Ordinals (ORDI): Bitcoin’s Memecoin NFT Revolution

KEYTAKEAWAYS

TABLE OF CONTENTS

• KEY TAKEAWAYS
• WHAT IS ORDINALS (ORDI)?
• FEATURES OF ORDINALS (ORDI)
• IS ORDINALS (ORDI) WORTH INVESTING IN?
• FAQ
• DISCLAIMER
• WRITER’S INTRO

CONTENT

Ordinals (ORDI) is a memecoin tied to the Bitcoin Ordinals protocol, gaining investor interest after its Binance listing and boosting BRC-20 tokens. Learn about its market impact, tokenization, and security features.

WHAT IS ORDINALS (ORDI)?

Ordinals (ORDI) is a memecoin related to the Bitcoin Ordinals protocol. Shortly after its launch, ORDI was listed on Binance, attracting significant investor attention. At the same time, the emergence of ORDI also boosted the overall rise of BRC-20 concept tokens.

Ordinals is a special service designed for Bitcoin users that allows them to add extra data to their Satoshis and create NFTs using Bitcoin-supported collections.

1. Introduction to Ordinals

Ordinals, introduced in January this year, is a system for numbering the smallest units of Bitcoin, satoshis (1 BTC = 100 million sats). The Ordinals protocol assigns a unique number to each satoshi, giving each sat a distinct identity. This identifier allows users to track each sat on the blockchain. By attaching specific information such as images, text, and code to these sats, users can make each satoshi unique, essentially creating Bitcoin NFTs. Through the ORDI protocol, users can write additional data (like text, images, sound, and video) into the smallest unit of Bitcoin, the satoshi. This provides a unique opportunity to create collections and NFTs, potentially increasing Bitcoin’s market share.

2. BRC-20 Tokens

With the introduction of the BRC-20 token standard, these NFTs and collections became possible. This standard provides guidelines for developers to create new assets, enabling them to operate within a larger ecosystem. Currently, the total market value of BRC-20 tokens exceeds $900 million, and Ordinals plans to further increase this number. To date, over 200,000 Ordinals have been produced.

3. Goals of Ordinals

Ordinals aims to address certain issues within the Bitcoin ecosystem, specifically making NFTs easier to use with Bitcoin. NFTs (non-fungible tokens) are unique digital tokens that can represent real-world assets, and this field is growing rapidly. Ordinals allow the creation of Bitcoin-supported NFTs without the need for sidechains, enabling the creation of on-chain and off-chain elements represented by Ordinals. Additionally, rare and special collectibles can be created. Since Ordinals are units of satoshis, any Bitcoin user can easily access them. Data shows that over 38 million Ordinal inscriptions have been created so far, and the demand for these inscriptions seems to gain new momentum from the potential rebound in the cryptocurrency market.

• What is ORDI ?

ORDI is a memecoin under the BRC20 standard. At the same time as the BRC20 standard was released, @domodata launched the first BRC20 experimental token, ORDI, with a total issuance of 21 million tokens. Early users could mint these tokens by simply paying the on-chain GAS fees. ORDI is the first cryptocurrency on BRC20 and also the largest by market capitalization. Besides ORDI, other top market cap coins include memecoins like MEME, PEPE, and PIZA, which are primarily speculative with no real intrinsic value. It is important to note that although the Ordinals (ORDI) cryptocurrency shares the same name as the Ordinals protocol, it is not the native token of the protocol but a memecoin derived from its technology. This has also benefited ORDI. Overall, the main advantages of Ordinals (ORDI) coin include:

1. Creating new use cases using the Bitcoin protocol.
2. Presenting information such as text and images as NFTs and tokens.
3. Gaining attention as a novel and unique cryptocurrency.

>>> More to Read : What is Bitcoin?

FEATURES OF ORDINALS (ORDI)

1. Market:

The Ordinals ecosystem includes a marketplace where users can buy, sell, and trade their tokens. By participating in this non-custodial market, users can maximize the value of their collectibles. Users can choose to display their collections or browse others’. The interface provides access to essential information about each Ordinals token, making it easier to determine if the token fits into your collection.

2. Tokenization:

The ability to tokenize assets and transfer them within the Bitcoin network is a major advantage of Ordinals. Ordinals add an extra dimension of value to the equation as they can be collected and exchanged. By leveraging this strategy, Bitcoin users can gain additional layers of value without leaving the ecosystem.

3. Security and Reliability: 

Ordinals provide a security level comparable to industry standards. This network offers decentralized services based on an audited platform. Furthermore, the network operates entirely through code, eliminating the possibility of human error. Additionally, the Ordinals project is self-funded, helping to protect against external interference.

4. Both Fungibility and Non-Fungibility:  

One of the most interesting and unique aspects of Ordinals is that the Bitcoin protocol does not explicitly identify Ordinals. The theory of Ordinals applies to those who are aware of and willing to embrace it. This allows for the promotion of NFT products without compromising the fundamental fungibility of Bitcoin.

5. Creating Your Own Collectibles: 

Users can give their sats personal characteristics, paving the way for a new collectibles market. Ordinal NFTs are already being created by a steadily growing community of digital artists. Early ETH NFTs showed low-resolution graphics, similar to many NFTs.

>>> More to Read : Runes, the New Protocol on Bitcoin Blockchain

IS ORDINALS (ORDI) WORTH INVESTING IN?

One major advantage of Ordinals is that it doesn’t require off-chain protocols. While networks like Lightning Network help with Bitcoin’s scalability, they also add risks. Ordinals offer a stable and transparent way to achieve goals without third parties, reducing security risks and enhancing transparency by keeping everything on the Bitcoin main network.

Ordinals are also easy to use. Creating digital assets with off-chain networks can be confusing, but Ordinals simplify this process directly on the blockchain. Users only need to connect their wallets to start. Additionally, Ordinals provide industry-grade security through an audited, code-based platform, minimizing human error and external influences.

The main benefit of Ordinals is tokenizing assets and bringing them to the Bitcoin blockchain. Ordinals add value as they are collectible and tradable, allowing Bitcoin users to gain extra value without leaving the ecosystem. They enable users to add personality to their satoshis, creating a new collectibles market. Digital artists are already using Ordinals to create NFTs, similar to early low-resolution Ethereum NFTs. However, Ordinals are not yet officially recognized by the Bitcoin protocol.

FAQ

• What is Ordinals(ORDI)?

Ordinals (ORDI) is a memecoin related to the Bitcoin Ordinals protocol. After being listed on Binance, it attracted significant investor attention and boosted the rise of BRC-20 concept tokens.

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