In the spring of 2023, ordinals will be the hot topic among Bitcoiners. With his invention, developer Casey Rodarmor allows the creation of NFTs on the largest blockchain without requiring a layer 2 solution.
However, Rodarmor does not call the new non-fungible tokens NFTs, but inscriptions. Other inventions were based on his technology – such as the BRC-20 token standard, which allows the creation of user-generated tokens.
The developers of the BRC-721E standard believe in further growth of the NFT market on Bitcoin. The standard they developed is adaptable and can therefore undergo significant improvements in the future in order to meet technological innovations.
Both the Bitcoin NFTs and a large number of fungible BRC-20 tokens have been very popular over the past few months. However, due to the lack of smart contract functionality in Bitcoin, the digital systems do not have the same options as the models on Ethereum.
Ethereum NFTs have managed to gain some popularity as gaming content, among other things. The fungible ERC-20 tokens are also popular as utility tokens within specific ecosystems or as governance tokens. Bitcoin’s offshoots cannot fulfill such roles.
So far, however, ordinals have enjoyed success as simple pixel artworks . A first stablecoin on Bitcoin was created a few days ago.