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When it comes to collectibles, people are always on the hunt for something unique, rare, and valuable. And in the world of cryptocurrency, Bitcoin Ordinals may just be the new holy grail.
What Are Bitcoin Ordinals?
Bitcoin Ordinals are a new type of collectible created using the blockchain technology that powers Bitcoin. These digital tokens are unique in that they represent a specific order in the blockchain, which is essentially a decentralized ledger that records all Bitcoin transactions.
In simpler terms, Bitcoin Ordinals are like digital trading cards, each with their own unique number and history. And just like with physical trading cards, the rarer the Ordinal, the more valuable it becomes.
Bitcoin is known as the “digital gold” and it has been a great store of value for a while now. But did you know that you don't spend your gold? That means there are no fees generated. The current mining of 900 Bitcoin per day equates to $25 million worth of new money that needs to enter the Bitcoin ecosystem every day to keep its price from falling. While the transaction fees are expected to replace mining subsidies, it is a problem that does not solve itself.
This is where ordinals come in. They are the least interesting yet most important part of the launch of ordinals. With the benefits that ordinals bring, such as sustainability, security, and economics, it can help solve the fee problem. Ordinals have a neutral, censorship-resistant publishing layer built directly on top of the world’s longest-standing, most decentralized, and unassailable powerful blockchain.
But, what’s more interesting is that we have a neutral, censorship-resistant publishing layer built directly on top of the world’s longest-standing, most decentralized, and unassailably powerful blockchain. This has profound implications, especially in the world of art.
Ordinals are embedded directly on-chain, which means that the files get downloaded in the 470gb file needed to set up Bitcoin core. Bitcoin's branding is also elite, and it is likely that “top shelf” artists like Hirst and Murakami will migrate one by one to the OG of OGs, and the big brands will follow suit.
Creating and minting ordinals is more straightforward than creating NFTs on Ethereum. A bitcoin transaction with a four-word command [ord wallet inscribe FILE] or using an automation tool like ordinalsbot.com will do the trick. The simplicity of the process enables profound composability, much like Twitter character count forces us to cut to the marrow of a thought.
With regulators vulturing around DeFi, there's little or no risk that Bitcoin will be labelled a security by the U.S. government. Bitcoin is cryptoland’s greenest pasture. NFTs on Bitcoin require a transaction fee and inclusion in a bitcoin block, imbuing them with scarcity or sacredness that's absent on other platforms.
The odds are growing that ALL of the world's most expensive and sought-after digital artwork ends up on Bitcoin, and not on Ethereum, Solana, or any L2. The implications of ordinals are profound, and we are witnessing one of the most important moments in crypto history.
The "Slurpening"
One of the most exciting things about Bitcoin Ordinals is the way they are acquired. Rather than simply purchasing them outright, collectors must compete in what's known as the "Slurpening."
During the Slurpening, collectors race to be the first to find and claim a specific Ordinal. The catch? The only way to find it is by solving a complex mathematical puzzle, which can take anywhere from minutes to days to complete.
This not only adds an element of excitement and competition to collecting Bitcoin Ordinals but also ensures that each one is truly unique and valuable.
Why Bitcoin Ordinals May Be the Greatest Collectibles Ever Created?
So, what makes Bitcoin Ordinals so special? For starters, they are incredibly rare. There are only 21 million Bitcoin in existence, and each one can be divided into 100 million smaller units called Satoshis. This means that there are potentially trillions of Ordinals that could be created, but only a tiny fraction of them will ever exist.
Furthermore, Bitcoin Ordinals are completely decentralized and tamper-proof, meaning that they cannot be duplicated or counterfeited. And since they exist entirely online, they can be easily transferred between collectors without the need for physical storage or transportation.
But perhaps the most exciting aspect of Bitcoin Ordinals is their potential to appreciate in value over time. As more collectors enter the market and the supply of Ordinals dwindles, their value is likely to increase, making them a potentially lucrative investment for those who are able to acquire them.
Sub-10k Ordinals: The Next Big Thing in Collectibles?
If you're a fan of collectibles, then you'll definitely want to know about the new trend in town – sub-10k ordinals. These unique pieces are quickly gaining popularity among collectors, and it's not hard to see why.
