Nfts
Understanding Ordinals: The Evolution of NFTs on Bitcoin
Ordinals are not NFTs: they are ordinals. But what exactly makes Ordinals different? And what is it about its ecosystem that has inspired so much passion, FOMO, and debate within the Bitcoin ecosystem? Understanding this requires going back in time to the beginnings of NFTs to trace their journey from Bitcoin to Ethereum and then back again.
Yes, ordinals share a number of similarities with NFTs. They are, after all, non-fungible tokens that are demonstrably unique, fully owned, and stored on-chain. But thanks to the genius of creator Casey Rodarmor, Ordinals incorporate a number of unique features that have transformed them into a multi-billion dollar industry, even as NFTs on Ethereum have faltered. Today, Ordinals form a distinct marketplace whose community is one of the most original and engaged in all of crypto. And that’s quite an achievement.
From colorful pieces to PFP
One of the most curious things about NFTs is that their origins can be traced back to Bitcoin. Although the Bitcoin network was never designed for anything other than transacting and securing BTC, it didn’t take long for imaginations to start imagining other ways to use it. One of them, which merged in 2012, was Colorful piecesa system for creating non-fungible assets by adding unique metadata to BTC transactions.
Although the colorful pieces never really took off, they planted a seed and, within two years, the first NFT was created on the Namecoin blockchain. Then, in 2017, the now-famous Crypto Kitties emerged on Ethereum, briefly clogging the network and sparking the first wave of NFTs as we know them. By 2020, the concept of PFPs had been popularized: a thematic collection of unique characters, often numbering 10,000, which launched the modern era of NFTs.
In 2021, NFTs went stratospheric on Ethereum, making their early adopters extremely wealthy in the case of top collections such as Bored Apes and Crypto Punks. At this point, a few basic rules defining NFTs had been established: each was unique but often part of a larger collection of themed characters; their metadata was stored on-chain where possible or using decentralized file storage when necessary; and their true value lay in the communities that coalesced around them.
While anyone can create an NFT, it takes memes, energy, and perseverance to turn 10,000 “jpegs,” as they’re pejoratively known, into a multimillion-dollar move. Many tried and most failed, but a handful of NFT communities survived the ensuing bear market, which saw valuations plummet as celebrities who had FOMO faded from the scene almost as quickly.
But despite naysayers’ predictions, NFTs were not dead. In fact, they were about to rekindle on the channel where it all started. Enter Casey Rodarmor, ordinals and Bitcoin.
A wild ordinal appears
In December 2022, at the height of the crypto and NFT bear market, Ordinary went live. A system for minting or “writing” unique metadata onto a satoshi – the smallest unit of a bitcoin – Ordinals has been launched with little fanfare. But the relative ambivalence that greeted their launch didn’t last long: once bored bitcoiners and bear market survivors hung in there, Ordinals went stratospheric. And they haven’t stopped since.
In the first six months, over 23 million Ordinals listings were created and a thriving marketplace emerged to support their business. People started paying ridiculous money for Bitcoin-based “jpegs” while miners gratefully absorbed the revenue generated by increased transaction fees. The ordinals now have generated nearly half a billion dollars in transaction fees, solving the problem of dwindling block rewards, and over 66 million registrations were generated.
Like many crypto crazes, Ordinals have sometimes been victims of their own success, leading to increased Bitcoin network fees during hyped launches. But as often happens, when cryptography creates a problem, it creates a solution. As the Bitcoin ecosystem has expanded to accommodate L2s and accommodate DeFi, networks have arisen to support the pressure, including Ordinal action.
Merlin Channel, for example, supports native Bitcoin assets including ordinals, providing a cheaper and faster environment for trade listings. This allows Ordinals to be traded without incurring the high L1 fees and long confirmation times that are one of the biggest barriers to greater adoption. Bitcoin L2s have the ability to facilitate actions such as swiping a collection (i.e. purchasing multiple listings in a single transaction) which are an essential part of Ethereum NFTs.
As a result, Ordinals can inherit the properties that have made NFTs so eminently collectible while retaining the unique characteristic of Bitcoin: scarcity. And not just the rarity of the inscription itself, but also that of the satoshi on which it is encoded.
