- The Bitcoin Ordinals team has created a non-profit organization to help fund the project’s maintenance activities
- Dubbed the Open Ordinals Institute, the organization will be based in California and welcome BTC donations that will be used to financially empower the project’s developers
- The nonprofit will initially comprise four individuals including the Ordinals creator and his successor
The Bitcoin Ordinals team has created a non-profit organization to help fund the project’s maintenance activities. Known as the Open Ordinals Institute, it’ll be based in California and welcome BTC donations that will be used to financially empower Bitcoin Ordinals’ core developers. The nonprofit will initially comprise four individuals including the Ordinals creator Casey Rodarmor and his successor pseudonymously known as Raph.
Web3 Firms Love Bitcoin Ordinals
According to the team, a nonprofit allows the project to be funded by external entities without risking the project’s goals. Erin Redwing, one of the four members of the institute’s board, noted that the organization will play a critical role in the proliferation of NFTs on the Bitcoin blockchain.
The Ordinals protocol team is proud to announce the launch of the Open Ordinals Institute, a 501(c)(3) non-profit organization to foster the growth and advancement of the Bitcoin Ordinals protocol. Donations can be made at our website: https://t.co/H7ymKSL4VR
— Open Ordinals Institute (@ordinalsorg) August 1, 2023
Redwing added that the Bitcoin Ordinals project has a promising future considering the number of leading web3 firms interacting with the protocol.
Some top web3 firms already interacting with Ordinals include Yuga Labs which launched a Bitcoin NFT collection dubbed TwelveFold and Magic Eden which unveiled a Bitcoin Ordinals marketplace.
Ordinals Keeps on Evolving
The project has also evolved to allow fungible tokens and has inspired a similar project on the Ethereum blockchain.
The move to create a nonprofit comes shortly after the team launched a website dedicated to sharing the protocol’s progress. It also comes roughly two months after the project’s lead programmer Rodarmor announced that he’ll be taking a step back and handing the lead role to Raph.
Although the Bitcoin community is yet to agree on the benefits or shortcomings of the protocol, putting it under a nonprofit organization is likely to catapult its adoption among the web3 community.
