In a recent development in the crypto space, BitMEX founder and American crypto billionaire Arthur Hayes, along with anonymous developer Domo, the creator of the Bitcoin BRC-20 token standard, have participated in a $3 million pre-seed funding round for the Bitcoin Ordinals wallet Oyl. This funding round was led by crypto asset manager Arca, with additional backing from Kanosei and FlamingoDAO.
Oyl, set to launch in the upcoming weeks, will introduce “in-wallet” Ordinals trading. Ordinals, a groundbreaking concept, brings NFT functionality to Bitcoin by allowing data inscriptions on individual satoshis. Satoshis, the smallest unit of Bitcoin, can now hold various types of data, including images, videos, audio files, and even simple games like a DOOM clone.
Building on the success of Ordinals, Domo’s BRC-20 token standard has revolutionized the token creation process by inscribing data on satoshis. While similar to Ethereum’s ERC-20 standard used by prominent projects like Tether, Uniswap, and Chainlink, BRC-20 lacks advanced smart contract capabilities. Nevertheless, its growing popularity underscores the power of open-source collaboration within the crypto community.
As the Bitcoin network approaches its quadrennial halving event on April 19, Ordinals could play a pivotal role in the post-halving economy. The halving event reduces block rewards for miners, leading to a decrease in new Bitcoin issuance. Historically, this scarcity has driven up Bitcoin prices, especially amidst sustained institutional demand.
Recent trends indicate a surge in Bitcoin NFT sales, surpassing Ethereum NFT volumes in early March 2024. Additionally, Bitcoin’s expanding layer 2 network is enhancing scalability and speed, enabling diverse applications akin to Ethereum. These developments position Bitcoin as a versatile blockchain with significant commercial potential.
In conclusion, the collaboration between industry veterans like Arthur Hayes, innovative minds like Domo, and the advancements in Bitcoin technology through projects like Ordinals and BRC-20 signal a promising future for the crypto ecosystem. Stay tuned for further updates on the evolving landscape of digital assets and blockchain innovation.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