Understanding rare sats
Case Rodamor had two masterstrokes when designing the Ordinals. The first was to design a protocol to encode images and metadata into a single satoshi. The second was to design a value system for the satoshis themselves, making specific satoshis extremely collectible, even without an inscription added, based solely on their age and transaction history.
Like magical Eden explain in his guide to rare satoshis, “Satoshis that were mined by Satoshi Nakamoto himself are… highly sought after by collectors… The Rodarmor Rarity Index is a classification system designed by Casey Rodarmor and rooted in ordinal theory – these satoshis are classified according to pivotal moments. in the Bitcoin timeline, such as mining difficulty adjustments and halving events.
Combine rare satoshis with unique inscriptions and you have the ultimate collectible: a Bitcoin artifact as coveted for its past as for its current reincarnation. It’s a powerful formula that blends Bitcoin tradition with NFT culture and is at the heart of Ordinals’ compelling value proposition.
NFTs, but different
While the token assigned to each Ethereum NFT is mundane and there only to map each media item to a digital unit of exchange, the sats to which many Ordinals are attached have their own significance that, in the eyes of their collectors, enhances their appeal . .
But there are also fundamental differences between Ordinals and NFTs that are less mystical in nature. Like the fact that unlike NFT collections traded on EVM chains, Ordinals creators do not receive royalties on each resale. This doesn’t inherently make either medium superior to the other, but it does show that Ordinals are driven less by the creator and more by the community behind the collection. Until now, renowned artists have been slow to release Ordinals collections, which have instead emerged in a more popular way.
Bitcoiners who supported Ordinals hope that their listings will prove more durable than NFTs, and thus avoid the boom-and-bust cycle that has hit the latter. Whether this turns out to be the case remains to be seen. But this can be said with certainty: whatever the ordinals are, they are not NFTs. They are Ordinals, and in the eyes of their most ardent collectors, they are the best thing since Bitcoin.
Non-fungible tokens, or NFTs, saw sales volume surge for the second week in a row, reaching $107 million, an increase of 8.5%.
A substantial increase in the number of NFT Buyers accompanied this growth, reaching 488,141 — a staggering increase of 89.56%.
On the other hand, the number of NFT sellers also increased by 69.8%, totaling 198,450, signaling an improved business environment and increased market engagement.
Below is a look at what happened in the NFT market over the past week.
Ethereum Maintains Leading Position While Solana and Bitcoin Follow
Blockchains by weekly NFT sales volume | Source: CryptoSlam
Over the past few weeks, Ethereum (ETH) continued to dominate the NFT market with $36.6 million in total sales, driven by 35,236 buyers, a 46.31% increase from the previous week.
Solana (GROUND) has emerged as a serious competitor, recording total revenue of $26.15 million, thanks to a substantial 114.07% increase in the number of buyers.
Bitcoin (Bitcoin) The NFT market also saw a notable surge, with total sales reaching $21.4 million, thanks to a staggering 222.29% increase in buyers.
Polygon (MATICS), which had the second best performance the previous week, saw its total sales volume drop by more than 15%, dropping it to 4th place just ahead of Immutable (IMX).
Other notable performances were achieved by Zora and Blast, which recorded the two largest percentage increases in sales volume, at 463% and 227% respectively.
Best Collections: Solana Monkey Business Shines
Ranking NFT collections by weekly sales volume | Source: CryptoSlam
Among the top NFT collections, Solana Monkey Business came out on top with $4.86 million in sales, an increase of 168.38%. The collection also saw a significant increase in transactions (137.34%) and buyers (130.84%).
The DMarket collection on the Mythos blockchain, which recorded $4.01 million in sales, came in a close second. Interestingly, this is the only collection among the top 5 by sales volume to see a decline in the number of transactions and buyers.
Immutable’s Gods Unchained cards also made headlines with $3.8 million in sales, an increase of 61.35%. This collection saw notable growth in both transactions (76.31%) and buyers (41.21%), a testament to the growing popularity of blockchain-based trading cards.
