In order to understand what ordinals are, you need to delve a little deeper into Bitcoin’s mechanism. Bitcoin has something called Satoshi, which is its smallest denomination. This entity can be assigned a unique value between 0 to 21,00 Trillion. They are assigned in the order they are mined. Another thing that makes ordinals stand out is their ability to make the crypto non-fungible.
And as you can guess, that also makes the number of ordinals massive. So far, we have 3.7 Million of them scattered around. Recently, Supernestnet, a pseudonymous Bitcoin and Lightning network developer, found a way to bypass the inscription numbers, by inscribing Satoshi that they didn’t own.
However, this Eureka moment was belittled by the founder and CEO of Deezy, Danny Diekroeger. He said that inscription numbers aren’t really of much use, as even if you have a 100,000th inscription, the entitlement doesn’t make any difference in the value and functionality.
According to ordinals advocate, LeonidasNFT, it only provides a new example of a known issue and how it looks quite like a marketing strategy. All of this might look like a big deal on the face of it, but they really don’t affect anything in the market. Meanwhile, the mean-average transaction fee has increased by just 300%. So if you want to get a transaction through the Bitcoin meme pool, it will cost you between $5 to $6.
However, it does not seem that the uptick in the price has anything to do with the ordinals. Notably, Galaxy Research has termed it as a significant development for Bitcoin. And with the tidings taken care of, now let’s delve into the top 5 ordinals.
- Bitcoin Shrooms
It is one of the first Bitcoin ordinals created by an unknown group of people. The first ordinal had the inscription 19 and today, only 210 bitcoin shrooms are inscribed to this blockchain. Often, they are referred to as “Digital Artifacts” that are sold or auctioned by their owners. However, its Twitter page recently posted that Discord has been discontinued. Many collectors are waiting for its sale to reopen.
- Ordinal Punks
Ordinal Punks is dedicated to the famous crypto punks collections and is gaining huge popularity. It has 100 punk characters and was created by an anonymous person who is known as FlowStay. With the highest value being 50BTC, this collection is managed by a Discord channel.
- Taproot Wizards Ordinals
The Taproot Wizards is a collection of 2101 wizard cartoons. It was created by the developer Udi Wertheimer in cooperation with Luxor, one of the biggest mining companies. Occupying a space of 4 MB, it is among the biggest transactions ever processed on the Bitcoin network. Its updates are mostly shared on Discord and Twitter.
- Ordinal Loops
This one was created with the aim of bringing Bitcoin’s legacy out to the world. It depicts the philosophy and ethos of Bitcoin and shows how it can change the world. Its team has created two chapters in the project, which are “Do No Fiat” and “Roots of Immutability”. The objects in the collection go for sale on its Discord group. It is considered one of the first inscriptions and its loops are known for donating their earnings to fund the visionary Bitcoin-based projects.
- Bitcoin Rocks Ordinals
Going by the name Bitcoin, this ordinal was actually a part of the NFT collection on Ethereum. It was created by Ordrocks to pay tribute to the famous ‘Ether Rocks’ collection. The first entity had an inscription of 71 and since then, Ordrocks has inscribed 100 Bitcoins. It does not have a website but maintains a presence on Twitter and Discord. The highest bid on this Bitcoin is 1000BTC. You can store this form of crypto on Hiro Wallet, Sparrow Wallet, and some other ordinal wallets that will have the capability to manage it soon. Furthermore, we can expect some NFT marketplaces to join the bandwagon soon.
Conclusion
As more ordinals are joining this blockchain, it would be interesting to see how this niche would unveil the possibilities for the crypto community. According to some, it could revolutionize the adoption of crypto, and for others, it’s just another fad.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/03/what-are-ordinals-and-the-top-ones-you-should-know-about/