GBRC721 leads a new wave of Bitcoin NFT, with Ordinals inscriptions surpassing 10 million

robot
Abstract generation in progress

Bitcoin NFT protocol Ordinals is rapidly developing, GBRC721 has become a new hotspot

As the total number of inscriptions minted under the Bitcoin NFT protocol Ordinals surpasses 10 million, the cumulative fee income has reached 1578.4611 BTC, approximately 44.14 million USD. Since its official launch on January 30 of this year, the growth rate of the Ordinals ecosystem has been astonishing, rapidly expanding in scale. In just 4 months, the number of inscriptions increased tenfold from 1 million, demonstrating strong development momentum.

The surge in the number of inscriptions has directly led to a spike in Bitcoin network fees, maintaining them at a high level. At the same time, a large number of creators have flocked to the Ordinals ecosystem, further intensifying the demand for Bitcoin block space. To address the current pain points, developers are continuously launching new protocols or standards, among which the most notable is the GBRC721 protocol.

The full name of the GBRC721 protocol is generative-brc-721, created by developer Jerry. This protocol aims to save on-chain resources and achieve a 50%-90% optimization of block space, thereby accommodating more creators and promoting innovation. It addresses the issue of projects needing to rely on IPFS for off-chain storage, allowing Bitcoin on-chain NFTs to achieve full-chain storage without relying on third-party retrieval support.

The deployment and minting process of GBRC721 is similar to that of BRC20 tokens, including steps such as creating the BRC721 collection, minting non-fungible serial numbers, and transferring to standard serial number inscriptions. To optimize user experience and ensure fair distribution, developers are considering introducing an on-chain whitelist mechanism.

Detailed explanation of the GBRC721 protocol and its ecological projects ignited by the thousandfold increase of OrdiBots

Currently, the GBRC721 ecosystem has had over 10,000 transactions, costing a total of 1.68 BTC. The most representative project is OrdiBots, which is the first case of the GBRC721 standard. OrdiBots is a lightweight collection consisting of 1,000 images. Through the GBRC721 standard, the overall size of the collection has been reduced by approximately 55%, greatly improving efficiency.

OrdiBots completed its minting in late May and gained significant attention and funding due to its innovation. The total transaction volume has reached 26.8 BTC, with 350 holding addresses. The minting cost rose from 3 USD to a peak of 0.12 BTC(, approximately 3200 USD), representing an increase of up to 1000 times. The current market value of OrdiBots is about 2.1 million USD, demonstrating tremendous potential.

Detailed explanation of the GBRC721 protocol and its ecological projects ignited by OrdiBots' thousand-fold increase

In addition to OrdiBots, OrdiBlocks is also a highly regarded project in the GBRC721 ecosystem. Launched by the DogePunks team, there is a total of 666 units, which have also received market enthusiasm. After quickly rising from a cost of 3 dollars, it is currently stable at around 90 dollars.

Detailed explanation of the GBRC721 protocol and its ecological projects sparked by the thousand-fold increase of OrdiBots

The popularity of the GBRC721 protocol and its ecological projects reflects the strong demand in the market for innovation within the Bitcoin ecosystem. Despite some doubts, the Ordinals protocol has opened up new development directions for the current market. As the infrastructure continues to improve, the Bitcoin ecosystem is expected to welcome more opportunities for innovation and development.

ORDI1.23%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 7
  • Repost
  • Share
Comment
0/400
PhantomMinervip
· 6h ago
Can't stand the gas fee anymore.
View OriginalReply0
ColdWalletGuardianvip
· 6h ago
Blockchain security is a priority, wanting to trade but not daring to rush.
View OriginalReply0
PumpStrategistvip
· 6h ago
The classic script of retail investors chasing the price is about to be staged again, waiting to see the performance of the candlestick chart reaching its peak and then falling back.
View OriginalReply0
DefiPlaybookvip
· 6h ago
From the TVL growth curve, Ordinals indeed shows significant growth potential, but based on historical experience, one must be reminded of the gas fee risk.
View OriginalReply0
PretendingToReadDocsvip
· 6h ago
The developers get on board to play people for suckers.
View OriginalReply0
RektRecordervip
· 6h ago
Miner is now lying down counting money.
View OriginalReply0
DogeBachelorvip
· 7h ago
Charge! When can we have the DOGE inscription?
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)