Best-Selling NFTs and Fan Tokens
In terms of individual sales, Ethereum’s Autoglyphs #167 led with a sale of $274,561, followed by Bitcoin’s Protoshrooms with $148,574. Other notable sales included BNB’s kNFT: Locked kUSDT and Arbitrum’s Umoja Synths, highlighting the diversity and breadth of the NFT market across different blockchains.
Top 5 Fan Tokens by Sales Volume
As can be seen in the table above CryptoSlamFan tokens also continued to see explosive growth, with Galatasaray’s token on the Chiliz blockchain recording a turnover of $280.5 million. This reflects an increase of 70149.47%.
FC Barcelona and Paris Saint-Germain followed with substantial sales volumes, indicating the growing popularity of sports-related NFTs.
Market consequences
The latest performance of the NFT market marks a significant turnaround, demonstrating resilience and renewed investor interest after a period of declining sales volumes.
This is the second consecutive week of improved sales, suggesting a potential upward trend. It is worth noting that this resurgence comes amid a broader recovery in the cryptocurrency market, which is currently valued at $2.55 trillion.
Major cryptocurrencies like Bitcoin, Ethereum, BNB, and Solana have all registered Prices have risen by double digits over the past week, further fueling optimism in the digital asset sector.
The correlation between rising cryptocurrency prices and the recovery of the NFT market could be an indication of strengthening investor confidence, setting a positive tone for the coming weeks.
APENFT (NFT) fell 0.3% against the U.S. dollar in the 24-hour period ending at 9:00 a.m. ET on July 21. APENFT has a market cap of $8.54 million and $16.67 million worth of APENFT was traded on exchanges over the past day. Over the past week, APENFT has been trading 3.1% lower against the US Dollar. One APENFT token can now be purchased for around $0.0000 or 0.00000000 BTC on major cryptocurrency exchanges.
Here’s how other cryptocurrencies performed over the past day:
- KILT Protocol (KILT) is up 1.9% against the dollar and is now trading at $0.20 or 0.00000302 BTC.
- Aidi Finance (BSC) (AIDI) fell 2.2% against the dollar and is now trading at $0.0000 or 0.00000000 BTC.
- Zoo Token (ZOOT) fell 2.2% against the dollar and is now trading at $0.0652 or 0.00000239 BTC.
- CareCoin (CARES) fell 2.2% against the dollar and is now trading at $0.0809 or 0.00000297 BTC.
- Kitty Inu (KITTY) rose 1.9% against the dollar and is now trading at $95.84 or 0.00338062 BTC.
- Hokkaidu Inu (HOKK) rose 1.2% against the dollar and is now trading at $0.0004 or 0.00000001 BTC.
- Jeff in Space (JEFF) fell 2.2% against the dollar and is now trading at $2.75 or 0.00010076 BTC.
- Lumi Credits (LUMI) fell 0.7% against the dollar and is now trading at $0.0128 or 0.00000019 BTC.
- AXIA Coin (AXC) fell 0.1% against the dollar and is now trading at $13.43 or 0.00048094 BTC.
About APENFT
APENFT launched on March 28, 2021. The total supply of APENFT is 999,990,000,000,000 tokens and its circulating supply is 19,999,800,000,000 tokens. The official website of APENFT is apenft.orgThe official APENFT Twitter account is @apenftorg and his Facebook page is accessible here.
According to CryptoCompare, “APENFT is a blockchain-based platform created by the APENFT Foundation to create, buy, sell, and trade non-fungible tokens (NFTs) on the TRON and Ethereum networks. It allows for the ownership and trading of unique digital assets such as artwork, music, videos, and more. It also provides tools for artists and creators to create and promote their own NFTs, as well as participate in community events and governance.”
APENFT Token Trading
It is not currently generally possible to purchase alternative cryptocurrencies such as APENFT directly using US dollars. Investors wishing to acquire APENFT must first purchase Ethereum or Bitcoin using an exchange that deals in US dollars such as CoinbaseGDAX or Gemini. Investors can then use their newly acquired Ethereum or Bitcoin to purchase APENFT using any of the exchanges listed above.
Receive daily news and updates from APENFT – Enter your email address below to receive a concise daily summary of the latest news and updates for APENFT and associated cryptocurrencies with FREE CryptoBeat Newsletter from MarketBeat.com.
