OrdinalHub Weekly Roundup - 3.13.23
Welcome to the first of our regular 'weekly roundups'! The ordinals ecosystem is only 2 months old and there is already much to report back on. New projects, developments and features are being shipped daily to support and build out the rails of this ecosystem.
We'll divide this report up into four sections each week.
- News & Recent Events
- Industry Metrics
- Education & Learning
- Ecosystem Map Updates
Before getting into the meat of the roundup - there are many, many people volunteering their time across different projects. Oftentimes looking at what engineers & builders choose to do with their 'free time' can provide signal on the next big disruption. We wanted to take the time and say a big thank you.
NEWS & RECENT EVENTS:
Yuga Auction:
- The $4B NFT powerhouse behind Bored Ape Yacht Club (BAYC), Meebits & CryptoPunks debuted the collection, "Twelvefold", on Bitcoin, to massive bid interest. Yuga auctioned 288 of 300 pieces for 735btc, or $16,500,000, close to tripling the volume of known Inscription marketplace sales to-date.
- We break this down HERE
Punks, Punks, Punks:
- One of the most historic, well-known & highly traded NFTs on ETH (CryptoPunks) has made its' way to Bitcoin... more than a couple times already. What does this mean?
- Anything can be inscribed on-chain now, via ordinal theory. And, it comes as no surprise that the 'punks' have landed, in many different forms. There are really three different 'collections' that have taken form at this point with varying characteristics; Ordinal Punks, Punks on Bitcoin, Bitcoin Punks & Portal Punks. The main differences are: How early the collection was inscribed - 'Inscription Range', how large the collection is - 'Collection Size and if the collection original or a derivative.
- We break all of them down HERE
How "experimental" BRC-20 drove Inscription count this week:
- A new experimental token standard by domodata drove Inscription activity & mempool fees to ATHs for 2023 this past week. "BRC-20", a reference to Ethereum's ERC-20, is a "a fun experimental standard [allowing you to] create off-chain balance states with inscriptions".
- BRC-20 adds the creation & transfer of token balances within the Inscription dataset. This resulting in a Cambrian explosion of meme token contracts this week, namely Domo's own "ordi", with over 45,000 BRC-20 deployment + transfers occuring, or roughly half of the Inscription volume in since March 9.
- Read the whole post HERE
INDUSTRY METRICS:
Inscriptions took a brief pause mid-Feb, but have come back in force. We are now nearing the 450k inscription level and may breach 1MM inscriptions this month. Data by @dataalways and @ilemi
Volumes on the newer marketplaces has slowed a bit in the past week, but are fairly evenly distributed amongst ordinals.market, ordswap and ordinals wallet.
It is counterintuitive that a significant portion of bitcoin ordinals volume is taking place via etherum rails, but it is. This is a stop gap solution, and one in which traditional NFT'ers are familiar with. Most of this trading volume is taking place on ordinals.market and opensea emblem vaulting, specifically for Bitcoin Punks.
EDUCATION & LEARNING:
Each week, we'll drop in a few small nuggets to get everyone up to speed on tools, nomenclature, etc. Take a look at two quick overviews on PSBTs & Teleburning:
ECOSYSTEM MAP:
The ecosystem significantly changes week to week, but it's worth noting that Galaxy Digital put out a very solid industry overview HERE that is a must read.
Next week we'll do an overview of wallets. There are large differences between a 'browser wallet', an 'extension wallet' and cold storage when it comes to ease of use and security.
For those who have followed us since the get-go, thank you! For newcomers, welcome. OrdinalHub was built to onboard, educate and provide trusted tooling as this industry moves from its infancy to maturity. OrdinalHub is taking a methodical approach to growth to ensure products and tools are built for safety and to last.
Everything written is meant for illustrative purposes only, and not meant to be used as investment advice. No companies or projects mentioned here are to be viewed as a recommendation. This industry is very early- please exercise caution and do your own research.