Since the launch of the Ordinals protocol, there have been signs that funds and enthusiasm will spread to the Bitcoin NFT field. With the continuous appreciation of Bitcoin and the widespread acceptance of the market, the NFT ecosystem on the Bitcoin network has gradually flourished. The first batch of 10K Bitcoin Punks minted for free using Ordinals were even sold out in less than a day. This year is the booming development of the NFT ecosystem. With the continuous heating up of the cryptocurrency market, from the continuous improvement of infrastructure to the emergence of innovative projects, and the gradual expansion of the client base, the Bitcoin NFT ecosystem is showing strong vitality.
Data shows that in the past 7 days, NFT trading volume on the Bitcoin chain has ranked first, followed closely by Ethereum and Solana, and the price of Bitcoin NFTs has generally risen. Driven by the Runes protocol, the bottom price of Runestone has risen to 0.084 BTC (about 5912 US dollars), with a market value of 660 million US dollars, surpassing BAYC to become the second largest project in the NFT market, despite different positioning.
About talismans
The Runestone project is undoubtedly a shining star. It is an experimental project initiated by Leonidas, the founder of @ord_io. With the completion of the airdrop in mid-March, Runestone has achieved amazing results. The initiative aims to motivate and reward early supporters who have contributed to the Ordinals ecosystem. Runestone has over 110,000 unique parent-child inscriptions, which not only explore digital art but also reflect various aspects of the thriving NFT ecosystem on the Bitcoin network.
There are significant differences between Fu Shi and traditional NFT methods. Compared to the common 10,000 total publishers for NFT projects, its publishing volume is ten times higher. The snapshot of Fu Shi project was taken at block height of 826,600, which marks the one-year anniversary of the birth of the serial number.
On March 9th, Runestone #63140674 was sold for 8 BTC, equivalent to approximately $556,000. Runestone is one of the largest Bitcoin serial number inscriptions in history, with a file size of 3,967,899 bytes (3.967 MB). It is one of only seven Bitcoin serial number inscriptions over 400,000 bytes (400 KB), mined in block 832,947, creating the largest block record in Bitcoin history.
The proceeds from this auction, along with the Bitcoin donations previously raised through Twitter, will be used to pay for the mining fees of the Runestones airdrop program, making it one of the largest Ordinals airdrop projects in history. This move not only demonstrates the community's support and commitment to the Runestones project, but also increases expectations for the entire Bitcoin community and the upcoming launch of the Runes protocol.
Rune protocol
Runes is a new protocol for publishing alternative tokens launched by Casey, the founder of Ordinals. It first appeared on Casey's blog and is expected to be released at the beginning of the Bitcoin halving, with a block height of 840,000.
Ordinals has incorporated runes into the Bitcoin ecosystem and created a centralized currency publishing mechanism in the form of indexed characters through BRC-20. However, this mechanism has brought tremendous pressure to the Ordinals protocol, which was originally developed for NFT applications. Although it is decentralized, even the founder Casey cannot make BRC-20 disappear. Casey has expressed dissatisfaction with BRC-20 many times, stating that it occupies a large amount of runic numbers and Bitcoin storage space, but does not bring much positive value to the ecosystem.
As a solution, Casey proposed a new protocol called Runes. The main purpose of the Runes protocol is to define a way to exchange symbolic assets on the Bitcoin network. It uses runes as the unit of symbolic assets, UTXO to represent the balance of runes, and transmits protocol messages through transaction output according to specific formats and rules, including transfer and publish operations.
Although the official Runes protocol has not yet been released, many projects related to the Runes protocol have begun to heat up in the market. Strictly speaking, there are currently no real Runes runes, but many projects are using the form of Bitcoin NFTs for release. Among the projects related to the Rune protocol recently, the most concerned one is probably the Runestone project.
The innovation and vision of Fu Shi
The Runestone project embodies the innovative spirit of blockchain technology, while adhering to the principles of fairness, transparency, and decentralization. Its distribution mechanism provides unique reward incentives for participants in the Ordinals protocol, providing a valuable example for the entire cryptocurrency community. In this way, Runestone not only establishes a healthy incentive system for the ecosystem of the Ordinals protocol, but also demonstrates how blockchain technology promotes fairness, transparency, and decentralization.
