What are Ordinals aka Bitcoin NFTs?
Should you get one?
Chances are, you’ve heard about them.
Let’s break them down.
Ordinal: A layer-1 protocol that lets users create NFTs on Bitcoin.
It was launched in January 2023 by @rodarmor
Basically, it finds a way to make bitcoin non-fungible.
Bitcoin NFT is created by Inscription.
Inscription: A way to write any data (text, image, SVG, html)on the bitcoin blockchain.
Sort of like stickers (Ordinals) that you put on a box (Bitcoin), where you could write or draw (Inscribe).
As soon as ordinals launched, inscriptions surged.
Inscriptions are a bit different from traditional NFTs:
@ChainLeftist analyzed: Inscriptions have slightly higher permanence than ETH but a much lower storage fee.
Opponents of Bitcoin NFT:
The hardline Bitcoiners like @adam3us aren’t too happy about Bitcoin NFTs.
It's an exploit because Bitcoin was not designed to store jpegs, said @CryptoTea.
Bitcoin creator Satoshi Nakamoto said data unrelated to financial transactions should not be stored on the blockchain.
Should you invest in Bitcoin NFT?
For now, it's hard to say whether this is a short-term hype or a change of direction.
Never FOMO invest, look into collections you understand and trust.
A Guide to Buying Ordinal NFTs
Safety Info to Know Before Buying Ordinal NFTs
This is a special newsletter. Every week, we deconstruct the best crypto trends and share those insights with you.
