Ordinals NFTs, one of the most important events of the First Quarter of 2023, attracted great attention. Ordinals Inscriptions, that is, NFTs, are based on Satoshis, the smallest unit of Bitcoin, of the project called Ordinals; Images, videos, audio files, etc. with a maximum size of 4 MB. It emerged by making it possible to write digital items. Therefore, a new era has begun for Bitcoin, which is seen as the gold of cryptocurrencies. Although it does not have a long history yet, it has attracted a lot of interest from NFT lovers.

To give an example of how it differs from the NFTs we are used to, the fact that NFT images or information, called Metadata, cannot be changed later, has a great impact in terms of security. On the other hand, the Inscriptions created exist entirely on-chain. In this sense, it differs from other NFTs in terms of full security and additionally full ownership. Since the files of NFTs in Ethereum and other networks are mostly stored in off-chain resources; Problems such as being stolen or accidentally deleted may occur from time to time.

Among Bitcoin Maximalists, there are a small number of people who are disturbed by the Ordinals movement. Some argue that it is detrimental to the future of Bitcoin, especially because it uses up too much storage space on the network. However, when we look at the on-chain data, we see that in a short time, as of March 28, 2023, a total of 633,690 Ordinals were produced (Inscribe) and a transaction fee of nearly 4 Million Dollars was paid. Bitcoin Miners are quite happy with this situation regarding transaction fees. But as of now, we see that there are major deficiencies in terms of volume, despite the fact that well-known big projects such as Yuga Labs, Degods and Magic Eden are included in the game.

There will be some of you wondering how to get it. First, we need a wallet address that supports the Bitcoin Taproot Update, which is active in November 2021. You can choose wallet applications such as Ordinals Wallet, Xverse and Hiro Wallet. Taproot wallet addresses “bc….” It starts with letters. You need to pay close attention to this issue. If you try to send or receive Ordinals to another type of wallet address, they will be lost. You also need to be careful not to keep a Bitcoin balance in the wallet address where you keep Ordinals. If you have both an Ordinals and Bitcoin balance in the same wallet address, there is a possibility that you will send the Satoshi with your Ordinals written when trying to make a Bitcoin transfer. That's why you may lose the Ordinals you have.

At the same time, you can choose markets such as Ordinals Wallet, Magic Eden or OrdinalsMarket for buying and selling transactions. Before using these platforms, we strongly recommend that you do your own research.

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