Bitcoin ($BTC) has started building great interest among people by showcasing the capabilities of the blockchain technology it uses. With Bitcoin Ordinals development, we can only say the showdown went further, as people witnessed NFTs getting shaped under the Bitcoin network. Although the wider NFT market is going through a bearish season, the buzz surrounding Bitcoin ordinals doesn’t seem to subside for some reason. These digital assets smashed previous records in terms of the fastest adoption rates. As we speak of all this, we will delve further and explore whether it is wise to launch Bitcoin ordinals as a business option anymore.
Bitcoin Ordinals: What Does the Market Say?
Emerged as a game-changing endeavor in early 2023, Bitcoin ordinals shook the market by showing stunning levels of adoption in the first 200 days. With over 35.2 million ordinals being inscribed as of writing, they have generated intense buzz from the global community.
By definition, Bitcoin ordinals are equivalent to NFTs on other blockchains. The name was fixed as they used the Ordinals Protocol to inscribe multimedia content into Bitcoin blocks. According to CryptoSlam’s statistics, Bitcoin occupies the seventh place in the list of top blockchains by NFT sales volume, with over $550 million worth of sales. Achieving such a figure within mere months shows how powerful ordinals have become in the global Web3 business space.
How Do Bitcoin Ordinals Fare in the Current NFT Space?
Although NFT trade volumes have sunk in the last six months, the sales of ordinals didn’t seem to bow down for some reason. If we delve deeper into the reasons for such trends, it looks like the Solana-based NFT marketplace Magic Eden and the marketplace from OKX hold a pivotal role.
Apart from Magic Eden’s support to Bitcoin ordinals, the supportive mindset among new-gen Bitcoin holders ramped up sales, resulting in such figures. With Bitcoin’s immutability being the highest among all blockchains, even mainstream NFT enthusiasts began trading these Bitcoin-native digital assets. All in all, Bitcoin ordinals development has indeed occupied a huge place in the global NFT market.
According to a report from Galaxy Research, the excitement around collectible digital assets based on ordinal inscriptions is far more profound in the Bitcoin network. Such a sentiment exists despite BRC-20 tokens comprising most inscription operations in 2023. This sentiment reflects well as more Bitcoin wallet providers like XVerse, Hiro Wallet, and Unisat Wallet extend support for ordinal inscriptions.
Ordinals’ Impact on the Bitcoin Blockchain
- When Bitcoin ordinals were first introduced in early 2023, Bitcoin supporters had to choose between two stances – Ordinals redefine how the world sees Bitcoin, and Ordinals disintegrate the ultimate purpose of Bitcoin. Despite these contrasting perspectives from new-gen Bitcoiners and Bitcoin maximalists, their popularity shot up to new levels.
- The hype around ordinals intensified so much that the Bitcoin mempool saw record-shattering pending transactions in May 2023, supplemented by the rise of fungible BRC-20 tokens. This meant transaction fees shot up for a while, and Bitcoin miners earned more through mining fees.
- Bitcoin ordinals have also quickened the rise in the memory size of the blockchain, as Bitcoin’s size is expected to reach 1 TB by 2030. If such estimates are to be believed, ordinals will contribute immensely to the network’s memory space.
- Ordinals brought a revolutionary use case to Bitcoin by enabling arbitrary data formats to be inscribed on-chain. This has changed the face of Bitcoin from Digital Gold to a digital ecosystem in progress, showing that it shapes itself to stay on track with trends.
- At a time in 2023, Bitcoin became one of the top blockchains in terms of NFT sales volume, even when other networks saw a drastic fall in revenue generated. Such an emphatic rise of ordinals had put Bitcoin into the mainstream crypto map after being labeled a Legacy coin by modern crypto users.
Launch Bitcoin Ordinals – Tap into the World’s Biggest Crypto Enthusiast Community!
Bitcoin Ordinals Development from a Business Perspective
Bitcoin ordinals development is still a new business domain under progress, meaning that many options are open for exploration. Collections like Bitcoin Punks, DeGods, Bitcoin Frogs, and Twelvefold have become highly sought after among people enthusiastic about ordinals. With hundreds of numerous PFP (profile picture) projects, ordinals show a lot of promise as a business option.
Thinking from a business perspective, ordinals present a compelling case as they provide easy access to the world’s largest crypto-savvy community. With user adoption rates skyrocketing for ordinals, entrepreneurs and brands wishing to enter the blockchain world can utilize them to accomplish their aims.
What’s Next for Bitcoin Ordinals?
With transactions on Bitcoin (mostly related to ordinals) breaking records in September 2023, the future of these digital assets looks bright. A non-profit body, Open Ordinals Institute, has been set up recently to look after the digital asset standard on Bitcoin.
Alongside these, the creator of Bitcoin ordinals has suggested a new fungible token design Runes (whose token standard is under development). These tokens will use Unspent Transaction Outputs (UTXOs) generated during each ordinal transaction, eliminating concerns surrounding unspent Bitcoins going wasted after creating and transferring ordinals. There are already over 20 marketplaces supporting ordinals, and the number is only expected to grow as we head into the future.
How Can We Help You to Launch Bitcoin Ordinals for Business?
As a pioneer in blockchain-based enterprise applications, Blockchain App Factory strives to bring the best while developing Bitcoin ordinals. Our pathway to launch Bitcoin ordinals is unique to our team as we tap into the immense expertise of industry experts and advanced technological stacks.
We aid in creating Bitcoin ordinals representing various utilities (despite profile picture images dominating the market) to power your venture to new heights. With our prowess in developing ordinal collections and continued business support, you can build your Bitcoin-native business without hassles. In case you need it, we can even lend promotional support for your one-of-a-kind ordinals collection to reach the masses.
Conclusion
Therefore, we have seen in detail about how and why Bitcoin ordinals development is still relevant despite the wider NFT market recording a fall in activity. Contrary to popular sentiments, more businesses plan to launch Bitcoin ordinals as a step to expand their presence, and this could be the perfect opportunity. With more ordinals-based startup initiatives stemming up, experts are confident that this part of the crypto space will remain brighter in the long run. If you are one among such innovative entrepreneurs, our team is all in for helping you realize novel dreams. Strike a conversation with us by filling out the form below!
