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In an email dated January 17, 1993, Bitcoin developer and early contributor Hal Finney introduced the concept of a “encrypted digital card” now known as a non-fungible token (NFT). shared.
“I thought a little more about the idea of buying and selling digital cash and figured out how to present it,” Finney wrote at the time. “We buy and sell ‘crypto trading cards’.”
The most interesting detail of his email lies in the fact that Finney intended to promote understanding of the concept of digital money by sharing this idea. His vision foreshadowed what we see with the NFT boom in 2021. Overnight, the crypto space has gone from being solely focused on decentralizing finance to also include decentralizing art, gaming, entertainment, and more.
This once theoretical and hard-fought narrative has become practical and part of the everyday culture of millions of people who would never have considered buying a cryptocurrency before. And with the introduction of the Ordinals protocol in early 2023, we are witnessing the emergence of such cases.
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However, the move is not welcomed by some “red-eyed guardians.”
The Wizard JPEG that sparked the Bitcoin Civil War
In February 2023, the Taproot Wizards achieved a remarkable feat using the Ordinals protocol. They produced the largest block ever recorded in Bitcoin history at the time, reaching almost 4 megabytes in size.
Their goal was clear. It was about challenging existing norms within the Bitcoin ecosystem and fostering an experimental and rebellious mindset. Over 14 million registrations have taken place since “Wizard Block”, creating a wonderful circular digital economy where assets are priced, bought and sold via Bitcoin (BTC). (The inscription engraves the content into the satellite and creates the NFT.)
Liberte, RareSat, Fraternite
To demonstrate the fast pace of experimentation within this ecosystem, traders were using Google Sheets to buy and sell Ordinal NFTs in February as there were no marketplaces available.
“We are experimental protocol experimenters. person told me in an interview.
However, within just a few months, prominent companies and projects have entered the market to provide some framework for this market. As a result, the market has more than 140,000 unique users and a trading volume of more than $220 billion.
And in the experiment that sparked this interest, one story has caught the public’s attention. It’s a rare satellite.
Many projects are using this narrative to tokenize their work. For example, CTRL was the first project to engrave a name on the “rare” Satoshi.
“I think this image is symbolic of the CTRL movement and its inflection points at the time of rare sat discovery,” Jameson Ma told me. “This movement is diverse, humble, cypherpunk, with fresh blood and energy. It replaces the hash of the inscription, and Satoshi Nakamoto’s Genesis Block message, which is where it all began, is lit up in the light of the power of Rhea, who sits at the center: non-violent, but decidedly defiant. There is also.”
Related: Bitcoin ETFs: Even Worse Than Central Exchanges For Cryptocurrencies
Currently, only 8 rare sats similar to the one CTRL used in his artwork have been discovered. And one of them sold at auction for $600,000. Another is Gandhi, the founder of the Rhea Satoshi Society. He revealed that RSS has already generated him over $2.5 million by providing Satoshi with specific attributes for his over 100 Ordinals projects. Aiming to maintain its position as a leading supplier of rare satellites in the market, his team has already traded over $3 billion in his BTC in search of the gems that make up his current portfolio. .
There are several other experiments that will bring new blood to the Bitcoin ecosystem. Notable ordinal use cases worth exploring include BRC-20, bitmaps, and recursive inscriptions.
What to expect from Bitcoin Season 2?
It is important to recognize Ordinals as a move that is very complementary to Bitcoin’s success. An ecosystem’s victory does not depend on a single solution, but rather on the combination of factors that contribute to its prosperity.
Certain cases, such as Argentina, will drive Bitcoin adoption as needed. For others, it will stem from their fascination with Bitcoin’s underlying principles. Institutional adoption through ETFs is a big part of the adoption curve. Moreover, the emergence of Ordinals applications brings a double benefit to the network, facilitating both the adoption and evolution of the infrastructure of the ecosystem.
“My initial expectation is that many projects will experiment with bitcoin,” Ma said, adding, “Secondly, with this new interest, network usage will become even more expensive.” rice field. So some of this activity should logically go to Layer 2. For example, many builders are already experimenting with rollup architectures on Bitcoin. “
In conclusion, Ma said, “It’s important to always look for real innovation, substance and creativity amidst the hype, and what matters is the Bitcoin-native mindset.”
Ruggy Tillier He is the Chief Commercial Officer of Lumx Studios, a Web3 studio whose investors include BTG Pactual Bank, Latin America’s largest investment bank. Lumx Studios has filed his previous Web3 lawsuits with Coca-Cola, AB InBev, Nestlé and Meta.
This article is for general informational purposes and is not intended, nor should it be taken as legal or investment advice. The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views or opinions of Cointelegraph.