Nfts
“The Halvening NYC”: Bitcoin returns at NFT NYC opening night
By Christos Makridis
As the Web3 community prepares for NFT NYC 2024, Nolcha Shows is hosting “The Halvening NYC,” a nod to the quadrennial halving of Bitcoin mining rewards scheduled around April 20, to be held on April 3. In collaboration with Nolcha Shows, “The Halvening NYC” is partnered with Gamma.io, an artistic platform and launchpad for Ordinals creators, and Inscribe Atlantis, the member-led media and events organization serving the Ordinals protocol of its core development team.
Bitcoin Ordinals are a protocol that allows digital assets, including images and text, to be written directly onto individual satoshis, the smallest unit of Bitcoin. They have emerged as a new and technological artistic medium on the blockchain, offering utility beyond the sole purposes of bitcoin’s store of value and fungibility for financial transactions. Ordinals introduced a new form of NFT-like assets within the Bitcoin ecosystem, allowing unique digital artifacts to be created, owned and transferred on the Bitcoin blockchain.
“As a collector of NFTs across multiple blockchains, I’m always excited to see digital asset innovation wherever it happens. But I’m more excited now, because now the best and brightest minds have come home to Bitcoin, and the most cutting-edge technology is happening on the oldest blockchain. Some have argued that the best ideas will always find their way to Bitcoin, and I think that could well happen in 2024, the year of the halving,” said Nick Sainato, co-founder of Gamma.io.
Among these innovations, Hashlings will debut with a new value proposition for the web3 community. Hashlings is an Ordinals-based project offering a unique blend of Bitcoin mining, education and gamification. By acquiring a Hashling, members gain access to an exclusive Bitcoin club and discounted mining opportunities in the form of ordinals, liquidity for their hashrate, and cutting-edge art.
Another example is CENTS. After more than a century in circulation, the penny’s real value has declined due to inflation and is more of a collector’s item. While coins since 1982 have been struck from zinc, those before 1982 were mined from real copper and their metal value is approximately 2.5 cents. After sorting through hundreds of thousands of coins, CENTS removed 10,000 copper coins from circulation and archived them, listing them on the Bitcoin blockchain.
CENTS, an example of a Bitcoin Ordinals project.
Source: Nolcha Shows
“Immersion cooling revolutionizes Bitcoin mining by improving the performance, efficiency and durability of mining devices by allowing mining operations to thrive, even as they adapt to economic changes brought on by halving events” , said Daniel Koff, chief operating officer of Rosseau Immersion. .
Thanks to the release of the Ordinals protocol and its proliferation over the past year, some argue that Bitcoin is more adaptable to supporting complex use cases like NFTs without compromising its core principles of decentralization and security . This year, we’ve already seen transformational (and fun) apps like Ninjalerts’ Pizza Ninjas Ordinals collection, which includes a built-in SNES emulator that preserves classic video games on the blockchain, in a playable format. Ninjalerts has partnered with Nolcha Shows to launch additional activations at the event.
Even higher level “metaprotocols” built on ordinals like BRC-20 and the upcoming Runes metaprotocol – which will launch on the halved block – have brought more liquidity and collector bases into Bitcoin, expanding the applications and developer interest in advancing Bitcoin’s NFT capabilities without changing the core. principles or code of bitcoin itself. “Since the emergence of Ordinals, there have already been periods where transaction fees earned by miners have actually exceeded revenue from newly issued bitcoins. As the issuance of new bitcoins continues to decline with future halvings, the role of transaction fees becomes more and more vital. Ordinals, by increasing these fees through increased demand for block space, provide a compelling solution to ensure the long-term security and stability of the Bitcoin network,” shared Josh Mills, CEO of Hashlings.
This event highlights why 2024 is considered “the year of bitcoin”, with asset managers accumulating bitcoin through ETFs and the popularity of Ordinals among artists, investors and technologists. “As the halving approaches, mining companies are increasingly focusing on competitive strategies. Ordinals constitute a strategic lever in this quest: miners have priority over the rare sats of their blocks, thus offering an additional source of income in an already competitive market. Smart miners will use this to maintain an advantage,” said Erin Redwing, CEO of Inscribe Atlantis.
The origin of Bitcoin ordinals.
Ryan Koopmans
The effects of the halving on bitcoin market dynamics are not yet clear. “While some industry players are expected to struggle, other companies have made it clear they intend to take advantage of purchasing opportunities and prepare for future growth,” said Ben Strack, a journalist at Blockworks. wrote. For example, Core Scientific “is prepared to focus on opportunistically purchasing machines from struggling miners unable to pay for a portion of their existing orders after the halving,” according to a statement made to Blockworks by Adam Sullivan, CEO of the company.
Coinciding with the opening night of NFT NYC 2024, the event brings Bitcoin to the forefront of the NFT conversation where Ethereum and Solana traditionally occupy the conversation. “For over 16 years, we have produced world-class events that support the greatest movements in artistic and technological innovation, but the energy and enthusiasm around bitcoin and its upcoming halving are the highest than ever. we’ve ever seen. The builders, investors and project founders we speak with in preparation for our events have a clear and single goal: to ensure that bitcoin remains king,” said Arthur Mandel, CEO of Nolcha Shows.
NUMB3R xA ∅ Collection on Bitcoin Ordinals
Source: Andrea Belloni
The two April 3 events offer attendees an unprecedented opportunity to delve into the future of bitcoin, digital art and mining, paving the way for a transformative exploration of technology and creativity to NFT NYC. These events are a reminder that in the world of cryptocurrencies and NFTs, the only constant is change. And this time, Bitcoin is leading the charge.