Around 100,000 of these assets have been produced on the Bitcoin blockchain in only two weeks, making Bitcoin NFTs through Ordinals the hottest thing going in the crypto world right now. Unexpectedly, the 535 DeGods NFTs—Solana’s greatly valued NFT project—are included in that total.
DeGods announced the modification on Monday after it became known that all PFPs (profile photographs) had been recorded in a single Bitcoin block. (The process of creating NFT-like assets on the Bitcoin blockchain is known as “inscription,” which is comparable to “minting” on Ethereum. In order to restrict supply in the early stages of the project, the 535 particular photos that were first made available via Solana in 2021 have since been burned.
Rohun Vora and Kevin Henrikson are on the Case
The founder of the project, Rohun Vora, who uses the alias Frank, revealed to Decrypt that he and Dust Labs CEO Kevin Henrikson are ardent Bitcoin supporters who cherished the chance to present the design for the top cryptocurrency network in the early stages of the fantastic launch moment that Ordinals is going through.
Frank stated to Decrypt that “Bitcoin is the greatest crypto brand – as clean as it gets. It is the most well-known cryptocurrency and is genuinely as easy to use as it is effective. It also has one of the few mission statements that has never been tainted, right? It resembles world currency. This is rather strong. At any moment, it makes sense to align with the top crypto brand.”
The use of Ordinals Makes Things Easier
The use of Ordinals, which links each item to a single Satoshi, or 1/100,000,000 of a Bitcoin, allows for the inscription of NFT-like media and assets on the Bitcoin blockchain. Although all media is entirely saved on-chain and can be moved via Ordinal, much more hardware and platforms are still required to trade and manage the assets.
This immediately led to the creation of web games that accept Bitcoin as payment. The full 10,000 NFT original collection has also been compiled into a single application by the Ethereum project Onchain Monkey. The Ordinals, however, also saw a strong reaction from Bitcoin maximalists, as well as a spike in network congestion and, incidentally, transaction costs.
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