At the end of 2023, a new round of bull market led by inscriptions will officially begin. According to the latest data from Dune, the cumulative fee income from the minting of Ordinals inscriptions on the Bitcoin NFT protocol has reached 3,433.36 BTC, and the current total number of inscriptions minted has reached 46,684,094. The market FOMO sentiment is high.
Seeing ORDI soar 20,000 times, investors who were still waiting on the sidelines regretted missing the opportunity. There are also many investors who are considering whether they should follow the investment at this time, but the market continues to be negative, and most investors have begun to hesitate and look for other blue chips.
In fact, from the perspective of the Ordinals protocol itself, Ordinals provides Bitcoin with the functions of numbering and inscription, broadening the product range of the Bitcoin ecosystem. At this stage, the gradual maturity of GameFi, NFT and other fields in the market has attracted most players. The original Bitcoin ecosystem is becoming less and less competitive in the face of new ecosystems such as Ethereum and Solana, and the emergence of Ordinals has broken the existing pattern. , giving new possibilities to the Bitcoin ecosystem.
At first, some investors regarded the emergence of ORDI as "Bitcoin NFT", but there is an essential difference between ORDI and NFT. ORDI has the advantage of a button and cannot be tampered with, ensuring the long-term existence of the content. Although its scarcity has a certain collection value, it does not have the effect of an NFT "smart contract". It is only equivalent to "notes" on a certain Satoshi in Bitcoin. This is why Bitcoin Knots developer Luke Dashjr will It regarded it as "spam" and stated on social platforms that it would upgrade the client to reject transactions containing the $Ordi inscription, thus causing some resistance to the availability of ORDI. Therefore, in the long run, if ORDI wants to become a key product for diamond players, it still needs to overcome many problems.
According to data on the chain, since ORDI was mint at a unit price of US$0.003 on March 9, early Mint users have changed hands in large numbers. At this stage, most of ODRI’s chips have been concentrated on Binance and OKX exchanges, so it is Whether it rises or falls depends on how the dealer operates.
In addition to the popular ORDI, SATS inscription tokens have also attracted much attention in this wave of craze. SATS is a nine-inscription token based on the Brc-20 protocol. Issued by Satoshi Nakamoto, the founder of Bitcoin, the total circulation is 2,100 trillion. SATS aims to create a distributed, decentralized currency system to conduct transactions in a more flexible, efficient and secure manner. Currently, SATS has a market value of approximately US$150 million and is supported by blockchain technology company Multi-Dimension Financial Services (MDX) and UniSat, the largest wallet platform in the BRC-20 ecosystem.
In addition, in the Ordinals protocol, there is also early stage Trac inscription token that has also attracted much attention.
Index protocol Trac is an infrastructure project within Ordinals, aiming to provide a decentralized system to track and access Ordinals-related protocols. Ordinals is equivalent to the remark system. The remark information cannot be read directly on the chain. All data needs to be downloaded locally and sorted and summarized to obtain the final Ordi balance. Currently, the Ordinals protocol mainly relies on third-party websites or applications to display and trade engravings. Without Satoshi, these platforms may present risks of centralization, censorship, or security. Trac is a decentralized search engine based on blockchain technology that uses distributed networks and encryption algorithms to protect user data and privacy, and rewards users and content providers through an incentive mechanism.
