Ordinals is a protocol that allows NFTs on Bitcoin. It was launched by Casey Rodarmor who figured out how to track and inscribe content directly on the network. We've seen insane sales recently, and many believe it's the easiest play in NFTs rn. (2/11)

Bitcoin network has bitcoin currency and satoshis. These satoshis are the the smallest unit of bitcoin currency. One bitcoin is equal to 100 million satoshis. Casey found that he could give a name to each satoshi, track their order, and make them non-fungible. (3/11)

He also found that by inscribing content (image, video, sound, text) to each satoshi he could create the first ever bitcoin on-chain NFTs. And here we have Ordinal protocol born from this simple idea that triggered all the bitcoin NFT craze 🤯 (4/11)

How to buy them? 1️⃣ OTC Trading There are no marketplaces yet, so trading is messy. You typically go to the collections' Discord and make an OTC deal. Unless you run a node, you can only receive the NFT, but can't sell it. Here's what trading Ordinal Punks looks like. (5/11)

2️⃣ Following popular artists We'll see more artists inscribing their art on Ordinals. This might be a good opportunity to learn more and secure the first piece. Still risky and OTC, but arguably less than a totally random anonymous collection. (6/11)

3️⃣ Ethereum projects that inscribe on Bitcoin OnChainMonkey recently announced the collection would be inscribed on Bitcoin. We will surely see more projects allowing this. (7/11)

It's fascinating to watch how quickly people work on tools to make Ordinals accessible. In weeks, we'll probably see the first marketplaces and wallets. At this stage, I would be extremely cautious, use this time to learn, and get ready for the "more serious" projects. (8/11)

@beast_eth Great thread @beast_eth

@beast_eth Checks - Bitcoin Edition is the alpha. Homage to @jackbutcher , owning 1 edition will allow you to burn for an Ordinal. No node needed.

@beast_eth It could very well be the “biggest opportunity since checks”. However, the real questions is, for how long. There are very opposing opinions on the longevity of this “meta” / “trend” or whatever you want to call it. I’m a bit wary, ngl.

@beast_eth So far, no one has been able to explain to me conclusively why these things are priced so high.

@beast_eth What’s the actual point of an NFT on bitcoin?

@beast_eth There seemed to be a huge push to get things inscribed under 100k, so it’s clear some people think that threshold may have some significance. I suspect when we get to 10M inscriptions, the first 100k will seem pretty rare.

@beast_eth

@beast_eth Lfggg

@beast_eth

@beast_eth Appreciate the thread - great insight! Do you think Ordinals are good or bad for BTC?? I've seen mixed opinions..🤷‍♂️

@beast_eth Great thread to break things down. Still doing my DD on this. Definitely not for the weak of heart to mess around with unless they know what they are doing

@beast_eth Cool thread 💚

@beast_eth some people have BTC and ETH like normal people have toilet paper. For them it's about doing new stuff not the value of stuff. Toilet paper people always talk about the value (btw, I'm one of the toilet paper people)