Brandverse Insight #3 - BTC Ordinals, Space, & More

Welcome back to Brandverse! This week, we have seen some tremendous projects launch, which we’ll cover below, but one of the areas in web3 we believe to be critical to understand is Bitcoin Ordinals. Ordinals have remained relatively mysterious, but given the recent Bitcoin buzz, Ordinals (Bitcoin NFTs) have taken the Web3 community by storm.

It’s become clear that both Bitcoin and Solana have now established themselves as viable L1 competitors to the reigning NFT blockchain king, Ethereum. Below, we’ll deep dive into what and how BTC Ordinals work.

This Week in Web3 (1.15-1.19.24)

🎮 Web3 gaming platform Nifty Island opened its Beta launch to the public to some substantial fanfare. This platform seeks to give new life to established NFT projects. They are partnering with popular companies such as Bored Ape Yacht Club, Pudgy Penguins, Azuki, and more. Users have loved the easy navigation and stunning visuals. - Read more via VentureBeat

🎺Trump launched his first-ever Bitcoin Ordinals collection featuring his Mugshot. The new collection increased interest for past Trump NFT Collections. Read more via CoinDesk

🐧 Pudgy Penguins' rapid ascent continues as the NFTs break a 19 ETH floor price. This marks an 80% increase from last week when the NFT floor price was near 10-11 ETH. - Read more via Inside Bitcoins

🎨 ThankYouX’s new Ordinals collection, Terrains, was launched on MagicEden on January 18th and Sold Out in one day, raising 4.5 BTC ($204,529). The new Ordinal collection was created from a painting that was then digitally altered and broken up into 100 individual pieces. - Read more via ThankYouX

👓 Web3 fashion mogul GMoney, founder of 9dccxyz won “Phygital Brand of the Year” at Phygicode Impact Awards during the World Economic Forum in Davos. - Read more via NFT Now

🏦 JP Morgan CEO Jamie Diamond categorizes Bitcoin as 'unworthy' and doesn’t want to discuss it anymore. Read more via Forbes

💰 Trump announced that he would never allow the creation of a central bank digital currency if elected in 2024. Read more via Cointelegraph

🕹️ Yuga Labs Gaming announced "Dookey Dash Unclogged" in Q1 2024 - this time, the game is open to all players via mobile & desktop. Read more via Yuga Labs

🚀 Axiom Space3 launches NFTs to space with 8 legendary artists including Snowfro, Jordan Lyall, MUMBOT, Dave Krugman, Richard Zheng, Amber Vittoria, Jack Kaido, and Dr. Sian Proctor. Read more via Decrypt

🤯 Blast L2 Testnet officially went live with a Blast BIG BANG competition officially begins - DApps can compete to get in front of 100K users & $1.3B in TVL. Read more via BLAST

📱 Solana Mobile SAGA Genesis sparks new interest with rumors spreading they are set to launch a second smartphone featuring new hardware. Read more via Decrypt Media

Brandverse Deep Dive!

NFTs on Bitcoin? A New Era for Bitcoin and NFTs

You may have heard some buzz about NFTs on Bitcoin but have no idea how to get one and where they came from. You are not alone; the technology is still in its early stages, but it is one of the most fascinating ecosystems in the industry at the moment. This innovation takes BTC from solely being a store of value to building out utility on the Bitcoin blockchain. Let's dive in, shall we? 

What are BTC Ordinals?

BTC Ordinals are, simply put, NFTs on BTC. They are inscribed on SATS (satoshi’s), which are the smallest unit of BTC. The reason they are called ordinals is because each SAT is inscribed in order from 1. The earlier ordinals have lower numbers, which some people deem more valuable. 

How Do BTC Ordinals Work?

BTC Ordinals function by inscribing data onto individual satoshis. This data can represent anything from digital art to unique collectibles, effectively turning each satoshi into a distinct digital asset. The process involves embedding this data into a Bitcoin transaction and permanently recording it on the blockchain. It’s not perfect, and it’s a bit more rigid than other ecosystems currently, but the technology exists where a user can embed just about anything onto a satoshi. 

Why do Ordinals matter? 

1. It gives Bitcoin utility:  BTC puritans may have a bit of angst against BTC being used for something other than a store of value - but Ordinals give a whole new world of what the Bitcoin blockchain can be used for. 

2. True Digital Artifacts:  Utilizing Bitcoin's renowned security features, BTC Ordinals offers a more secure and decentralized platform for NFT creation and ownership. They can never be altered, unlike many NFTs on other chains. Once an ordinal is inscribed, it stays like that forever - which is attractive for brands and partners looking for provenance. 

3. Opening New Markets: This development could attract a new wave of artists, creators, and investors to the Bitcoin ecosystem. It also opens the door for Bitcoin holders to put their BTC to work by supporting different communities building utility on BTC.

Where to explore the ecosystem

There are several great marketplaces, but Magic Eden has been our go-to for BTC Ordinals. You can check out new and established collections directly on the platform.

Let us know if you’re exploring the BTC Ordinal market and what projects you are bullish on.

With Web3 love,

Mina & Roman