The Bitcoin community is buzzing with excitement as the largest Ordinals inscription sale to date has taken place, signaling a resurgence of digital artifacts on the leading blockchain network. Solana-based NFT marketplace Magic Eden reported the sale of Ordinals inscription #8 from the Honey Badgers collection, fetching an impressive 10.4 bitcoins (BTC), equivalent to around $450,000.
Data from Magic Eden reveals that the Honey Badgers collection consists of 10,000 Bitcoin NFTs, numbered from 81557 to 1029518. Notably, the purchaser, pseudonymous X user OG General, earned the title of a legend in Magic Eden’s post. OG General highlighted that the inscription, created on January 15 at 1 satoshi per byte (sat/vB) when Ordinals inscriptions garnered minimal attention, holds significance beyond a single sale.
OG General expressed enthusiasm, stating, “Back to work, I am just warming up. LFG!!… There is only one Web 3 we all need to make it. This community, you all are built different. Special thanks to all those who helped educate me and bring me up to speed. Ordinals is not about one sale; it is about where we all are going. Truly blessed and privileged to own a piece of our history.”
Ordinals inscriptions, representing texts, images, and videos inscribed in the witness portion of BTC transactions, have seen a recent resurgence. Enabled by the Taproot soft fork, this mechanism aims to number individual satoshis, the smallest BTC denomination, giving rise to Bitcoin NFTs.
Magic Eden’s marketplace for Bitcoin NFTs, launched in March, facilitates easy trading for Ordinals enthusiasts. The surge in popularity has inspired similar protocols on other blockchains, such as Ethscriptions on Ethereum.
Despite these achievements, Bitcoin Core developer Luke Dashjr has called for the shutdown of the Ordinals protocol, citing concerns about exploiting vulnerabilities and causing blockchain spam. The evolving landscape of Bitcoin NFTs continues to captivate the crypto community, signaling the enduring impact of digital collectibles on the blockchain.
