The controversial but buzzy tagalong of the Bitcoin blockchain hit another milestone on Thursday, as sales of Ordinals inscriptions set a daily record. Ordinal inscription number 8 from the Honey Badger collection sold for 10.4 BTC on Magic Eden on Thursday, the NFT marketplace said on Twitter.
According to Magic Eden, Honey Badger is a collection of 10K ordinal inscriptions from 8 to 1029518.
The inscription was purchased by pseudonymous Twitter user “OG General,” Magic Eden tagged the account. Magic Eden, already the leading marketplace for NFTs on the Solana blockchain, launched its Ordinals NFT marketplace in March as the hype around the Ordinals inscription began.
“We love the energy across the Ordinals ecosystem right now. Seeing large sales like Inscription #8 reach close to $460,000 solidifies the value people see in digital artifacts permanently engraved on the Bitcoin blockchain,” Bitt said. Coin General Manager says: In Magic Eden Chris Akhavansaid decryption.
The Magic Eden account on Twitter declared the OG General a “legend.” OG General has not yet responded to a request for comment, but tweeted late Thursday, “Ordinals are unstoppable!”
🪖 Inscription #8 was engraved on January 15, 1 sat/vB, when almost no one was interested in inscriptions. ” Ordinals can’t be stopped!! ” I’m warming up after going to work. LFG!! thanks to the legends @mfigge and @huuep Thank you for giving me some initial insight a few months ago… pic.twitter.com/V6cOmY3sLF
— The OG General (@TheOG_General) December 8, 2023
Magic Eden added support for BRC-20 tokens in June. The BRC-20 protocol allows Ordinals enthusiasts to not only create inscriptions on the Bitcoin blockchain, but also create meme coins.
Ordinal inscriptions, similar to NFTs, are digital assets engraved on Satoshi, the smallest denomination of Bitcoin. Thanks to the Taproot upgrade launched on the Bitcoin network in November 2021, it has become possible to engrave Satoshi on media such as works of art, text, video, and even video games.
According to the Dune report, more than 46 million Ordinal inscriptions have since been created on the Bitcoin blockchain. Casey Rodamer We started the Ordinals project last January.
On Wednesday, renowned auction house Sotheby’s announced the first sale of its Ordinals collection titled “Bitcoin Shrooms” by pseudonym artist Shroomtoshi. Shroomtoshi called the collection a “pixelated summary” of Bitcoin’s 13-year history.
According to Dune, more than $106 million was spent on costs associated with the Ordinals inscription. Now, similar projects have appeared on other blockchains, such as Ethscriptions on Ethereum and TON20 on the TON blockchain.
However, the popularity of Ordinals and the resulting increase in network traffic and fees have led to calls for Ordinals to be removed.
On Tuesday, Bitcoin Core developer Luke Dashjr criticized Ordinals’ inscription again, calling it spam on the Bitcoin network.
“‘Inscription’ is exploiting a vulnerability in Bitcoin Core to spam the blockchain,” Dashjr wrote on Twitter, adding that Bitcoin Core allows users to limit the size of additional transaction data. . “By obfuscating the data into program code, Inscription circumvents this limitation.”
Bitcoin purists like Dashjr are not fans of stunts like filling block spaces with the classic video game Doom. Nonetheless, miners are benefiting from increased demand.
“I am a big user of block space, and Ordinals seemed like a great way to get some block space utilization at this time,” said Luxor Technology Founder and CEO. “Because this is very important to my customers who are miners.” Nick Hansen said decryption.
Edited by Ryan Ozawa.
