Non-Fungible Tokens (NFTs) have been gaining traction in the Bitcoin community. However, the process of registering an NFT still requires a few steps to be taken. The protocol, which was first announced in January, has already seen more than 7,000 registrations on the Bitcoin blockchain.
7,000+ Non-Fungible Numbers Registered to BTC
NFTs have been gaining traction within certain Bitcoin circles. The protocol by which each satoshi can be identified with a non-fungible number has been simplified, but still requires that a full Bitcoin Node be established. The protocol became popular due to its Taproot feature, which allows the transaction to be as large as the replacement transaction.
At 12:00 ET on February 6, more than 7,000 individuals had registered to the Bitcoin blockchain. Some collections are already up and running, such as the Taproot Wizards. These crypto influencers have been promoting the project and have issued the biggest block ever minted on the site. This block features a photo of the web cash magic wizard, delivered to the user via Mavensbot.
Various collections have been released, such as Ordinal Rocks. This collection contains 100 photos of rocks that have been serialized on the Bitcoin blockchain. Another collection is Ordinal Punks, which mimics Ethereum-based Cryptopunks. This collection has already seen 650 signups in addition to the other 100 signups for the Bitcoin blockchain.
Secondary Market and Monetization
The process of creating a secondary market to monetize these registrations is still in the works. A few registrations have reported sales, with one user claiming to have sold almost a Bitcoin. However, there is currently no way to verify that these sales are legitimate.
According to Casey Rodarmor, the creator of Ordinals, the intention behind this protocol was to bring back the fun and curiosity surrounding Bitcoin. He believes that this protocol has been successful in doing so, as it has been adopted by a variety of users.
What Do you think about the potential of recognizing ordinal inscriptions? Please leave a comment below.
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