{"id":290008,"date":"2023-02-11T02:00:00","date_gmt":"2023-02-10T20:30:00","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=290008"},"modified":"2023-02-10T17:44:31","modified_gmt":"2023-02-10T12:14:31","slug":"decoding-ordinals-nft-project-on-bitcoin-can-it-compete-with-eth-nfts","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/decoding-ordinals-nft-project-on-bitcoin-can-it-compete-with-eth-nfts\/","title":{"rendered":"Decoding Ordinals NFT project on Bitcoin- Can it compete with ETH NFTs?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Bitcoin-native NFTs recorded a 25% growth in network fees.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Bitcoin mining revenue rose sharply, powered by an increase in transactions.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The new Ordinals NFT platform on <\/span><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> recorded exponential growth since mid-January, <\/span><a href=\"https:\/\/twitter.com\/messaricrypto\/status\/1623728586200068096?s=46&amp;t=9jUkOJyGepyHeQaYjg0WPA\"><span style=\"font-weight: 400;\">data <\/span><\/a><span style=\"font-weight: 400;\">from crypto research firm Messari showed. The daily Ordinal NFT mints soared by 300 times in the same time period.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ If we told you <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> NFTs were making waves in the sector would you believe us?<\/p>\n<p>The New <a href=\"https:\/\/twitter.com\/hashtag\/Ordinals?src=hash&amp;ref_src=twsrc%5Etfw\">#Ordinals<\/a> NFT project on Bitcoin is attempting to challenge the longstanding debate that the blockchain should primarily be used for simple financial transactions. \ud83e\uddf5 <a href=\"https:\/\/t.co\/2O0jHjzRLZ\">pic.twitter.com\/2O0jHjzRLZ<\/a><\/p>\n<p>&mdash; Messari (@MessariCrypto) <a href=\"https:\/\/twitter.com\/MessariCrypto\/status\/1623728586200068096?ref_src=twsrc%5Etfw\">February 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Additional data from Messari\u2019s Twitter thread pointed towards a 25% growth in network fees and an increased share of the available block space. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While Ordinals has presented an exciting new use case, it has also triggered debates around the ultimate purpose of the Bitcoin chain.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\">Bitcoin\u2019s price prediction 2023-2024<\/a><\/p>\n<hr \/>\n<h3><b>How do NFTs on Bitcoin work?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In simple terms,<\/span><span style=\"font-weight: 400;\"> Ordinals are NFTs that can be minted directly onto the Bitcoin blockchain, as opposed to NFTs on <\/span><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><span style=\"font-weight: 400;\"> which point to off-chain data and rely on token standards like <\/span><span style=\"font-weight: 400;\">ERC 721 to create a collection of tokens. Since Ordinals are minted on the blockchain, all content stored is permanent and immutable while Ethereum NFTs can be altered using metadata.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ordinals focus on<\/span><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hashtag_click\"><span style=\"font-weight: 400;\"> BTC<\/span><\/a><span style=\"font-weight: 400;\">&#8216;s smallest units, satoshis. According to <\/span><a href=\"https:\/\/nftnow.com\/guides\/bitcoin-nfts-ordinals-inscriptions-explained-finding-buying-more\/\"><span style=\"font-weight: 400;\">NFTNow<\/span><\/a><span style=\"font-weight: 400;\">, the protocol allows users to inscribe each satoshi with data. This data can include smart contracts which are then used to enable NFTs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another potential advantage of Bitcoin NFTs over Ethereum NFTs could be the low transaction fee due to the<\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-btc-will-increasing-taproot-adoption-boost-prices\/\"><span style=\"font-weight: 400;\"> Taproot upgrade<\/span><\/a><span style=\"font-weight: 400;\"> which was intended to make Bitcoin transactions more efficient.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Ordinals has divided opinions in the crypto community with the naysayers objecting to its non-financial use case which would congest the network and drive up transaction fees on the chain.\u00a0<\/span><\/p>\n<h3>On-chain activity picks up decisively<\/h3>\n<p><span style=\"font-weight: 400;\">The growth of the Ordinals platform seemed to have heightened the network activity on Bitcoin, data from Santiment showed. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The transaction volumes proliferated over the last week, increasing by more than four times. The velocity indicator revealed a sharp spike as well, implying that BTC moved frequently between wallets.\u00a0<\/span><\/p>\n<figure id=\"attachment_290029\" aria-describedby=\"caption-attachment-290029\" style=\"width: 2048px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.36.20-10-Feb-2023.png\"><img decoding=\"async\" class=\"wp-image-290029 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.36.20-10-Feb-2023.png\" alt=\"\" width=\"2048\" height=\"693\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.36.20-10-Feb-2023.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.36.20-10-Feb-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.36.20-10-Feb-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.36.20-10-Feb-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.36.20-10-Feb-2023-1536x520.png 1536w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><\/a><figcaption id=\"caption-attachment-290029\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">While BTC purists may be spooked by the idea of more network congestion, miners got a chance to rejoice. As per data from Glassnode, the miner revenue witnessed considerable growth after sustained periods of downturn. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">With increased rewards for their efforts, BTC mining could become more profitable which is coming from the lows of the 2022 bear market.<\/span><\/p>\n<figure id=\"attachment_290030\" aria-describedby=\"caption-attachment-290030\" style=\"width: 1075px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/pasted-image-0-7.png\"><img decoding=\"async\" class=\"wp-image-290030 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/pasted-image-0-7.png\" alt=\"\" width=\"1075\" height=\"571\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/pasted-image-0-7.png 1075w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/pasted-image-0-7-300x159.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/pasted-image-0-7-1024x544.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/pasted-image-0-7-768x408.png 768w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/a><figcaption id=\"caption-attachment-290030\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">\u00a0How many are 1,10,100 BTCs worth today?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">With BTC wilting under pressure due to the SEC\u2019s increased regulations on the crypto market, Bitcoin-native NFTs could provide it with the much-needed impetus in the short run. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">With a new target audience in place, it can put the chain in direct competition with market leaders in NFT trading such as Ethereum [ETH] and Solana [SOL].\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin-native NFTs recorded a 25% growth in network fees. Bitcoin mining revenue rose sharply, powered by an increase in transactions.\u00a0 The new Ordinals NFT platform on Bitcoin [BTC] recorded exponential growth since mid-January, data from crypto research firm Messari showed. The daily Ordinal NFT mints soared by 300 times in the same time period. Additional<a href=\"https:\/\/ambcrypto.com\/decoding-ordinals-nft-project-on-bitcoin-can-it-compete-with-eth-nfts\/\">Continue reading <span class=\"sr-only\">&#8220;Decoding Ordinals NFT project on Bitcoin- Can it compete with ETH NFTs?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":290031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,66,3,4029,4,20],"tags":[],"class_list":["post-290008","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-new-news","category-news","category-nft","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Decoding Ordinals NFT project on Bitcoin- Can it compete with ETH NFTs? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The new Ordinals NFT platform on Bitcoin [BTC] recorded exponential growth since mid-January, data from crypto research firm Messari showed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/decoding-ordinals-nft-project-on-bitcoin-can-it-compete-with-eth-nfts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Decoding Ordinals NFT project on Bitcoin- Can it compete with ETH NFTs? - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Bitcoin-native NFTs recorded a 25% growth in network fees. 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