What Are Bitcoin Ordinals?

Bitcoin Ordinals are not your grandma’s NFTs; they’re the latest layer-2 solution shaking things up on the Bitcoin blockchain. Think of them as digital art pieces that get to hang out at the blockchain bar—without Ethereum’s overpriced cover charge. With that clever little trick we call Ordinals, artists and collectors can store their mastery on the Bitcoin blockchain now that the BRC-721E standard has joined the party.

The BRC-721E Standard: A Passport for ERC-721 NFTs

This new BRC-721E standard is the wild card in the poker game that is crypto. Jointly launched by the vibrant Ordinals Market and the Bitcoin Miladys NFT collection, it allows users to convert their beloved ERC-721 tokens directly to Bitcoin Ordinals. But hold your horses! Initially, the metadata is not stored on-chain—so you might be better off sending your low-resolution preview images attached to a fancy compilation about an ETH burn.

• Conversion Process: Start by setting your ERC-721 NFT ablaze with that fancy ETH burn function.
• Claiming Your NFT: After paying your due homage to the burn, inscribe valid BRC-721E data, and voilà! Your NFT appears in Ordinals markets, boasting all that sweet metadata.

Indexers: The Guardians of the Blockchain

Indexers are the ever-watchful watchdogs of this new frontier; they check that no NFT gets more than one valid inscription. If you’re thinking of cheating the system by duplicating your NFT—don’t. The genesis address has to match the burn transaction call data, and those indexers are likelier to catch a lie than a cat in a laser pointer hunt.

The Hype Train

Since its debut in January 2023, Bitcoin Ordinals have sparked a wild frenzy among the crypto community. The launch of the BRC-20 token standard further kindled this excitement, enabling enthusiasts to mint tokens on the Bitcoin blockchain like they’re the new Willy Wonkas of crypto. With over 25,000 BRC-20 tokens in circulation, it’s safe to say things are moving fast—like, “where did my bank account go?” fast.

The Divided Opinions

However, as with all great parties, there are always those who’d rather complain than dance. Some Bitcoin purists are shaking their heads disapprovingly, labeling Ordinals and this new token era as an inefficient and wasteful frenzy. In their eyes, the new kids on the blockchain block are simply misusing Bitcoin’s original ethos, one JPEG at a time.

The future of Bitcoin Ordinals may be bright, but is it too bright for Bitcoin traditionalists?