The Ordinals Team is launching a non-profit to aid Bitcoin NFT developers.

The Ordinals Team is launching a non-profit to aid Bitcoin NFT developers.

The Rise of Non-Fungible Tokens on the Bitcoin Blockchain

The blockchain industry is continually evolving, pushing the boundaries of what is possible in decentralized finance and digital asset ownership. One notable innovation that has gained significant attention in recent months is the integration of non-fungible tokens (NFTs) on the Bitcoin blockchain. In this article, we will explore the background of this development, the key players involved, and the implications for the broader crypto ecosystem.

Introduction to Ordinals and Bitcoin Inscriptions

Ordinals is a protocol that enables the addition of NFTs to the Bitcoin blockchain. The concept of inscribing unique digital assets on Bitcoin’s mainnet was first introduced by programmer Casey Rodarmor in January, laying the foundation for the creation of Ordinals NFTs. For a while, Rodarmor privately funded the Ordinals team and relied on generous contributions from core developers.

The Birth of Open Ordinals Institute

To foster the continued development of the Ordinals protocol and maintain a sustainable funding model, the team recently established the Open Ordinals Institute. This non-profit organization, registered as a 501(c)(3), will collect Bitcoin donations to support core developers, including the lead maintainer, Raph. The official Ordinals.org website, launched to provide updates on protocol development, now serves as the platform through which interested individuals can contribute to the institute.

Supporting Developers and Preserving Protocol Values

Creating a non-profit organization was seen as the optimal approach to compensate developers without compromising the values and goals of the Ordinals protocol. Ordinally, an Ordinals core developer, emphasized the importance of this move in a press release. By establishing the Open Ordinals Institute, the project aims to empower developers, ensuring the growth and security of Bitcoin-based NFTs.

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Promoting Bitcoin-based NFTs and Crypto-Economies

Erin Redwin, a board member of the Open Ordinals Institute, expressed a belief in the power of the nonprofit to empower developers and boost the utility of Bitcoin-based NFTs. This sentiment echoes the increasing interest from companies within various Web3 ecosystems, such as Ethereum, Solana, and Stacks, who had previously believed NFT-functionality on the native Bitcoin blockchain was not feasible. With Ordinals gaining rapid adoption and showcasing real-world implications for different crypto-economies, the institute seeks to fund a strong team of non-corporate developers to ensure the security and neutral nature of this open-source protocol.

The Versatility and Value Impact of the Ordinals Protocol

The Ordinals protocol has garnered attention not only from Bitcoin maximalists but also from avid NFT collectors due to its versatility and potential impact on the value of Bitcoin itself. In May, the protocol achieved a significant milestone, with 3 million inscriptions made. Furthermore, Ordinals played a vital role in propelling Bitcoin to second place in terms of NFT trading volume.

Conclusion

The integration of non-fungible tokens on the Bitcoin blockchain through the Ordinals protocol represents a significant development in the blockchain industry. The establishment of the Open Ordinals Institute as a non-profit organization underscores the commitment to the ongoing development and security of the protocol. As Bitcoin-based NFTs gain traction and reshape the crypto landscape, it is essential to support developers and promote sustainable growth in this emerging field.