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🥁 Are Bitcoin NFTs Making a Comeback?

Gemini sues DCG, OpenSea is hiring for $100k - $350k, and more!

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The BEN Team
July 09, 2023

Read time: 4 minutes

GM fam! Never a quiet day in crypto 🥁 Here’s the playlist for today:

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  • Are Bitcoin NFTs Making Comeback?🥁

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🥁 Are Bitcoin NFTs Making a Comeback?

Bitcoin Ordinals can be used for many kinds of projects, such as security tokens or stablecoins. But their main use case has been minting NFTs on Bitcoin.

Ordinals have been controversial, with critics arguing that they use too much of Bitcoin’s block space and will slow down the network and lead to higher transaction fees.

But they are experiencing a surge in interest because of a new token standard called “BRC-69”, introduced on July 3rd by Luminex, a company that helps projects launch their own Ordinals collections.

Inscriptions are what makes Ordinals work. Basically, you can attach any custom data to a bitcoin transaction, such as comments and messages.

Before BRC-69, Ordinals had a 4-megabyte limit for these inscriptions. But BRC-69 reduces the time and costs of making inscriptions on the Bitcoin blockchain by 90%.

Using ‘recursive inscriptions’, BRC-69 lets you bypass the 4-megabyte limit by using data from existing inscriptions to create new ones.

Check out their GitHub page if you’re feeling technical!

This exciting development allows for Bitcoin Ordinals to grow without clogging the network like they did back in the Spring.

Meme Break 😌

🗞️ Trending News

  1. Gemini is suing DCG for Gemini Earn creditors. The blame is being put squarely on Genesis Capital for misleading Gemini about their insolvency.

  2. Bored Ape Yacht Club Owner Yuga Labs Raises $450M Led by A16z. Take a guess what they’re going to use the money to build.

  3. Binance sees nearly $2B inflow amid exit of key executives. TUSD balance soared from $500 million to $242.5 billion in 24 hours.

  4. Kraken’s Jesse Powell is under federal investigation, but exchange remains uninvolved. Kraken is aware of the investigations.

  5. Will artificial intelligence choose Bitcoin as its currency? Arthur Hayes breaks down what role Bitcoin will play in AI’s future.

  6. Sega exec ices blockchain gaming plans, calls play-to-earn ‘boring’. Despite trademarking “Sega NFT” in December 2021 at the peak.

  7. An AI-Generated Nude Just Sold for $340k. It….doesn’t really look like a nude at all.

  8. Japan’s largest banks team up to bring stablecoins to Cosmos. TOKI is partnering with Mitsubishi UFJ Trust and Banking (MUTB).

  9. Nevada regulator claims Prime Trust owes customers $85.7M in fiat alone. This comes after BitGo backed out of its signed letter of intent to acquire the company.

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