Nfts
Next US Vice President JD Vance Holds Bitcoin and NFTs, Expected to Boost MATIC and Algotech Post-Election
The blockchain technology landscape is about to transform as JD Vance, the likely next US vice president, emerges as a strong advocate for digital assets. Recent reports suggest that Vance not only holds Bitcoin (BTC) and NFTs, but is also willing to back promising blockchain initiatives like Polygon (MATIC) and Algotech (ALGT) post-elections.
JD Vance’s Cryptocurrency Investments Highlight Shift in Government Perspective
U.S. Senator JD Vance has garnered considerable attention for his recent investments in Bitcoin (BTC) and NFTs. Public records indicate that he owns between $100,000 and $250,000 worth of Bitcoin (BTC), indicating considerable interest in the success of the cryptocurrency market. This level of financial commitment from a high-profile government figure is unprecedented and underscores the growing credibility and promise of digital assets.
JD Vance’s interests extend beyond Bitcoin (BTC) to non-fungible tokens (NFTs), with reports suggesting his involvement in acquiring notable pieces from renowned collections. While the details of his NFT portfolio remain unknown, those who know the senator confirm his foray into this field.
This exploration of NFTs underscores Vance’s openness to exploring innovative and artistic applications of blockchain technology beyond cryptocurrencies’ typical role as assets or means of exchange. Vance’s involvement with cryptocurrency stands in stark contrast to the views of many of his peers in Congress, who often express doubt or hostility toward digital currency.
His direct involvement as an investor and user of these technologies gives him a unique perspective on their potential benefits and drawbacks. This practical understanding is likely to influence his stance on policy and regulation should he take on the role of vice president.
Polygon (MATIC) Hits $0.53, Eyes Breakout Amid Market Slowdown
The Vance administration, known for its support for cryptocurrencies, could significantly boost Polygon (MATIC), a major Ethereum layer 2 scaling project. MATIC has already attracted the attention of the developer community for its innovative solutions.
Even so, regulatory uncertainties have slowed widespread adoption and integration with traditional financial systems. Vance’s backing could serve as a driving force to unlock Polygon’s untapped capabilities.
A recent look at the MATIC token shows that its current trading value is $0.53, which represents an increase of over 2% in the last 24 hours. This surge coincides with a downturn in the broader cryptocurrency market, signaling solid fundamental strength and a growing sense of confidence among investors regarding Polygon’s future prospects.
Based on technical indicators, MATIC appears to be facing a resistance level that has persisted for several months, hinting at a potential breakout that could propel prices towards the previous peak around $1.29.
MATIC’s cutting-edge technology has taken a significant leap forward with the introduction of the Plonky3 zero-knowledge proof system. This innovation in zk-rollup technology is set to revolutionize MATIC’s scalability and efficiency, cementing its position as the premier choice for developers and enterprises.
Algotech (ALGT) Eyes $1 Price Hike When Its Exchange Launches
Algotech, a project that has attracted the interest of crypto enthusiasts and JD Vance, aims to transform algorithmic trading in the cryptocurrency space. Through the use of artificial intelligence and machine learning, Algotech offers advanced trading strategies to ordinary investors.
The platform’s innovative approach and ambitious roadmap are in line with JD Vance’s goal of driving financial innovation and making sophisticated investment tools more accessible to all. Algotech’s decentralized structure stands out, aligning perfectly with the core principles of blockchain technology.
By cutting out the middleman and giving users direct authority over their trading algorithms, Algotech embodies the essence of financial independence advocated by many in the crypto community, including Vance. This common ground makes Algotech a natural choice for endorsement by crypto-friendly leadership.
As Algotech’s pre-sale gains momentum, with over $9.6 million in funding, excitement is building for its official launch. Analysts have set lofty price targets, with some even suggesting that ALGT could surge to $1 shortly after it goes public.
While it’s wise to approach these predictions with caution, the combination of Algotech’s cutting-edge technology and the potential backing of key figures like JD Vance could pave the way for significant growth and adoption.
Learn more:
Disclaimer: This is a paid release. The statements, views, and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of any information available in this content. Do your research and invest at your own risk.
