Ordinals – A project that enables Bitcoin-native on-chain NFTs was introduced to the Bitcoin network in January, dividing the community.
The benefits of a JPEG being included on the blockchain were debated by supporters, developers, and enthusiasts.
As discussions rage on, a Dune report revealed that on Tuesday, there were more than 11,000 Bitcoin inscriptions made using Ordinals.
The project
The most recent project by Bitcoin to connect NFTs to the Bitcoin ecosystem is called Ordinals.
In order to expose NFTs to Bitcoin via the Rare Pepes collection, they started Counterparty in 2014.
They released Stacks three years later.
The assets (JPEGs and video games) in the most recent project, however, are distinct since they are directly written on Satoshis on the blockchain.
They are also no longer dependent on sidechains or extra tokens.
A divide
The Ordinals project has gained a lot of attention in the Bitcoin community and has sparked discussions and inquiries concerning the future of the Bitcoin network.
Some claim that the effort exposed the network to several dangers, including malware attacks and rising transaction costs.
It’s not all bad, however.
Veteran Bitcoiner Dan Held tweeted his support for Ordinals, stating that it is excellent for Bitcoin.
“Hal Finney would like Bitcoin NFTs,” he wrote, attaching a screenshot of an email by the late Hal Finney, who wrote about crypto trading cards.
According to rumors, Hal Finney is the man who invented Bitcoin under the alias Satoshi Nakamoto.
In 2014, Finney passed away.
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Inscriptions
NFTs are known as “inscriptions” by the rest of the Bitcoin community, whereas Ordinals refer to them as “digital artifacts.”
The inscriptions are active as a result of a November 2021 Bitcoin Taproot feature upgrade that permits arbitrary data storage.
Following the project’s introduction on January 21, 2023 by developer Casey Rodarmor, interest has grown.
Many people are willing to push the satoshi’s inscribed limitations.
Application innovation
Lolli’s co-founder and CEO, Alex Adelman, referred to Ordinals as a time of homecoming for the leading cryptocurrency project.
“The Ordinals project is a milestone for bitcoin [SIC], demonstrating how innovation on the bitcoin network can give rise to a breadth of new applications beyond its use as sound money,” said Adelman.
Despite his appreciation for Ordinals, Adelman still thinks that when it comes to the resources and skill devoted to innovation and the creation of new applications, Bitcoin still trails Ethereum.
However, it’s probable that Bitcoin NFTs will draw in fresh interest and funding, giving developers the chance to create innovative solutions that can improve scalability and efficiency.
A lack of features
Even if Bitcoin’s NFT minting has drawn attention to the original blockchain, ordinal inscriptions still lack the characteristics of NFTs.
,As an example, Ordinals lack smart contracts, a feature that the Bitcoin network does not, by default, support.
The limitations, according to Satoshibles creator Brian Laughlan, will draw greater attention to other projects like Stacks.
“The reason I am bullish on Stacks even more now is because people will eventually start to feel the limitations of Ordinals – high main chain fees, no smart contracts, etc,” said Laughlan.
“They will look to L2 solutions, and Stacks is ready to fill that gap.”
The developer of Satoshibles claimed that Stacks’ voice has been muffled by the opposition from Bitcoin zealots.
The best thing that could have occurred for Stacks, he said, was Ordinals.
“Now more people are looking at Bitcoin than ever,” said Laughlan.
“You got ETH Maxis running Bitcoin nodes and Bitcoin Maxis loving jpegs all of a sudden. The world has gone mad.”
The split in the community will likely get wider as the discussion on Ordinals continues.
The inscriptions on the Bitcoin blockchains will endure for a very long time, whether Bitcoin maxis like it or not.
Image source: The Nation View
