverage layer two solutions. Stacks developers believe the STX20 protocol represents a significant step in this direction, with a stress test conducted to evaluate its performance under the intense activity of mass minting and trading STX20 assets.
According to the team, the STX20 debut recorded several benchmarks, including a ninefold increase in normal transaction count on Stacks and the ability to process high volumes efficiently. Notably, Stacks processed transactions 30 times faster while handling 40 times the block size and provided much cheaper transaction costs compared to Bitcoin’s layer one.
One of the standout statistics from the STX20 test was the significantly lower cost of transactions on an L2 compared to Bitcoin’s main chain. The Stacks team emphasized the potential for layer two solutions like STX20 to make participating in Bitcoin’s various activities more accessible and affordable for a broader user base.
Stacks developers think that STX20 test demonstrated that Bitcoin’s L1 activity could transition to an L2 without sacrificing community engagement or compromising on the core value of security. This transition, the team highlighted, is supported by Stacks’ Nakamoto upgrade, which is set to further enhance the speed and security of its chain.
In addition to the Nakamoto upgrade, the Stacks team details that there are other developments bolstering Bitcoin’s layer two ecosystem. The bitcoin decentralized finance (defi) protocol ALEX has announced off-chain support for STX20 trading. The devs also noted that the Fastmint technology promises faster and more responsive minting of NFTs on the Stacks layer, further supporting the STX20 framework.
While Ethereum has seen a great influx of layer twos working alongside the network, Bitcoin L2s like the Lightning Network and Liquid have seen lackluster adoption. Layer twos on Bitcoin have not materialized to anything of substance at least to date, but the network has been clearly grappling with onchain fees rising and a growing backlog of unconfirmed transactions. Stacks proponents hope to turn this trend around and re-invigorate the Bitcoin L2 ecosystem.
What do you think about the Stacks’ STX20 protocol? Share your thoughts and opinions about this subject in the comments section below.
Ordinals Founder Casey Rodarmor Warns Bitcoin Maxis That ‘Whining’ Makes Them ‘Look Weak’
Casey Rodarmor, the developer of the Ordinals protocol, has called out ideological Bitcoin maxis for their views on inscriptions and censoring transactions on the Bitcoin blockchain. Rodarmor stated that the “whining” around the protocol and its usage of block space make them “look weak,” contradicting the idea that Bitcoin is “unstoppable internet money.”
Ordinals Dev Casey Rodarmor Blasts Bitcoin Maxis ‘Whining’
Casey Rodarmor, the developer of the Ordinals protocol, which enables the possibility of issuing inscriptions, media embedded directly on the Bitcoin blockchain, has called out Bitcoin maxis for its complaints.
In a recent blog post, Rodarmor explained that the philosophy of the so-called Bitcoin maxis was incompatible with their beliefs, making them “look weak” with their “whining” on the use of ordinals and inscriptions.
Rodarmor stated:
Simultaneously believing that Bitcoin is unstoppable internet money and thinking that a bunch of retards publishing JPEGs on-chain is any kind of problem is a contradiction.
Rodarmor also criticized the attempts to “censor” inscriptions, insisting that building code to achieve this goal would be detrimental to the ecosystem, given that it would also enable other kinds of censorship in Bitcoin.
The rise of the Ordinals protocol has caused a series of discussions in the base of the Bitcoin community, with some developers and users considering it a form of “spam,” even leading to talks of a possible hard fork. Nonetheless, for Rodarmor, there is a simpler solution to the issue.
He discussed that ignoring them is the best choice, as the market will eventually price out inscriptions when more use cases compete for Bitcoin block space. He explained:
There will always be some high-value inscriptions, but they don’t compete seriously with hard money and uncensorable transactions.
“Bitcoin’s destiny is high fees. Embrace it,” he concluded.
What do you think about Casey Rodarmor’s take on the attitude that Bitcoin maxis have on ordinals and inscriptions? Tell us in the comments section below.
Bitcoin Fork Discussions Surface Over Block Space Constraints and Ordinals
While no formal announcement has been made, murmurs of a potential Bitcoin fork are emerging amidst discussions on block space, Ordinal inscriptions, and escalating fees. Such speculation has led some to believe that a significant Bitcoin fork might occur in 2024.
Talks of a Bitcoin Fork Appear as Tensions Rise
Discussions about a potential Bitcoin fork are surfacing on social media platform X, sparked by ongoing debates about the trend of Ordinal inscriptions, the block space these inscriptions occupy, and the increasing transaction fees of BTC.
As of Dec. 23, 2023, a backlog of 291,660 unconfirmed bitcoin transactions exists. The current cost for transferring bitcoin stands at 81 satoshis per virtual byte (sat/vB) or .97 per transaction. Comparatively, fees were much higher on Dec. 16, 2023, when the rate was 674 sat/vB, equating to per transfer.
