In the depth of the current bear market, a Bitcoin Developer, Casey Rodarmor released an open-source software called ORD that runs on top of a Bitcoin Core full node in Dec 2022. This software allows users to encode files inside a Bitcoin transaction (Inscriptions) to create NFTs (Ordinals) on the Bitcoin mainnet.

Inscriptions are digital artifacts on the Bitcoin blockchain and are NFTs with a higher standard that are decentralized, immutable, on-chain, and unrestricted.

Since then, there have been debates amongst developers, Bitcoiners and the general crypto community about its impact and the future of Bitcoin. The main argument circles around Bitcoin being originally designed as a decentralized peer-to-peer cash system and not as a storage of computer files which increases blocksize. As per Galaxy Digital’s research, there are already more than 250,000 Ordinals in the market and it is estimated that the Bitcoin NFTs on Inscriptions and Ordinals could possibly hit $4.5bn by 2025.

The Research also highlighted the major milestones in Bitcoin NFTs, a comparison between Bitcoin & Ethereum NFTs and the current Inscriptions & Ordinals Ecosystem.

Additionally, Yuga Labs — the creator of Bored Ape Yacht Club & the owner of CryptoPunks – recently announced its limited edition collection of 300 generative pieces, inscribed on Satoshis on the Bitcoin blockchain. The auction is already live and will end at 3 PM PT, on Mar 06, 2023.

Although the introduction of this new innovation has caused a division within the crypto community, it has the potential to promote the widespread adoption of Bitcoin by offering additional utility beyond being a store of value. However, it is also important to consider the fundamental principles behind the creation of Bitcoin and its impact on decentralization. As the situation evolves, a clearer narrative is likely to emerge, making things even more intriguing.

About Oddiyana Ventures

Oddiyana Ventures is an investment firm exploring & investing in early-stage blockchain projects. It considers funding projects in DeFi, NFTs, web3 applications, metaverse, gaming, unstoppable finance, and other new developments in the space that are relevant. Oddiyana Ventures also incubates projects, provides expert advisory services, and helps in accelerating the growth of a project.

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