Nfts
OG Crypto Artist Trevor Jones Unveils Groundbreaking Collection of Ordinals | NFT CULTURE | NFT News | Web3 Culture
Trevor Jones’ New Genesis BTC Collection: CryptoAngels
Known for his innovative blend of physical and digital art, Trevor Jones continues to push the boundaries of the NFT space with his latest collection, CryptoAngels. Since his foray into Bitcoin-themed artwork in 2017, Jones has garnered a significant following, cementing his reputation with record-breaking sales and community events.
The Bitcoin Angel Journey
In 2021, Jones made headlines with his Bitcoin Angel open edition, selling 4,158 editions for an incredible $3.2 million in just seven minutes. This success paved the way for his latest venture, where he combines art, community, and technology in new ways. His annual Castle Parties, celebrating art, culture, and charity, have further cemented his place in the Web3 world.
CryptoAngels Collection Review
Jones’ CryptoAngels collection is divided into two main stages: Archangels and CryptoAngels.
- Step 1: The Archangels The initial phase, Archangels, saw 21 collector’s packages sold for 87.9 ETH (approximately $335,291). Each package included:
- A physical bronze sculpture of the Bitcoin angel
- A 3D NFT avatar
- An Archangel Ordinal
Esteemed collectors like ModeratsArt, Batsoupyum, Bharat Krymo, Blondie23LMD, and 1Confirmation now lead the CryptoAngel army as Archangel Collectors.
- Step 2: CryptoAngels The second phase, set to launch on August 7, features 7,777 unique CryptoAngels. These will be available for minting via OrdinalsBot, starting with a whitelisting phase. Each CryptoAngel is distinct and named by Jones himself. The collection is organized into 21 cohorts, each associated with one of Archangel’s collectors, fostering sub-communities within the larger collection. Additionally, there are seven 1/1 CryptoAngels, making them exceptionally rare and not aligned with a cohort.
Connecting Bitcoin and Art
Jones, who has been a strong Bitcoin supporter since mid-2017, expresses his deep connection to the crypto community. He sees the CryptoAngels collection as a tribute to that community, bringing his iconic Bitcoin Angel motif to the blockchain.
“I have been personally investing in Bitcoin since mid-2017 and its ethos quickly inspired me in my crypto art journey. I have followed the growth of Ordinals since its inception and the CryptoAngels collection is my offering to a community that has welcomed me with open arms and given me the opportunity to bring my Bitcoin Angel motif to the chain where it was always meant to be,” said artist Trevor Jones.
Collectors’ opinions
“Bitcoin’s OG artist Trevor Jones, behind the Bitcoin Angels depositing ordinals on the immutable chain is a match made in crypto-native art heaven.” – Bharat Krymo (@krybharat – Archangel Collector)
“The 2018 Bitcoin Angel oil painting is one of the first crypto tributes to Bitcoin, so CryptoAngels on Ordinals is a natural extension of Trevor’s artistic journey” – batsoupyum (Archangel Collector)
Interactive experience and limited editions
Rounding out the collection, 21 special Angels will be available to mint for $7 each on Base, playable in the exclusive retro arcade game, Dante’s Pixel Inferno. The game challenges players to guide their Angel through the nine circles of Fiat Hell, collecting Bitcoin and earning rewards. Each Angel in the game has unique abilities and weapons.
Whitelisting Opportunities and Community Engagement
Whitelisting (WL) opportunities are available through community partnerships, existing Bitcoin Angel OE and Trevor’s Ascended Angels holders, and weekly giveaways. To stay up to date and secure a spot on the whitelist, join Trevor Jones’ active Discord community.
TL;DR
Trevor Jones is launching the CryptoAngels collection on August 7th, building on his Bitcoin Angel legacy. Split into two stages, Archangels and CryptoAngels, the collection includes unique NFTs and physical artworks, fostering strong community connections. Exclusive gaming experiences and limited minting opportunities enhance engagement. Join the Discord for your chance to win.
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OG Crypto Artist Trevor Jones Unveils Groundbreaking Collection of Ordinals | NFT CULTURE | NFT News | Web3 Culture
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