In addition, the large file size of runestones allows them to carry richer and more complex content. Compared with traditional NFTs, runestones can contain more data and information, making them an ideal medium for digital art and cultural expression. Leonidas also emphasized that the goal of Runestone is simple: to create the world's top memecoin on the Bitcoin chain, and pointed out that many people mistakenly regard Runestone only as a collection of NFTs.
It should be noted that Runestone aims to redefine the standard NFT framework. By supporting open source algorithms, community-driven projects, fair airdrops, and rewarding early supporters, Runestone aims to disrupt the traditional NFT market and establish a more fair and open ecosystem. As part of the Ordinals ecosystem, Runestone is committed to promoting wider participation and innovation.
Runestone uses open-source algorithms to facilitate project verification and community further development. Open-source algorithms mean that the code and technical details of the project are publicly visible, allowing anyone to view, review, and make improvements.
Runestone emphasizes returning control and ownership to the community to ensure fair participation. Through a community-driven approach, project development and decision-making are no longer controlled by a single entity, but by community members who actively participate and make decisions.
Runestone uses fair airdrops to ensure equal distribution of tokens, provide credit to early supporters, and incentivize community participation. Fair airdrops ensure that every Bitcoin holder has the opportunity to receive talisman tokens, rather than being limited to a few holders.
Each talisman is related to an important moment in the history of Bitcoin, and larger data capacity allows for more complex multimedia content. By connecting with the history of Bitcoin, talismans add more historical significance and cultural value, attracting a wider range of users. In addition, larger data capacity provides more creative space and possibilities for artists and creators, enriching the content and experience of NFTs.
Compared with other public blockchains such as Ethereum, the Bitcoin network has long been regarded as the "old guard" of encryption networks. However, with the emergence of innovations such as the Ordinals protocol, the Bitcoin network is gradually breaking away from this stereotype and reshaping its position in the field of digital asset publishing. The continuous growth of the market value of Fu Shi has sparked speculation about whether it will become the next wealth secret and whether Bitcoin network NFT assets will become a new industry consensus for asset publishing. Only time will give the answer.
Data shows that in the past 7 days, NFT trading volume on the Bitcoin chain has ranked first, followed closely by Ethereum and Solana, and the price of Bitcoin NFTs has generally risen. Driven by the Runes protocol, the bottom price of Runestone has risen to 0.084 BTC (about 5912 US dollars), with a market value of 660 million US dollars, surpassing BAYC to become the second largest project in the NFT market, despite different positioning.
About talismans
The Runestone project is undoubtedly a shining star. It is an experimental project initiated by Leonidas, the founder of @ord_io. With the completion of the airdrop in mid-March, Runestone has achieved amazing results. The initiative aims to motivate and reward early supporters who have contributed to the Ordinals ecosystem. Runestone has over 110,000 unique parent-child inscriptions, which not only explore digital art but also reflect various aspects of the thriving NFT ecosystem on the Bitcoin network.
There are significant differences between Fu Shi and traditional NFT methods. Compared to the common 10,000 total publishers for NFT projects, its publishing volume is ten times higher. The snapshot of Fu Shi project was taken at block height of 826,600, which marks the one-year anniversary of the birth of the serial number.
On March 9th, Runestone #63140674 was sold for 8 BTC, equivalent to approximately $556,000. Runestone is one of the largest Bitcoin serial number inscriptions in history, with a file size of 3,967,899 bytes (3.967 MB). It is one of only seven Bitcoin serial number inscriptions over 400,000 bytes (400 KB), mined in block 832,947, creating the largest block record in Bitcoin history.
The proceeds from this auction, along with the Bitcoin donations previously raised through Twitter, will be used to pay for the mining fees of the Runestones airdrop program, making it one of the largest Ordinals airdrop projects in history. This move not only demonstrates the community's support and commitment to the Runestones project, but also increases expectations for the entire Bitcoin community and the upcoming launch of the Runes protocol.
