What is Ordinals NFT? Ordinals NFT is a unique type of NFT on Bitcoin, created by recording data in the form of images, videos, etc. for each Satoshi and make them distinguishable from each other. So what is Ordinals NFT and what outstanding Ordinals NFT collections are on the market? Let’s find out with Weakhand in this article.
Before jumping into the article, everyone can refer to some of the following articles to better understand.
- What is Bitcoin Ordinals? Everything about Bitcoin ordinals
- What is BRC 20? All you need to know about BRC 20
Ordinals NFT Overview
What is Ordinals NFT?
Ordinals NFT is a unique type of NFT on Bitcoin, created by appending data in the form of images, videos, sounds, etc. to each individual Satoshi on the original Bitcoin chain.
Ordinals NFT uses an arbitrary ordering system called Ordinal Theory (a Satoshi numbering scheme that allows tracking and transfer of individual satoshis) to assign each individual satoshi a unique ID. Another special point is that because they are completely derived from Bitcoin, Ordinals NFTs will be stored onchain and do not need any additional support protocols.
History of formation of Ordinals NFT
Ordinals NFT was created thanks to the arrival of two Segregated Witness (SegWit) and Taproot updates in 2021. Although the purpose of these two updates was not to create Ordinals NFT, because each update was increased the amount of arbitrary data that could be stored in a Block so this opened up the idea to Casey Rodarmor created Ordinals NFT as an experiment on the Bitcoin blockchain in early 2023.
How is Ordinals NFT different from BRC 20?
Ordinals NFT or we can also call it Bitcoin Ordinals is the original version that Casey Rodarmor tested to create NFT on the Bitcoin blockchain. However, in the early stages it did not receive much attention and it was not until March 2023 that anonymous developer Domo took a stab at Bitcoin Ordinals by changing the input data format. text consists of a JSON code written to each Satoshi.
This is an experiment to create BRC 20 tokens on the Bitcoin blockchain with typical names like ORDI or SATS that have multiplied thousands of times from the bottom and listed a series of large Cex exchanges like Binance or OKX. Overall, BRC 20 and Ordinals NFT are not too different and only differ in the form of data assigned to each Satoshi. So we can also call BRC 20 a variant of Ordinals NFT.
Outstanding Ordinals NFT Projects on the Market
The craze about Ordinals NFT is spreading recently. According to data provided by Cryptoslam, as of December 19, 2023, the trading volume of Ordinals NFT has reached nearly 1.52B USD and the total number of users reached 253,000. So what are the most prominent Ordinals NFT projects on the market? Let’s find out.
Bitcoin Frogs
Bitcoin Frog NFT Collection
Bitcoin Frogs is a collection with an image on each NFT of a frog in various colors released by an anonymous group in late February 2023. The total supply is 10,000 NFTs with an initial sale price of 0.01 BTC.
An interesting thing is that during the NFT minting process, due to image layering problems, all NFTs are “naked” with clothes behind each frog, jokingly called “Only Frogs” by community members. also known as “naked frog”
On December 15, according to Magic Eden market data, the floor price of Bitcoin Eco NFT Bitcoin Frogs increased to 0.2768 BTC (about 11,841 USD), an increase of 55.5% in 24 hours. Two days later, on December 17, the floor price of Bitcoin Frogs increased directly to 0.4 BTC (about 16,768 USD), a 60% increase in 24 hours. At the present time, the floor price of Bitcoin Frogs has also reached 0.387 BTC, compared to the mint price, which has also increased nearly 40 times.
Bitcoin Frog saw impressive growth
Bitmap.land
Bitmap Project
Bitmap.land is the first Metaverse project in the Bitcoin ecosystem, created based on Ordinals theory and map theory. This project is currently selling virtual land on the primary market.
Among them, Map theory was suggested by Twitter users bitoshi blockamoto on June 13, 2023. The core of this theory is mapping the input of each transaction on the Bitcoin block into a Parcel. Since the input size of each transaction is different, the mapped batch size is also different.
The second development phase of the Bitmap project introduces the concept of “The Parcelling”, which allows users to divide their plots of land in the neighborhood independently of Blocks. This phase of development is an important milestone in the creation of digital real estate on the Bitcoin blockchain.
Unlike other Metaverse projects, Bitmap does not limit the number of batches but connects the creation of new Bitmaps with Blocks on Bitcoin. In theory, up to 144 new Bitmaps can be created every day, giving users many opportunities to explore and authenticate their digital assets.
Up to now, Bitmap’s floor price has reached about 0.00625 BTC, about 40 times the bottom price set in August 2023 of 0.0015 BTC.
Goosinals
Goosinals NFT Collection
Goosinals is a collection of 10,000 NFTs inspired by the innovative artwork Ringers #879 and nicknamed “The Goose” for its resemblance to a goose. If everyone doesn’t know, Ringers is a Generative Art NFT collection released by Dmitri Cherniak in 2021. Among them, Ringers #879 has a rare attribute, which was sold to Three Arrows Capital investment fund for 1,800 ETH. (about 5.6 million USD) and became one of the most expensive Art Blocks on the market at that time.
However, due to the bankruptcy of Three Arrows Capital, Ringers #879 was liquidated and auctioned by famous auction houses such as Sotheby’s and was eventually sold to a famous NFT collector 6529 for more than 6.2M USD, becoming the second highest price ever sold for a Generative Art. It is worth mentioning that Ringers #879 also recently appeared in the latest animated episode of The Simpsons.
With inspiration from Ringers, since its launch Goosinals has received strong support from celebrities such as Dmitri Cherniak, Beeple and BRC 20 founder domo. Currently, the floor price of Goosinals reaches 0.00468 BTC with a total cumulative trading volume of 84 BTC and about 2,800 holders.
MNCHRMS
MNCHRMS Collection
MNCHRMS (also known as “monochromes”) is an Ordinals NFT collection of 10,100 NFTs created by Beyond Rockets in August 2023. The image of each NFT in the MNCHRMS collection is only available in black (hex code #000000) and white (hex code #FFFFFF) reflecting the binary nature of the computer code that underpins cryptocurrencies like Bitcoin Foundation.
According to data provided by Magic Eden, at present the floor price of MNCHRMS is about 0.02 BTC with a total cumulative trading volume of 43.1 BTC and about 2,600 holders.
DogePunks
DogePunks Collection
DogePunks is a collection of 10,000 NFTs that combine the popular Doge meme with CryptoPunks. In the early days of Ordinals NFT, DogePunks competed closely with Bitcoin Frogs and were considered the “Dragon Two”.
The originator of DogePunks is Jerry is also the founder of the GBRC 721 protocol. According to the GBRC 721 protocol document, it can save on-chain resources while achieving block space optimization of 50% – 90%, thereby supporting many people are more creative and promote innovation. When Jerry launched the GBRC 721 standard, he also introduced it to the community as OrdiBots as a case study similar to the ordi issued by domo at the launch of the brc 20 protocol.
According to data provided by Magic Eden, at present the floor price of DogePunks has reached 0.0125 BTC with a total cumulative trading volume of 92 BTC and owning about 3,700 holders.
summary
In general, compared to NFTs on other Blockchains, Ordinals NFT is still in its early stages. Although the projects still do not have many applications, they will be new opportunities for investors to explore. Above is all I want to introduce about Ordinals NFT. I hope everyone has received a lot of useful knowledge.
