LIVEWhat Are Bitcoin Ordinals?
Bitcoin Ordinals were introduced in January 2023 as a method of generating Bitcoin NFTs by attaching information to individual satoshis. This is achieved through a process called “inscribing.”
Until recently, NFTs have primarily been minted and used on blockchains like Ethereum, Solana, and BNB Chain. This changed when the team behind Ordinals recognized that non-fungible tokens could also have a place on the Bitcoin blockchain. Consequently, this has led to the emergence of the Ordinals project.
History has proven that changing a piece of Bitcoin’s code is extremely difficult. This issue is mainly due to the decentralized network of nodes and developers who don’t want to risk network security. As such, Bitcoin NFTs have not gained as much traction. Nevertheless, the growth of the crypto ecosystem has opened the gates to innovative minds for whom the creation of Bitcoin NFTs is part of the future of Web3.
Since its inception, Ordinals have grown steadily as a growing number of users contribute by uploading different types of content, such as images, audio, and videos. Let’s take a closer look at how it works.
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