- Chainspace has emerged to be an exciting new avenue.
- Ordinals project acts like Snapchat filters.
New creativity is sparked among the Web3 builders with the smashing rise of Bitcoin NFTs by the Ordinals project. On Tuesday, its inscriptions crossed 100,000, proving that the project could bring digital assets native to various Bitcoin blockchains to keep intriguing the crypto space.
Source: Ordinals Inscription; Dune
Chainspace emerged as an exciting example, with an experimental art project connecting Bitcoin and Ethereum via a lo-fi video rendering app, binding both coins. The project expands to a total of 800 on-chain apps, each with a unique portal. On which its pseudonymous creator duo, el-ranye and Timshel, describe it as a “digital object that emits infinite art.”
Simplifying the puzzle, it can be said that every app on Ordinals inscription is like a Snapchat filter, manipulating images coming from either computer or camera. It takes detailed images or footage and renders them like old-school ASCII art. This uses symbols and letters to depict real-time video viewing in an abstract and stylized manner. Every Chainspace portal offers different effects.
As the Ordinals can hold more on-chain data than an Ethereum NFT, this provides a unique experience that is not available elsewhere. All the web app are totally inscribed as digital art on the Bitcoin blockchain. Every portal has its unique inscription, ready to be shared among owners. The Ordinals’ innovative idea is to inscribe upto 4MB of content on a single Satoshi in Bitcoin.
Smart contracts connect Ethereum NFT to the Bitcoin-based Ondinal chain, holding the codes powering dApps and NFT projects. Visible Ethereum NFT artwork on the market is basically a screenshot of the Ordinal inscription. However, both are paired for an NFT buyer wishing to trade in the Ethereum version and take the Bitcoin Ordinal into custody. Currently, it’s done via manual process, but efforts to automate it are ongoing.
However, the swap of Ethereum NFT for Bitcoin Ordinal custody is a one-way process, and swapping back or holding both versions simultaneously is not allowed. The public accessibility of Chainspace portals underpins the idea that NFT owners are not interested in buying exclusive access passes.
620 NFTs will be on sale on Thursday with certain active Discord users; individuals who have already shared their Chainspace creations and screenshots will be able to mint at 0.33 ETH ($550). Additional 100 NFTs would be airdropped to Web3 builders, while 60 NFTs are for the team.
All these are readily and publicly available, which raises the question of why to bother owning something if its exclusivity is ambiguous. Also, there are no prior hints that this would happen in the future. Timsel referred to the growing buzz surrounding Ordinals and on-chain inscriptions to answer this. Betting that people are excited about the on-chain media and Web3 experimentations and love to own a portal.
Liking the scenario with the public art installations, although they are open for public viewing but are owned by someone.
“I think people are really excited about owning the actual Satoshi itself […] They want the ‘smashed penny’ with art on it in their wallet.”
The ultimate goal here is to explore new avenues in the experimental on-chain art tools and provide each user with a unique experience.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/02/16/ordinals-project-chainspace-nft-portal-linking-bitcoin-ethereum/