Ordinals, not ordinary 🔅
Ordinals, not ordinary 🔅
Bitcoin Ordinals are making the waves again. Airline industry is soaring into Web3. How's the Bored Apes doing? and who are The Boys of Summer?
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The Bitcoin Ordinals is causing a stir, generating a digital economy where assets are priced, bought, and sold via Bitcoin.
And now a Nonprofit.
First, let’s just remember a few deets about Ordinals.
Back in 1993, Hal Finney, an early Bitcoin developer, wrote an email discussing “encrypted digital cards” or NFTs. Fast forward to 2021, and NFTs became a phenomenon and now, enter Ordinals!
What is Bitcoin ordinals? Bitcoin NFTs
Launched by Casey Rodarmor in January 2023.
Inscribes digital content like art onto the Bitcoin blockchain.
Based on ordinal theory, treating satoshis as individual identities.
More than just NFTs, allowing broader use cases.
How Do Ordinals work?
Ordinals are created by inscribing data into the witness of a Bitcoin transaction. This inscription process was made possible by the Taproot upgrade to the Bitcoin network, launched on November 14, 2021. The witness was initially introduced in the SegWit upgrade to the Bitcoin network in 2017.
How to mine Bitcoin Ordinals?
Technically complex, initially requiring running a Bitcoin node.
New tools like Gamma or Ordinals Bot simplify the process.
Creation of Ordinals
Download and sync with Bitcoin Core: Users must first download Bitcoin Core and sync their node to the blockchain.
Create an Ordinals wallet: The next step is to create a dedicated wallet for Ordinals.
Send satoshis to the wallet: Satoshis must then be sent to this wallet, enabling the creation and inscription of digital assets.
Ordinals vs. Traditional NFTs
Ordinals store content on-chain, differing from off-chain storage in traditional NFTs.
Rarity in ordinals defined by key Bitcoin block moments, not attributes or limited supply.
The Controversy
Though some may view Ordinals as abusing the network, developers argue that this is not the case. The inclusion of Ordinals and the necessity for full blocks (as noted by developer Casey Rodarmor) are seen as integral to the security model of Bitcoin.
Critics' concerns
Inefficient Block Space Usage: Critics argue that inscribing satoshi Ordinals consumes block space inefficiently.
Increased Transaction Fees: Due to the increased block space usage, there are concerns that Ordinals could lead to higher transaction fees for Bitcoin users.
Slower Transaction Times: The use of Ordinals could potentially slow down overall transaction processing times on the Bitcoin network.
A Surge in activity
Since the launch of the BRC-69 token standard on July 3 by Ordinals launchpad Luminex, the number of new daily inscriptions on July 11 has skyrocketed to over 350,000, marking a 250% increase.
July had been a strong month, and right now the inscriptions stand at 21,000,680.
Trading volume increased from $7.18 million in the first quarter of the year to $210.7 million by the end of June and now $294,527,118.
Vitalik said what?
“Ordinals are starting to bring back a culture of actually doing things. It feels like there's real pushback to the laser-eye movement, which is good,” - said Ethereum’s Vitalik Buterin.
He's quite taken with this new fad called Ordinals, and he's lovin' the BRC-20 token standard. He called them a refreshing change from the "stagnant" politics in Bitcoin-land.
“I think focusing on rollups is good, and so is being open to ZK-snark-based scaling solutions.”
The Nonprofit
The Ordinals team have decided to roll out a Nonprofit right as their inscriptions zoom past 21 million.
The team spoke on Tuesday, and guess what? They've created a nonprofit organisation, the Open Ordinals Institute (OOI for short, but there's nothing short about their plans!).
Until now, the team has been privately funded by Rodarmor and generous contributions from core developers.
But that's all changing. The newly registered 501(c)(3) non-profit will harness the power of Bitcoin donations to support the core developers, including the enigmatic Raph, recently crowned as the lead Ordinals Protocol maintainer.
Ordinals' core developer, Ordinally, sees the non-profit as the "cleanest way" to keep developers motivated without undermining the integrity of the protocol.
The aim? To boost the undiscovered potential of Bitcoin-based NFTs.
TTD Airways🛩️
Etihad Airways is taking you on a wild ride with their new 'Horizon Club' web3 loyalty program.
Mission Impossible-themed EY-ZERO1 NFT collection - ticket to real-world travel rewards.
🎫 300 Exclusive Editions: Launching on August 1st, these limited-edition 3D aircraft models are designed to look like the Boeing 787 Dreamliner from "Mission: Impossible – Dead Reckoning Part One."
🥇 Silver Tier Status & More: Holders of these NFTs get priority check-in, lounge access, and even the ability to stake their assets to earn miles.
🏁 Race to Rewards: Remember the Yas Marina Circuit Formula 1 race? The original EY-ZERO1 collection granted exclusive access to an NFT holders' event there. Now, the new collection offers even more digital and real-world rewards - from a fast-track to Gold Tier status to a customised Etihad membership card.
🔐 Stake for Miles: Coming this September, the "Horizon Club" will let you lock up your NFTs to earn Etihad Guest Miles. Redeem them for flights, upgrades, and other fabulous perks.
🤝The Collab: The new NFTs were developed in association with real-world asset tokenisation company Arcube, which has joined as an official Web3 partner of Etihad Airways. Payments made with credit cards or crypto are made possible by infrastructure company Crossmint.
