20/03/2023 Bitcoin Ordinal NFTs Minted Surpasses 500,000 Mark – What’s Next?

Bitcoin Ordinal NFTs Minted Surpasses 500,000 Mark – What’s Next?

Bitcoin Ordinal NFTs Minted Surpasses 500,000 Mark, What’s Next?

Bitcoin Ordinal NFTs Minted Surpasses 500,000 Mark, What’s Next?

Bitcoin ordinal NFTs are the trending asset on the bitcoin network, with more than 500,000 NFTs minted recently. These unique digital assets have taken over the crypto community, with creators switching from popular blockchains like Ethereum to mint their NFTs on the Bitcoin network.

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More Than 500,000 Ordinal NFTs Minted In Two Months

At the time of writing, 520,200 NFT ordinals have been minted on the bitcoin network in the last two months, according to data fromDune Analysis. This growth is remarkable, considering less than 50,000 NFTs were minted just five weeks ago.

Onchain data further reveals that March 9, 2023, recorded the most Ordinals transactions. More than 31,000 ordinals were minted that day, with the vast majority of images followed by videos and text. In addition, about $2.6 million has been spent on transaction fees to mint this unique form of digital assets. On average, about 10,000 Ordinals NFTs are minted daily, and this number is expected to grow due to the increased demand for this form of NFT.

Bitcoin NFTs are created by assigning what’s called ‘ordinals’ to each satoshi. The ordinals are linked to information like videos, text, images, etc — thereby creating NFTs on Bitcoin. Unlike Ethereum NFTs, there are no specific token standards, and the inscriptions made are permanent and cannot be edited or changed.

The growing popularity of Ordinal NFTs is largely linked to the ease of creating them. Initially, creating and managing Ordinal NFTs was only possible through the native wallet developed by Casey Rodarmor, the creator of this protocol. However, the tool required managing a full Bitcoin node locally and using lines of code that could have been more user-friendly.

Over time, different companies and programmers devised easier products to enable the adoption of this technology. Wallet providers like Hiro and Sparrow allow users to manage Bitcoin NFT Ordinals effectively. While UniSat Wallet recently reviewed a feature that allows users to create and manage their Ordinal NFTs from their wallets.

Concerns Continue To Mount Over Ordinal NFTs

Despite the growing adoption of Ordinal NFTs, a large portion of the Bitcoin community remains opposed to this form of digital asset. Top developers like Adam Back and Luke Dashjr have previously spoken out against this type of NFTs on the Bitcoin network.

Critics argue that Ordinal NFTs threaten the privacy, security, and efficiency of the Bitcoin network. They view storing data such as images, videos, and games as a waste of space and believe it leads to congestion on the Bitcoin network.

They may not be wrong, as the Bitcoin network has recently suffered from congestion. According to data fromMempool.space, more than 50,000 transactions are yet to be confirmed on the Bitcoin network. This is equivalent to more than 160 blocks, leading to increased transaction fees.

Arts

https://bitcoinist.com/bitcoin-ordinal-nfts-minted-surpasses-500000-mark-whats-next/amp/

Interesting NFTs
Ethboy
Young Vitalik takes on the role of Picasso’s son Paulo dressed as Harlequin in this artwork but the octahedron Ethereum logo replaces the chequered pattern of the original jester outfit. Leaning against a large chair, the boy genius fiddles with his fingers in a somewhat nervous manner; nevertheless, he stares directly at the viewer with what appears to be a confident, ‘Mona Lisa-like’ smile. Vitalik has no idea what the future has in store for him, but he’s prepared to face any obstacle ahead as he begins life's adventure.
Metarift
∾ 2160 x 2160 px, Video (46.5 MB)
Sweetie
Hey cutie! I'm Sweetie. I've never told anyone this, but I once pawed at a dog. When I'm not playing chess, I'm people-watching! We're so fur-tunate to have found each other!
Genesis
José Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980’s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over José’s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artists’ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.
Domestic - 2017
“Domestic is the manifestation of the cultural patriarchy in my home. The wooden "woman's" tragedy of false desire. It was done in a moment of breakup. The hollow 3d body & its lost eyes, invites you to fill up. Trying to reach out, encumbered and wrapped in its own fragility, the new mother rises."