Ordinals are a series of sequential numbers, with each number representing a different piece of digital art. These numbers are stamped into humanity’s timechain at a verifiable moment – one that will always be represented by an ever-ascending ordinal number. This serialized nature of ordinals grounds them in time, imbuing them with a chronological significance that sets them apart from other types of collectibles.
Sub-10k ordinals, in particular, are worth noting. These are ordinals that have a number less than 10,000. According to collectors, these pieces are the perfect size for a collection, with just the right amount of variety. The first 10,000 ordinals are better than any 10k Ethereum collection, though, because of the staggering variety. Within the first 10,000 ordinals, there are 2 dozen+ projects of say between 69 and 200ish pieces. That means there’s something for anyone (memes, homages, original 1 of 1 art pieces, micro-PFP collections, music, videos, games, etc.).
In addition, sub-10k ordinals are rare and hard to obtain. Currently, only 3.5% of the Bored Ape supply is listed on OpenSea and 10.3% of cryptopunks. So, maybe 350 to 1,000ish of the earliest ordinals will be up for sale at any given time, and that number will likely shrink over time. This rarity factor is part of what makes these collectibles so appealing to investors.
The potential for sub-10k ordinals to become the greatest collectibles of all time is not unfounded. In a world of cross-chain NFTs, the fundamentals begin to matter… and being part of a hallowed collection (like the first 10k ordinals) is a sacred absolute. Crosschain-i-fication also means ordinals can be a part of the broader movement toward financializing NFTs via NFT lending protocols like BendDao.
The future looks bright for sub-10k ordinals. In this future, I think it’s increasingly likely that a single ordinals collection (probably sub-10ks, which are already listed as a standalone collection on many ordinals exchanges) will flip Ethereum’s most valuable collections and never look back.
Of course, it's still early days, and there's no telling where the market for sub-10k ordinals will go. But one thing is for sure – if you're looking for a unique and rare collectible that could potentially skyrocket in value in the coming years, then you should definitely keep an eye on sub-10k ordinals.
Creating an NFT marketplace for Bitcoin Ordinals
Creating an NFT marketplace for Bitcoin Ordinals has the potential to open up new possibilities for their usage and ownership. It would create a new market for Bitcoin Ordinals as they would be tradable as NFTs, provide fractional ownership, and increase their security and authenticity. While it would require collaboration with experts in blockchain technology and NFT marketplaces, it's a promising opportunity that could add even more value to Bitcoin Ordinals as a collectible and investment asset.
How an NFT marketplace for Bitcoin Ordinals would work?
An NFT marketplace for Bitcoin Ordinals would allow users to buy, sell, and trade Bitcoin Ordinals as NFTs. This would involve creating a platform that utilizes smart contracts to ensure the authenticity and ownership of the Bitcoin Ordinals. Buyers would be able to purchase Bitcoin Ordinals in the form of NFTs, which would represent their ownership of the underlying ordinal position on the Bitcoin blockchain.
Creating an NFT marketplace for Bitcoin Ordinals would require collaboration with experts in blockchain technology and NFT marketplaces. It would also require a thorough understanding of the legal and regulatory landscape surrounding NFTs and cryptocurrency trading.
Benefits of creating an NFT marketplace for Bitcoin Ordinals
There are several benefits to creating an NFT marketplace for Bitcoin Ordinals. Firstly, it would provide a new market for Bitcoin Ordinals as they would be tradable as NFTs. This would increase their visibility and potentially attract new buyers who may not have been interested in Bitcoin Ordinals before.
Secondly, an NFT marketplace for Bitcoin Ordinals would allow for fractional ownership of Bitcoin Ordinals. This means that buyers could purchase a percentage of a Bitcoin Ordinal, which would make it more affordable for those who may not be able to purchase a full Bitcoin Ordinal.
Finally, creating an NFT marketplace for Bitcoin Ordinals would add another layer of security to the ownership and authenticity of Bitcoin Ordinals. Smart contracts could be used to ensure that only the true owner of the Bitcoin Ordinal can trade it, thus reducing the risk of fraud or theft.
Final Thoughts
While Bitcoin Ordinals may not be for everyone, there's no denying their potential as a new and exciting collectible. With their unique origins, rarity, and potential for appreciation, they may just be the next big thing in the world of collectibles. So, if you're looking for something truly special to add to your collection, it may be worth diving into the world of Bitcoin Ordinals.