21, Th3 2023
After the ARB airdrop, the next track to get rich—ordinals
On the evening of March 16, the Arbitrum Foundation announced the release of its governance token ARB, opened airdrop inquiries, and officially announced its token economic model. The total number of airdropped tokens reached 1.162 billion, and the number of addresses eligible for Arbitrum airdrops totaled 625,143, accounting for about 23.5% of the total number of addresses on the chain (2.66 million). The news once again detonated the major communities. This means that more than 600,000 wallets can receive Tokens, and the largest receiving address can get 10,250 tokens. However, due to various reasons such as poor information and time difference, most people missed this epic airdrop. It is often said that one day in the currency circle is one year in the world. The ARB airdrop has become a thing of the past, and it is not a wise choice to stick to it. The currency circle will never lack opportunities, it just depends on whether you can seize it. If you want to find the next opportunity, you might as well change the direction. Here I will introduce a track with potential in the future – Ordinals.
First of all, Ordinals is not a project and has no tokens. It is an NFT trading platform similar to Opensea’s BTC
But it is not called NFT on ordinals, but inscriptions.
Ordinals and NFT do have certain similarities, and their origin process is also inextricably linked with NFT. NFT is a non-fungible token (Non-Fungible Token), which is different from Bitcoin (Bitcoin) as a typical homogeneous currency token (FT). Each NFT is unique and different from any other NFT. However, due to the particularity of the Bitcoin network, its design does not allow NFTs to appear. Therefore, Ordinals proposed a new way of handling these BTC tokens.
Bitcoin has a total of 2,100,000 billion each of which is Satoshi. So the total number of Bitcoins is 2,100 billion Satoshi. Ordinals will sequentially number these Satoshi, enter arbitrary information on the Bitcoin blockchain, such as a string of text or images (“inscription”, also known as an inscription), and link the uploaded inscription to a specific satoshi (” ordinal”). This practice is called inscribe, which is similar to the minting of Ethereum NFTs. The final product is a satoshi with an inscription, otherwise known as a Bitcoin NFT.
The Bitcoin Ordinals project is expected to drive cultural change in the Bitcoin ecosystem as well as technical improvements in NFTs. Casey Rodarmor, the creator of Ordinals, said that through this protocol, any content can be inscribed, such as text, JPEG images, PDF, video or audio format content and even applications, and transmitted through the Bitcoin network. Obviously, this is likely to help break the monopoly of the Bitcoin ecosystem. Previously, many believed that the Bitcoin ecosystem could only focus on security. The launch of Ordinals has made more people see hope, and Ordinals will inject more vitality into the blockchain ecology. In addition, Ordinals ensures that “NFT” data is all on the chain, changing the current status of many NFT project data being generated off-chain.
Yuga lab released 288 TwelvFold on ordinals, and finally raised 730 BTC. Including the early series of inscriptions on the platform, they were all swept away in large numbers.
The total market value of cryptocurrencies has just exceeded 1 trillion US dollars, and Bitcoin accounts for 0.42, which is still in an absolute dominant position. Statistics also show that the market is still swinging around BTC as the core. The market capitalization of Bitcoin is 2.3 times that of Ethereum. Compared with Ethereum, its influence is far more than 2 or 3 times. Therefore, relevant research believes that the market value of Ordinals will be at least as large as Ethereum NFT. Ethereum NFTs have proven their product-market fit and become a multi-billion dollar industry. Even if Ordinals achieves only half of what Ethereum NFTs achieve, it will reach the same market cap as Ethereum NFTs.
Ordinals gives BTC imagination space, gives BTC consumption scenarios, increases the fun of BTC, greatly increases the number of BTC FullNodes, thereby increasing network security, and increasing the incentives of miners. So we see: Ordinals has swept the entire network at an unprecedented speed since its release in early January this year. As of March, the total number of inscriptions is close to 350,000, and the total growth curve has grown at an angle of more than 45.
From doubt to doubt, more and more people began to devote themselves to Ordinals. Quietly, I think the era of Ordinals has arrived. As long as you find the right direction, success or failure is only a matter of strength. If you seize the opportunity, you will not be too far away from getting rich.
- By Sean