The emerging trend of Bitcoin Ordinals has captured popular interest and drawn more individuals to try using Bitcoin Ordinals. This has raised prevailing transaction fees rand pushed up user demand for storage on the Bitcoin network.
This is transforming Bitcoin from purely a store of monetary value into a valuable data and settlement layer. From the time Bitcoin Ordinals began in January 2023, it has drawn in millions of dollars in miner fee that go toward supporting the security of the network.
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Disclaimer: ALEX is a decentralized protocol and community driven project, the ALEX Lab Foundation does not endorse any of the project or tokens listed, users must do their own research in deciding if participation is right for them, and any views expressed below are for educational purposes only and are not financial advice.
To participate in Ordinals, you need to know what are the top Ordinals Marketplace that you can use to buy and sell Ordinal Inscriptions!
Bitcoin ordinals refer to unique metadata linked to every individual satoshi (the smallest unit of Bitcoin), or stored on the Bitcoin blockchain. These inscriptions may assume any form just as long as they are kept under 4 MB in file size.
For example, an inscription may correspond to a satoshi with the ordinal number 1165647477496168, also it refers to a JPEG file that takes up 15,000 bytes.
That particular satoshi was mined in 2013, and its metadata was added in 2023. This implies that it is one of the various satoshis that seem similar at first glance, but now it draws attention as one of the first satoshis to hold an image connected to it.
This special feature distinguishes it from alternative satoshis and enhances its tokenized value. These are often referred to as "rare sats."
Ordinals and Ethereum NFTs differ in how they store data. Ethereum NFTs are stored and minted in the blockchain using a tokenized standard like ERC-721, allowing for recognition within the ecosystem.
When an ERC-721 NFT gets minted, metadata with data about the NFT is generated, while the original image or artwork is often stored off-chain.
In contrast, Bitcoin's Ordinal NFTs are linked to a unit of currency on the Bitcoin blockchain itself, removing the demand for distinct metadata files because the artwork gets fully embedded into the blockchain.
This unique approach provides an enhanced sense of longevity and security that may not be seen within alternative blockchains.
Recently, there has been a decrease in the interest in the NFT markets. The aggregate weekly value received by NFT platforms on Ethereum rose at the start of 2022, rising to a high on April 25 of just over $1.7 billion.
Still, this value decreased towards the end of 2022, possibly because of the FTX collapse and the start of a crypto Winter period. While the Ethereum blockchain NFT marketplace stays strong, activity has decreased from its peak in January and February 2023.
In contrast, there has been a recent rise in overall activity for Ordinals. As reported by Dune, Ordinals that hold image or text files saw high levels of volume. On March 1, 2023 – which saw the highest minting traffic – there were 15,981 text files, 8,817 image files, 23 applications, two audio files, one model, and one video that had been inscribed as Ordinals.
Despite a reduction in fees for inscribing Ordinals since mid-February, cumulative fees rose to about $1.5 million. Dune reports that over 320,000 Ordinals were inscribed at that point.
Noted examples of Ordinals include Ordinal Punks, which pay homage to CryptoPunks or Taproot Wizards.
As Ordinals are relatively new in the cryptocurrency scene, likely, many participants are not yet used to minting or trading them. Still, as trends develop and they go mainstream, inscriptions are expected to get popular fast.
This could rekindle the interest in NFTs in general.
If you are looking to trade BRC-20 tokens, we have a dedicated BRC-20 Orderbook DEX for that in our Bitcoin DeFi ecosystem!
Now that you know the potential of Bitcoin Ordinals, it's time to discuss the top Ordinals marketplaces. Disclaimer: The ALEX Lab Foundation is a community driven decentralized platform that does not endorse the safety or security of using any of the below listed marketplaces. The ALEX Lab Foundation is in not associated with or sponsored by any of the below listed marketplaces.The below results are for educational purposes only, drawn from search engine results and users much do their own research. Ordinals are highly risk assets, there is no guarantee of return, and any of the marketplaces listed below could potentially suffer a hack / exploit / failed transaction that can result in a partial or total loss of user funds. Participate at your own risk.
