- The Bitcoin blockchain has welcomed a new token standard for Ordinals inscriptions
- Known as BRC-69, it eases the process of inscribing data on the Bitcoin network while also lowering the cost of doing so
- It also intends to allow inscriptions to exceed Ordinals’ storage limit of four megabytes
The Bitcoin blockchain has welcomed a new token standard known as BRC-69 to enhance Ordinals inscriptions popularly known as Bitcoin NFTs. The standard seeks to ease the processes of inscribing data on the BTC-powered network and lower the cost of doing so. BRC-69 also intends to allow users to inscribe data exceeding 4 megabytes, something that is impossible with the original Ordinals project.
Cost of Inscriptions Down 90%
Launched on Monday by an entity known as Luminex, it introduces what it calls recursive inscriptions, a method that facilitates the creation of inscriptions from existing inscriptions. According to Luminex, the new standard can bring down “the cost of inscriptions for Ordinals collections by over 90%.”
(3/7) With BRC69, we can reduce the costs of inscriptions for Ordinals collections by over 90%. This reduction is achieved through a 4-step process: (1) inscribe traits, (2) deploy collection, (3) compile collection, and (4) mint assets.
— Luminex (@luminexio) July 3, 2023
In a tweet, BRC-69 developers revealed that it requires a single line of text to create an image inscription that can be “dragged, dropped and saved as typical image type Ordinals.
4/ The brilliance of BRC69 lies in its simplicity. Minters only need to inscribe a single line of text instead of a full image.This text allows the final image to be automatically rendered on all ordinals-frontends,using solely on-chain resources, thanks to recursive inscriptions
— Luminex (@luminexio) July 3, 2023
The new standard has been embraced by some in the NFT world like popular NFT historian Leonidas who observed that breaching the 4 megabyte barrier previously set by Ordinals gives creators an infinite space to innovate.
WTF are recursive inscriptions?
Here is everything you need to know:
Earlier this year the Ordinals Protocol introduced the ability for anyone to inscribe files fully on-chain onto Bitcoin. These inscriptions are self-contained and unaware of the other files that had been… pic.twitter.com/O3jt6lhaxT
— Leonidas.og (@LeonidasNFT) June 12, 2023
The standard comes four months after Bitcoin welcomed the BRC-20 standard that allows Ordinals users to create fungible tokens. Although the Ordinals project has gained massive traction since its launch earlier this year, it has divided the Bitcoin community.
Bitcoin NFTs Are Against Nakamoto’s Vision
Those against having NFTs on Bitcoin argue that it doesn’t align with Satoshi Nakamoto‘s vision while Bitcoin NFTs supporters hold that Ordinals expand the blockchain’s use cases.
Notable entities in the NFT world that have already embraced Bitcoin Ordinals include Yuga Labs and Magic Eden.
With Bitcoin Ordinals inspiring a similar project on Ethereum blockchain, it’s yet to be seen whether the new standard will find its way into Ethereum.
