Unchained Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? - Ep. 462
Mar 3, 2023
Muneeb Ali, co-creator of Stacks, dives into the soaring popularity of Bitcoin ordinals, shedding light on how they occupy block space and impact fees. He explores the unique aspects of NFTs on Bitcoin compared to Ethereum, thanks to the innovative Taproot upgrade. Ali also discusses the Bitcoin community's mixed reactions and the subsequent surge in Stacks' value. Plus, he shares insights on the significance of Yuga Labs launching NFTs on Bitcoin, highlighting a shift in Bitcoin culture towards innovation and commerce.
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Episode notes
Ordinal Theory
- Ordinal theory assigns unique serial numbers to satoshis, the smallest units of Bitcoin.
- This allows for inscribing data onto the blockchain, essentially creating NFTs tied to specific satoshis.
Storing Bitcoin Ordinals
- Use dedicated ordinal-aware wallets like Xverse or Hero.
- These wallets prevent accidental spending of inscribed satoshis, protecting your Bitcoin NFTs.
Maximalist Opposition
- Some Bitcoin maximalists initially opposed ordinals, viewing them as an attack.
- Ironically, ordinals increased Bitcoin transaction fees, benefiting miners and network security.
