Bitcoin Ordinals non-fungible token (NFT) has received good news as a new creator Launchpad has been introduced which will help all creators securely mint their inscriptions before trading them off to collectors.
Bitcoin Ordinals NFT creator Launchpad was triggered by Magic Eden, one of the largest digital collectibles marketplace by monthly trading volume on April 6.
According to multiple news reports, the Ordinals creator Launchpad will enable creators to inscribe their BTC-based NFT collections.
Bitcoin Ordinals NFT creator Launchpad: What is it?
An NFT Launchpad is a platform that helps creators mint and sell their digital collectibles through a unique portfolio with a curated collection which allows buyers (collectors) to purchase digital art easily.
The Bitcoin Ordinals NFT Creator Launchpad will help bring new users to the ecosystem of the first blockchain where they can easily and securely mint tokens on the network.
Why is the Launchpad important?
This was done through a process called Inscriptions which was introduced on the mainnet of Bitcoin in January 2023.
With Inscriptions, creators had to source what is called a no-code inscription tool. Many NFT lovers used Gamma, one of these no-codes to mint Ordinals NFT.
While Inscription is seen as relatively straightforward for several Bitcoin enthusiasts who are conversant with the blockchain’s code, it’s a complex process that can be understood by creators who are familiar with upgrades such as Taproot (triggered in November 2021 to improve privacy and efficiency, and made Bitcoin smart contracts-compatible).
This made it difficult for creators to choose Bitcoin as a platform to mint NFTs when other technologies such as Ethereum, Ronin, Solana, Flow, Polygon, Cardano, WAX, Avalanche, Immutable X, Binance Smart Chain, Arbitrum, Palm, Tezos, Panini, Cronos, Algorand, Waves, Theta, Fantom, OKC, and Zilliqa – the biggest NFT blockchains by all-time sales volume are readily available.
Bitcoin Ordinals Inscriptions Nears 1 Million
As of 11:00 UTC on April 7, the total Inscriptions of Ordinals NFT are on their way to the 1 million milestone.
The total Ordinals Inscription was 955,138, of writing, and 30% of this represented by 2925,007 came in the first seven (7) days of April. Ordinals Fees paid overtime is approximately $4.6 million.
Bitcoin has benefitted from Ordinals’ rise in 2023
BTC was affected massively by the collapse of TerraUSD (UST), an algorithmic stablecoin by Terraform Labs in May and FTX by Sam Bankman-Fried in November 2022.
Despite a rebounding of the market thanks largely to industry-wide positive market sentiment, BTC’s rise to a quarterly and yearly high price of $29,159.90 on March 30 coincided with the positive NFT trader aura around Ordinals.
The substantial rise in trading volume took the project’s market capitalization above $550 million by the end of Q1 2023 after the largest digital asset by market value closed the month at $28,478.48 after opening the year at $16,547.91.