Rune protocol
Runes is a new protocol for publishing alternative tokens launched by Casey, the founder of Ordinals. It first appeared on Casey's blog and is expected to be released at the beginning of the Bitcoin halving, with a block height of 840,000.
Ordinals has incorporated runes into the Bitcoin ecosystem and created a centralized currency publishing mechanism in the form of indexed characters through BRC-20. However, this mechanism has brought tremendous pressure to the Ordinals protocol, which was originally developed for NFT applications. Although it is decentralized, even the founder Casey cannot make BRC-20 disappear. Casey has expressed dissatisfaction with BRC-20 many times, stating that it occupies a large amount of runic numbers and Bitcoin storage space, but does not bring much positive value to the ecosystem.
As a solution, Casey proposed a new protocol called Runes. The main purpose of the Runes protocol is to define a way to exchange symbolic assets on the Bitcoin network. It uses runes as the unit of symbolic assets, UTXO to represent the balance of runes, and transmits protocol messages through transaction output according to specific formats and rules, including transfer and publish operations.
Although the official Runes protocol has not yet been released, many projects related to the Runes protocol have begun to heat up in the market. Strictly speaking, there are currently no real Runes runes, but many projects are using the form of Bitcoin NFTs for release. Among the projects related to the Rune protocol recently, the most concerned one is probably the Runestone project.
The innovation and vision of Fu Shi
The Runestone project embodies the innovative spirit of blockchain technology, while adhering to the principles of fairness, transparency, and decentralization. Its distribution mechanism provides unique reward incentives for participants in the Ordinals protocol, providing a valuable example for the entire cryptocurrency community. In this way, Runestone not only establishes a healthy incentive system for the ecosystem of the Ordinals protocol, but also demonstrates how blockchain technology promotes fairness, transparency, and decentralization.
In addition, the large file size of runestones allows them to carry richer and more complex content. Compared with traditional NFTs, runestones can contain more data and information, making them an ideal medium for digital art and cultural expression. Leonidas also emphasized that the goal of Runestone is simple: to create the world's top memecoin on the Bitcoin chain, and pointed out that many people mistakenly regard Runestone only as a collection of NFTs.
It should be noted that Runestone aims to redefine the standard NFT framework. By supporting open source algorithms, community-driven projects, fair airdrops, and rewarding early supporters, Runestone aims to disrupt the traditional NFT market and establish a more fair and open ecosystem. As part of the Ordinals ecosystem, Runestone is committed to promoting wider participation and innovation.
Runestone uses open-source algorithms to facilitate project verification and community further development. Open-source algorithms mean that the code and technical details of the project are publicly visible, allowing anyone to view, review, and make improvements.
Runestone emphasizes returning control and ownership to the community to ensure fair participation. Through a community-driven approach, project development and decision-making are no longer controlled by a single entity, but by community members who actively participate and make decisions.
Runestone uses fair airdrops to ensure equal distribution of tokens, provide credit to early supporters, and incentivize community participation. Fair airdrops ensure that every Bitcoin holder has the opportunity to receive talisman tokens, rather than being limited to a few holders.
Each talisman is related to an important moment in the history of Bitcoin, and larger data capacity allows for more complex multimedia content. By connecting with the history of Bitcoin, talismans add more historical significance and cultural value, attracting a wider range of users. In addition, larger data capacity provides more creative space and possibilities for artists and creators, enriching the content and experience of NFTs.
Compared with other public blockchains such as Ethereum, the Bitcoin network has long been regarded as the "old guard" of encryption networks. However, with the emergence of innovations such as the Ordinals protocol, the Bitcoin network is gradually breaking away from this stereotype and reshaping its position in the field of digital asset publishing. The continuous growth of the market value of Fu Shi has sparked speculation about whether it will become the next wealth secret and whether Bitcoin network NFT assets will become a new industry consensus for asset publishing. Only time will give the answer.