Understanding Ordinals and Runes in the Bitcoin Ecosystem

Ordinals and runes are innovative concepts within the Bitcoin ecosystem that have paved the way for non-fungible tokens (NFTs) and fungible tokens on Bitcoin. The discussion around ordinals focuses on their unique approach to storing content. Unlike traditional NFTs on platforms like Ethereum, ordinals store content directly on the Bitcoin blockchain, making it immutable and eliminating the risk of losing the referenced artwork. Runes, an evolution from BRC-20 tokens, offer a streamlined and less bloated transaction process, enhancing the efficiency of token transactions on Bitcoin. These developments showcase the growing interest and demand for expanding Bitcoin's utility beyond its original design.