Ordinals Brings the NFT Industry to Bitcoin – Bitcoin Magazine
The Ordinals protocol has taken the Bitcoin world by storm. The new protocol quickly accumulates over 9,000,000 inscriptions and enables arbitrary data to be embedded on the Bitcoin blockchain. In addition to attracting attention from the NFT industry, Ordinals have led to a sharp increase in the fees required to send bitcoin, sparking new debate about how Bitcoin should deal with high-fee environments.
In a recent interview with Bitcoin Magazine, Farokh, founder of the Rug Radio platform and a well-known collector in the NFT industry, shared insights into the world of Bitcoin NFTs and his vision for the future of the Bitcoin inscription market. After reflecting on his own Bitcoin and NFT journey, Farokh acknowledged the initial confusion surrounding Bitcoin in 2012, given the lack of development and user-friendly platforms at the time. However, he highlighted the rapid growth and development of NFT platforms in 2021 and how that is reflected now in the context of Bitcoin NFT’s sudden rise in popularity.
Discussing the benefits of Ordinals, Farokh emphasized the security aspect of storing art on the Bitcoin blockchain, saying: “Ordinals now enables art to be stored on the most secure blockchain in the world, without keeping that data in remote databases there it can be stored. vulnerable to manipulation.” He identified this as the biggest advantage of Ordinals over NFTs on other, less secure blockchains, and recognized the need for censorship-resistant and immutable storage solutions.
Regarding the future of Bitcoin NFTs, Farokh expressed his optimism. He also acknowledged the current challenges, such as high costs and the need for infrastructure development, but believed that with the continuous growth of the Bitcoin ecosystem, improved solutions would emerge.
Farokh also discussed the entry of luxury brands into the Bitcoin NFT space, mentioning the collaboration between Asprey and Bugatti. He expressed his curiosity about advanced brands that embrace ordinals and leverage the security and authenticity provided by the Bitcoin blockchain.
When asked about the reaction of projects transitioning to Bitcoin NFTs, Farokh noted the generally positive response. He drew parallels to the early days of NFTs, where skepticism was common but ultimately proved wrong. He also highlighted the positive reception of projects such as Yuga Labs’ TwelveFold, which indicated that the acceptance of Bitcoin NFTs was gradually gaining momentum.
Looking ahead, Farokh envisioned a mature Bitcoin NFT market with user-friendly platforms available to retail users. He remarked, “Look how much [NFT] the marketplace has evolved… at first creating a wallet was complicated. Now we have proper marketplaces.” Farokh’s optimistic outlook hinted at a future where the Bitcoin NFT market becomes more mainstream and user-friendly, ultimately driving further adoption.
Overall, Farokh’s interview shed light on the growing importance of Bitcoin NFTs, their unique advantages, and the evolving landscape of the Ordinals protocol.