The airline industry is soaring into the Web3 domain:
Spain's Air Europa: Not one to be left behind, Air Europa also partnered with TravelX in April 2022. They launched a series of NFT tickets linked to exclusive perks and events.
Argentina's Flybondi: This low-cost carrier teamed up with NFT ticketing company TravelX in March. Now, all its tickets are available as NFTs on the Algorand blockchain.
Japan's All Nippon Airways (ANA): In June, ANA made a smooth landing in the NFT market. They unveiled a marketplace that offers a metaverse travel experience, integrating passengers' flight histories with their digital avatars.
TTD BAYC 🐒
ApeCoin Hits All-Time Low
The Ethereum-based token ApeCoin, associated with Yuga Labs' Otherside metaverse game, has faced a significant drop in value. Linked to the Bored Ape profile pictures, ApeCoin hit an all-time low of $1.77 before rebounding slightly to $1.84.
ApeCoin was launched in March 2022 at $8.54 and reached a peak of $26.70 the following month.
Bored Apes reached a peak minimum price of 152 ETH or $429,000 in April 2022.
The decline in the market for profile picture NFTs has led to a loss in value for assets associated with the Bored Ape Yacht Club.
Yuga Labs Acquires Roar Studios
Yuga Labs, is making strategic moves to enhance its Otherside metaverse by acquiring Roar Studios.
Roar Studios' Background: Founded in 2021, Roar Studios focuses on music, gaming, and social media, and has raised $7 million to build a "music metaverse."
Integration with Yuga Labs: The Roar team will contribute their technology and expertise to accelerate Otherside's development.
New Leadership: Eric Reid, the founder of Roar Studios, will join Yuga Labs as the General Manager of Otherside.
Vision for Otherside: Yuga Labs aims to create a convergence space for all its intellectual property in Otherside, with live demos teasing updates.
ApeFest Conference Moves to Hong Kong
The Bored Ape Yacht Club's annual ApeFest conference is relocating from New York to Hong Kong for its third edition in November.
Community: The vibrant NFT community in Hong Kong may offer a more welcoming reception for Yuga Labs and BAYC.
Mixed Reactions: While local BAYC holders are excited, some are unhappy about the change from the event's historical US location.
Technical Issues: Ticketing for ApeFest has faced delays due to technical problems.
Now look who’s back in action:
TTD Gaming 🎮
"The Boys of Summer" hit a home run
Artist Mitchell F. Chan is stepping up to the plate with "The Boys of Summer," an experimental NFT game that's more than just peanuts and Cracker Jack. Inspired by his college days pulling stats for baseball historian Bill James, Chan has crafted a game that's all about statistical overload, both on and off the diamond.
Players can purchase NFTs from the Wild.xyz platform and customise their character's attributes. The game extends beyond baseball, allowing players to attribute points to various aspects of their lives. The game's outcomes are saved as metadata to the tokens, which can be bought and sold on NFT marketplaces.
Solana Foundation plays a new game with PlayGG
Next up, the Solana Foundation is swinging for the fences with its PlayGG event. Forget the crypto jargon and NFT push; this event is all about showcasing games built on Solana that anyone can enjoy.
No payment or cryptocurrency required for many of these games, just pure fun! Solana Games is on a mission to support quality games that can go toe-to-toe with traditional titles.
GameStop Says "Game Over" to NFT Wallet
GameStop is calling it quits on its crypto wallet, citing "regulatory uncertainty." After launching its NFT marketplace earlier this year, the video game retailer is shutting it down as the NFT market cools off.
The clock's ticking, with support ending on November 1, so users, don't forget to back up your wallet's secret passphrase by October 1. This decision follows the firing of CEO Matt Furlong, who had overseen the launch but wasn't keen on risking big bucks in crypto.
TTD Alliance 🤝
Crypto exchange Kraken is offering fans the opportunity to have their chosen non-fungible token (NFT) appear on Williams Racing Formula 1 racecars at the upcoming U.S. Grand Prix in Texas. Winners of the sweepstakes will be able to select their favourite NFT to be displayed on one of two Williams Racing cars during the race.
Kraken has been actively promoting its partnership with Williams Racing throughout the F1 season, aiming to boost customer engagement and expand its customer base in the U.S. despite the uncertain regulatory landscape for cryptocurrency exchanges.
Tech giants X metaverse
US tech giants Nvidia, Apple, Adobe, Autodesk, and Pixar Animation Studios have formed the Alliance for OpenUSD to develop standards for 3D graphics in the metaverse. OpenUSD is an open data format created by Pixar to facilitate collaboration on large-scale 3D animation projects.
The alliance aims to promote metaverse adoption worldwide and will work with the Joint Development Foundation to standardise the technology. Nvidia will integrate OpenUSD with its Omniverse tool for metaverse applications, while Apple's recent launch of the Vision Pro AR/VR headset and partnership with Disney align with the alliance's goals.
TTD Surfer 🏄
Traders are increasing their short positions in CRV, due to concerns over the founder's collateralized borrowing.
The Worldcoin cryptocurrency project has been suspended in Kenya by the government due to concerns over potential risks to Kenyans.
Genesis Digital Assets is expanding its operations in the United States by opening three new Bitcoin mining data centres in South Carolina.
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