Magic Eden, a reputable cross-chain NFT marketplace known as MagicEden, has recently revealed an exclusive platform tailored for Bitcoin Ordinals. The decision to bring Bitcoin to their platform was driven by the desire to draw from the resources of a big community and capitalize on the expanding collectibles market via Ordinals, as reported by Zhuoxun Yin, Magic Eden's COO and co-founder.
This calculated step is aligned with their goal of setting up a multiple-chain market reach to enable the long-term profitability of their NFT platform.
Since its launch in December, Ordinals, a project similar to NFTs, has gone through rapid growth on the Bitcoin blockchain.
The number of recorded Ordinals on the Bitcoin blockchain rose from over 90,000 in mid-February to more than 400,000 just one month later—an impressive 344% increase within a short period.
Before this report, Magic Eden had extended support for NFT sales on Solana and Polygon while also publishing listings for Ethereum-based NFTs. Notable investors in the platform are Paradigm, Sequoia, Coinbase Ventures, and Solana Ventures.
Boasting a massive user base of over 22 million unique monthly visitors and over 100,000 daily wallet incorporations to its network, Magic Eden has consolidated its position as a premier NFT marketplace.
The launch of an NFT marketplace especially committed to Bitcoin Ordinals by Magic Eden denotes a huge shift in light of constraints that arise within the NFT market that have challenged accessibility.
Website: https://magiceden.io/
Twitter: https://twitter.com/MagicEden
Supports both NFTs and Ordinal Inscriptions Trading: Yes
In 2023, Gamma launched a groundbreaking volatile marketplace for Bitcoin ordinals, developed from its current solutions targeting the industry. Collaborating with Leather and Xverse, Gamma worked towards the goal of improving the basic infrastructure and setting itself up as a premium NFT marketplace.
The newly launched marketplace sets a new benchmark for Bitcoin Ordinals by offering cutting-edge creation tools, APIs, third-party wallet add-ons, and a superb user experience in comparison to top NFT marketplaces like OpenSea and Rarible.
Founder and CEO Jamil Dhanani highlighted the platform's commitment to producing a top-tier web3-native experience in the crypto winter period.
Having already created one of the first NFT marketplaces for Ordinals, Gamma has invented over 30,000 Bitcoin ordinals and accounts for more than 10% of all inscriptions within the network. The platform continues to spur growth in the Bitcoin ordinals market by frequently releasing new updates to enable producers and claim its reputation as one of the premier NFT marketplaces.
Website: https://gamma.io/
Twitter: https://twitter.com/trygamma
Supports both NFTs and Ordinal Inscriptions Trading: No
The Ordinals Wallet rapidly rose to prominence as a major participant in the Ordinals protocol, beginning as an explorer and developing into a trending NFT marketplace for Ordinals fans. After a week the launch, it featured trending Bitcoin NFT collections including Planetary Ordinals, Ordinal Rocks, and Ordinal Punks, growing into an accessible NFT collection platform.
Its inventive features enable users to transfer their Ordinals which formed the basis of the foundation for its transformation into a distinctive NFT marketplace. Using the PSBT technology, users may conveniently buy, sell, store, and transfer Ordinals in a secure setting without third-party interference.
Though it currently charges a 2.7% market fee, the team is progressively imposing a 4.2% creator royalty fee. The platform's accessible interface emerges distinctively as one of its most important benefits, providing comprehensive navigation through different tabs and functions or functioning as an accessible gateway portal into the space of Bitcoin Ordinals.
Website: https://ordinalswallet.com/
Twitter: https://twitter.com/ordinalswallet
Supports both NFTs and Ordinal Inscriptions Trading: No
OpenOrdex is a cutting-edge NFT marketplace that uses Commission-Free PSBT Technology. It is a community-owned platform designed to enable the exchange of NFTs on the Bitcoin blockchain without charging trading fees.
