NFT Community Shifts to Bitcoin Blockchain as Real Scarcity is Brought by Ordinals Protocol

02/13/2023 13:50 • NFT Newsflash • 155 views

According to the news on February 13, Jason A. Williams, the holder of BAYC # 1626, said on social media that the NFT community is turning to the Bitcoin blockchain, and the Ordinals protocol has brought real scarcity to digital collections, so he decided to cast BAYC # 1626 on the world’s rarest and safest blockchain, and will use TeleBurn to destroy it forever on the Ethereum blockchain, and will not return to Ethereum later, At present, BAYC # 1626 is cast as “Inscription 5413” on the Bitcoin blockchain.

BAYC # 1626 was permanently destroyed in Ethereum and cast as “Inscription 5413” on the Bitcoin blockchain

Interpret the above information:

The NFT or the non-fungible token community has gone through a major paradigm shift as Jason A. Williams, the owner of Bored Ape Yacht Club (BAYC) #1626, announced his decision to take his NFT collection to the Bitcoin blockchain. He stated in a social media post on February 13 that the introduction of the Ordinals protocol has added real scarcity to digital collections, making the Bitcoin blockchain the world’s rarest and safest blockchain.

Williams declared that he has cast Bored Ape Yacht Club #1626, known as “Inscription 5413,” on the Bitcoin blockchain through the Ordinals protocol. Moreover, he plans to remove the NFT from the Ethereum blockchain by using TeleBurn to destroy it forever. Williams further announced his plans not to return to Ethereum again, indicating the seriousness of his plans to shift to the Bitcoin blockchain.

This move is further proof of the growing popularity of blockchain technology, particularly the Bitcoin blockchain. The market value of cryptocurrencies has continued to soar, with Bitcoin leading the way as the primary cryptocurrency, valued at over $1 trillion. This development has prompted industry leaders to invest in blockchain technology, and the adoption of NFTs is emerging as a game-changer for the blockchain industry.

The Ordinals protocol has been instrumental in providing authenticity and scarcity to digital collections by offering a unique numbering system for NFTs. This system assigns serial numbers to NFTs, with the first NFT being labeled “Ordinal 1” and so on. This step solves the issue of infinite digital reproductions which had previously reduced the value of NFTs.

In conclusion, Jason A. Williams’ decision to cast BAYC #1626 onto the Bitcoin blockchain will have a ripple effect on the NFT community and the overall blockchain industry. It marks a change in focus from Ethereum to Bitcoin, with the Ordinals protocol providing a solution to the challenge of NFTs’ authenticity and scarcity. As the market continues to evolve, the adoption of NFTs and the blockchain technology underlying them will undoubtedly continue to drive innovation and transform industries worldwide.

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