The inscription broke out, and Bitcoin expanded its peer-to-peer electronic cash system as the most valuable NFT infrastructure.
Due to the constraints of the fundamental doctrine and the setting of the peer-to-peer electronic cash system, most early attempts to build NFT projects on the Bitcoin network failed, but fortunately, Ethereum perfectly took up the NFT narrative, ushering in a grand NFT Summer wave and further catalyzing the acceleration of the integration of Web3 and the physical economy. However, the first NFT wave eventually came to an abrupt end with the arrival of the bear market and fell into a long silence. With the passage of time and the cyclical changes in the market, the NFT market has entered a phase of repair, and the positioning of Bitcoin NFT and Ethereum NFT has also undergone a two-level reversal.
After the Bitcoin Taproot upgrade and Segwit expansion, more data can be stored on the chain. Ordinals was created by Casey Rodarmor, and after numbering and writing data such as text, images, and videos into the smallest unit of Bitcoin, Satoshi SATS, NFT assets can be minted, transferred, and destroyed in transactions of Satoshi SATS, officially unveiling the bull market. Compared to Ethereum NFTs, Bitcoin NFTs are stored directly on the chain, with a fair distribution mechanism, higher decentralization, and security, and are empowered with higher value brought by the Bitcoin network. However, the Bitcoin network does not have the Turing complete smart contract functionality of Ethereum, so Bitcoin NFTs do not support complex custom settings and have limited storage space. However, regardless of these limitations, the Bitcoin ecosystem has completed its pioneering work and is moving towards NFT infrastructure. During the peak period, BTC NFT’s 24-hour trading volume once exceeded that of Ethereum ETH.
With the breakthrough of Bitcoin NFTs and the inscription narrative, the NFT market pattern has also been changing rapidly. The OKX NFT market was the first to respond to user needs and launched the OKX Ordinals market, quickly gaining a foothold in the market. According to Dune data, on January 30th, the market share of OKX Ordinals reached 89.3%, with a total transaction volume exceeding 1 billion US dollars, making it the largest BRC20 inscription and BTC NFT trading market in the industry. In addition, the OKX NFT market will also integrate standards such as DRC-20 and ARC-20 at the end of February, continuing to lead the construction of Bitcoin inscription ecological infrastructure. Moreover, in addition to Bitcoin inscriptions, the OKX NFT market has also supported Aptos and Solana ecological inscriptions, accelerating their rise in the NFT market.
With the rise of the inscription narrative, NFT users’ attention has shifted from Ethereum to Bitcoin. Previously dominant NFT projects such as BAYC, Azuki, and CryptoPunks were unable to sustain their overinflated values in the long term and eventually converged towards the mean in the bear market. The typical NFT narratives they advocated, such as PFP, art, and rights, have become old stories. At the same time, the “one-horse-dominant” pattern of the NFT market has quietly changed. Some top NFT platforms have adhered to established rules, while some emerging NFT platforms have emerged, seeking their own development amidst the unpredictable market changes.
In 2023, the Bitcoin inscription narrative ignited the market, and NFT users’ attention shifted from Ethereum to Bitcoin. Market funds began to flow, and the leading Bitcoin NFT project, Bitcoin Frogs, had daily trading volume surpassing that of Ethereum NFT leader BAYC multiple times, triggering a grassroots “redefine fairness” movement in the community. However, the lagging infrastructure of Bitcoin could not fill the gap in user needs. As a platform with technological accumulation and innovation drive, OKX NFT first launched the Ordinals market, responding to user needs in a timely manner and achieving exponential user growth. According to Dune data, as of January 30th, the number of users in the Ordinals market has reached 138,704, accounting for 89.3% of the market share, with a total transaction volume exceeding 1 billion US dollars, ranking first in the industry.
The OKX Ordinals market is completely decentralized, with platform service fees waived for interactions and supports one-stop transfer, trading, and inscription of BRC-20 and BTC NFT, and has launched powerful inscription tools to support users in batch inscription with a single signature. BTC network inscription supports up to 1200 inscriptions in a single batch, while EVM network inscription supports automatic inscription of up to 50 inscriptions in a single batch. Users can choose text mode or hexadecimal mode to perform single or batch inscriptions of individual or multiple texts on BTC and mainstream EVM 23 public chains, with fully automated transaction transmission and no need to import private keys for free use, making it more secure and convenient. In addition to batch inscription, the OKX Ordinals market also supports batch purchase and batch transfer functions, allowing simultaneous purchase of BRC-20 inscriptions and BTC NFTs, with a maximum support of 10 transactions per purchase, bidding farewell to cumbersome steps and improving transaction efficiency.
The cost of minting Bitcoin NFTs is related to the size of the data and the speed of minting. In order to solve the two major problems of “expensive” and “congestion” in user interaction on the Bitcoin chain, the OKX Ordinals market further reduces user GAS by optimizing the UTXO spending order and uses encryption PSBT signatures, disabling RBF transactions, and server-side broadcasting to avoid users being maliciously stuck due to low GAS during processes such as order placement and purchase. In terms of UTXO management, the OKX Ordinals market supports the prevention of effective UTXO spending and intelligent unlocking of invalid UTXOs. The platform can automatically identify worthless NFTs and invalid BRC-20 and BRC20-S inscriptions, helping users release them with one click.
In addition to constantly meeting the growing needs of users, the OKX Ordinals market continues to empower industry construction through measures such as open source and API upgrades. The API function now supports users to place orders faster through the API, with zero transaction fees while enjoying better depth and liquidity. The fully open-source OKX ORD Indexer of the OKX Ordinals market not only supports Ordinals protocol parsing and transaction events, inscription data, UTXO status queries but also supports BRC20 protocol parsing and transaction events, balance, ticker queries, as well as bitmap protocol parsing, thus continuously building the Bitcoin ecosystem.
The eruption of Bitcoin inscriptions has promoted the prosperity of inscription ecosystems on various public chains. In order to provide comprehensive support for the development of the industry’s inscriptions, the OKX NFT market has gradually supported recursive inscriptions, cursed inscriptions, BRC-420 standards, Solana inscriptions, Aptos inscriptions, and other transactions. It will also integrate ARC-20, SRC-20, Runes, and DRC-20 inscription token standards, becoming the industry’s first and most advanced one-stop inscription ecosystem platform. It is evident that behind these diversified measures, millions of users can conduct zero-cost transactions within the expanding world of inscription standards, helping OKX NFT climb to the top of the industry’s largest inscription market. The decline of the old NFT narrative has led to the rise of new platforms, gradually dismantling the “one-horse-dominant” NFT pattern under the rule of Opensea, and ushering in an era of diversified development in the inscription battlefield, where the brave emerge victorious.
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