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The Ordinals protocol has a numbering scheme that supports tracking and transferring the smallest unit of a single Bitcoin, Satoshi, numbering different Satoshi in the order in which they were mined, and transferring them from transaction input to transaction output in a first-in-first-out order.
The Ordinals protocol has a numbering scheme that supports tracking and transferring the smallest unit of a single Bitcoin, Satoshi, numbering different Satoshi in the order in which they were mined, and transferring them from transaction input to transaction output in a first-in-first-out order.
After each Satoshi has a unique number as an identity, it can be tracked or traded individually. On this basis, writing data (such as images, text, SVG, HTML, etc.) into each Satoshi completes the transformation of Satoshi from a "Bitcoin smallest unit" to a "Bitcoin NFT".
These Bitcoin NFTs do not support references to off-chain data. That is to say, the data contained in all Bitcoin NFTs is completely stored on the chain, and will not be lost due to problems with centralized off-chain storage, and cannot be changed at the same time.
Unlike the mature centralized NFT trading market that is commonly used on Ethereum, on the Bitcoin mainnet, everything looks so primitive, like "opening up wasteland"-there is no NFT trading market, everything depends on OTC. There is no Mint page, and most of the sales model is "pay money to creators -> creators put NFT on the chain -> manually distribute NFT to buyers". Ordinals has not even had time to create a lightweight wallet application. If you want to put NFT on the chain or transfer NFT to other addresses reliably, you must install the Bitcoin core wallet and use the full functionality of Ordinals through the command line.
Summarize the main points of participating in the "Bitcoin Mainnet NFT" craze opened by the Ordinals protocol:
- If you just buy and collect NFT, you only need a bitcoin wallet (recommended to use P 2 TR address type)
- If you want to resell/sell NFT as a creator after receiving NFT, you need to install the Bitcoin core wallet and interact with Oridinals through the command line (official tutorial）
- If you want to check all your NFTs, you need to number them according to the NFT (Satoshi), inOrdinals ExplorerSearch and monitor.
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Ordinal Punk sold 100 pieces at a price of 0.01 BTC, and the latest transaction price has reached 1.9269 BTC
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"Taproot Wizard #0001 'Bald Wizard'" that made history
Another Bitcoin core developer, Luke Dashjr, directly referred to this transaction as "spam" and quickly developed a "spam filter" for miners to screen and filter the Bitcoin NFT created by the Ordinals protocol. Transaction broadcast. This move adds another quarrel point on whether to support non-financial applications of Bitcoin-whether NFT is "spam" for the time being, and Bitcoiners are arguing again on the issue of "promoting censorship". However, it is the non-stop debate of "smart heads" that keeps the Bitcoin community and Bitcoin itself thriving to this day.
The Ordinals protocol is still in its early stages, and "infrastructure" such as lightweight wallet applications and NFT trading markets have yet to be built. After these "infrastructures" are implemented, there is a high probability that the Bitcoin mainnet NFT market will usher in another wave of growth, so it deserves continued attention. In addition, what will be the long-term impact of the Ordinals protocol on the Bitcoin network is also worthy of our consideration - is the non-financial application more beneficial to the incentives of miners, or is the cost of financial applications more expensive?
In any case, the Ordinals protocol will continue to exist and develop on the Bitcoin mainnet. Will Bitcoin NFT be the next hot spot in the NFT market? let us wait and see.