Recent weeks have witnessed a growing interest in NFT Ordinals on the Bitcoin network, with various organizations and initiatives making announcements about their releases. This trend started in early February with the launch of the Ordinals Protocol, which marked the first instance of NFTs getting incorporated into the Bitcoin network.
Following this, dedicated wallets for storing Bitcoin NFTs, like Xverse and Hiro Wallet, started to surface. This momentum kept growing as many NFT collections, like DeGods and 535 NFTs, became part of the Ordinals Protocol. The latest development is the launch of a new NFT marketplace for Bitcoin Ordinals by Magic Eden.
As platforms and modes for exchanging and minting NFTs within the Ordinals Protocol grew, collectors looked for commission-free trading options. OpenOrdex stands out as an open-source NFT marketplace based on partly signed Bitcoin transactions (PSBT), providing a novel approach to exchanging NFT Ordinals. On OpenOrdex, sellers initiate partially signed (PSBT) transactions to sell non-fungible tokens and set their prices, upon which buyers can wrap up the transaction procedures.
Website: https://openordex.org/
Twitter: https://twitter.com/openordex
Supports both NFTs and Ordinal Inscriptions Trading: No
As of Oct 10th, 2023, Ordswap is no longer operational. Do not use Ordswap.
Ordswap refers to a dynamic marketplace that offers a variety of helpful, useful features. Users hold the capacity to both buy and sell ordinal NFTs in the crypto platform or even use an inscription platform to effortlessly craft their distinctive ordinal NFTs at an affordable price.
Also, users may take a close look at certain collections of ordinals and sift through them with filters before participating in transactions. The website additionally features an 'activity' button that shows all the latest trades occurring on Ordswap. To gain access to Ordswap, users need to hold a compatible wallet like the Ordswap Wallet or MetaMask.
Ordswap was a secure, trusted, and original NFT marketplace that is presently a favored platform for buying, trading, and creating Bitcoin Ordinals following its launch in February 2023. Users may participate in buying, selling, and creating their own Bitcoin NFTs by accessing the user-friendly interface offered by Ordswap.
The accessible design integrates an internal wallet within the marketplace. Users can effortlessly install an Ordswap wallet or use their installed MetaMask wallet to obtain and store Bitcoin Ordinals, art, and artifacts.
Considering platform fees, Ordswap administers a 3% fee upon all purchases beyond the basic listing price. To add, inscriptions are subject to a minimal charge of 0.00025 BTC with an additional 5%. Still, Ordswap provides a substantial 10% discount on all collection inscriptions. In all, Ordswap caters to all experienced or novice users looking for a comprehensible platform with an accessible user interface to sell NFTs or purchase alternative digital assets.
Website: Permanently Shut Down
Twitter: https://twitter.com/ordswap/status/1711444650823713181
Supports both NFTs and Ordinal Inscriptions Trading: No
The ordinals protocol has gathered growing traction in the crypto community, especially with advocates who perceive this as a profitable method of introducing new protocols and BRC-20 tokens on the Bitcoin blockchain. Widely known as BTC NFTs, ordinals are considered high-value digital items.
Once someone generates their digital item with this protocol, they may opt to store it in their wallet or sell it on a certain marketplace, akin to traditional NFTs. These digital items range in rarity and may store substantial value based on their distinctiveness and sales value within the market.
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Many enthusiasts of this protocol are keen to locate and procure these rare assets. This increased legitimacy of ordinals highlights how they have rapidly integrated into the growing landscape of digital assets within the crypto industry.
The potential usefulness of ordinals extends to more than mere ownership and trading. As more applications surface, these digital items may play an important role in various decentralized applications developed upon the Bitcoin blockchain.
This growing role presents promising opportunities for people interested in engaging with this innovative protocol while leveraging its potential for various applications in blockchain technology and digital asset management.
The rising usage of the ordinals protocol is clear evidence of a wider trend toward adopting innovative approaches in crypto space.
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