Ordinals Updates And New Bitcoin-Based NFTs
Erin Redwing, CEO of the nonprofit Open Ordinals Institute, shared her plans for the development of the Ordinals protocol in a podcast.
Redwing detailed an upcoming feature called Provenance, which allows NFT copyright to be set. In other words, a digital artist can prove the copyright of their NFT work by creating a "parent" inscription in the NFT. This inscription will also pop up in every NFT transaction.
The new feature, which is more like a tree structure, will help the creator prove that his collection is complete, and no NFT token can be added.
The changes will be implemented when the Open Ordinals Institute gets provenance. According to Redwing, this will attract more creators and collectors to the Ordinals protocol. Open Ordinals Institute also hopes to provide grants to attract artists in the future.
Redwing shared other protocol upgrades as well.
Meanwhile, the popular NFT collection OnChainMonkey will leave the Ethereum network to find a new home on the Bitcoin blockchain. According to project representatives, Ordinal is better suited to decentralization and security than Ethereum.
Dune Analytics reports an increase in the number of inscriptions in the Ordinals protocol. The number has surpassed 29.3 million, indicating growing interest in Bitcoin-based NFTs.