Moreover, certain Bitcoin enthusiasts scorn Ordinal inscriptions, labeling them as “spam,” an “attack,” a “scam,” and fundamentally a misuse of resources. On Dec. 23, advocate Adam Simecka asserted that Ordinal inscriptions are a “scam,” causing division among bitcoiners, and predicted that this trend “will result in a hard-fork (a new version of Bitcoin) that will eventually fail.”
The Twitter user Pledditor informed its 16,900 followers about Taproot Wizards’ alleged attempts “to fork Bitcoin to be more like Ethereum.” Pledditor’s X post came as a rebuttal to Udi Wertheimer’s mention of “BIP-1559” on the same platform.
Furthermore, Wertheimer’s X post from Dec. 20 proclaimed, “In 2024 we’re upgrading Bitcoin,” to which David Coen responded, “Please do it. Fork Bitcoin. Keep the spam on your chain.” Tyler Whittle, a sorcerer at Taproot Wizards, recently discussed the risks Bitcoin faces due to its reluctance to adapt and change.
Whittle argues that while the Bitcoin community is proficient at understanding the risks of protocol changes potentially wiping out its market cap, it underestimates the dangers of not evolving. This resistance to change Whittle compared to the downfall of formerly dominant companies like Blackberry, Kodak, and Nokia, which failed to adapt to new technologies and market shifts. Whittle added:
In 2024, we must move away from the biblical Bitcoin culture. We need more 1960s Space Race vibes, and less Bitcoin as religon.
Since the block size disputes and the 2017 split between Bitcoin and Bitcoin Cash, much has evolved. Each chain has diverged, with Bitcoin Cash expanding its block size to 32 megabytes (MB) and Bitcoin maintaining its 1 MB block size cap. Yet, because of Segregated Witness and Taproot, Bitcoin has attained a 4 MB block size this year.
Over the past year, Bitcoin’s average daily block size has also risen from 1.19 MB to 1.7 MB. Nonetheless, there’s no additional capacity for expansion, and the likelihood of proposing and agreeing on a block size increase is virtually nonexistent.
As we near 2024, the Bitcoin community encounters a decisive juncture. Discussions about Ordinal inscriptions, block size, and escalating fees highlight an increasing schism. With debates heating up and transaction queues expanding, talk of a potential fork is becoming more prevalent. Mid-December 2023 saw the term “bitcoin fork” hit the peak of Google Trends scores globally, signaling heightened interest and concern.
What do you think about the rising discussions concerning a Bitcoin fork in 2024? Share your thoughts and opinions about this subject in the comments section below.
Phantom Expands Web3 Wallet to Embrace Bitcoin, Ordinals, and BRC20 Tokens Amid Soaring Demand
Phantom, the Web3 cryptocurrency wallet initially developed for Solana, has expanded to include Ethereum and Polygon, and is now introducing support for Bitcoin, Ordinal inscriptions, and BRC20 tokens. Users of Phantom have the ability to integrate their existing bitcoin wallets, allowing them to manage their Bitcoin-centric digital collectibles and fungible tokens through the Web3 platform’s interface.
From Solana to Bitcoin: Phantom Wallet’s Latest Expansion Embraces Inscriptions and BRC20s
In 2023, Ordinals and BRC20 tokens, developed atop Bitcoin, have gained considerable traction, leading numerous companies to adopt the supporting infrastructure. As of December 21, 2023, the Bitcoin blockchain boasts over 50 million inscriptions.
On Wednesday, Phantom, the Web3 wallet that secured 9 million in Series B funding from key investors last year, announced its foray into the Bitcoin realm. Phantom acknowledges Bitcoin’s foundational role, stating that without it, there would be no Solana, Ethereum, or Web3.
“Introducing Bitcoin on Phantom,” the company said in a post shared on X. “You can now buy, sell, trade, transfer, and HODL Bitcoin, Ordinals, and BRC20 tokens with your favorite multi-chain wallet.”
Phantom’s integration of Ordinals and BRC20s coincides with a surge in demand for Bitcoin digital collectibles and fungible tokens. Recent data from cryptoslam.io reveals that Bitcoin-based NFT sales have exceeded 0 million in the past week.
Phantom’s Bitcoin feature is currently in beta and available on an opt-in basis. Users can also link with the NFT marketplaces Magic Eden and Unisat, and Phantom indicates that additional “trusted” applications will be introduced shortly.
What do you think about Phantom supporting Bitcoin, Ordinals, and BRC20 tokens? Share your thoughts and opinions about this subject in the comments section below.