Thread by @realMatrixport

🔥 The newest hype in the #crypto space: #ordinal #NFTs

#Minted directly on the #Bitcoin #blockchain! 🎨

💰 Learn how this multi-billion dollar #token is offering greater security, transparency, and use cases🧵👇

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1/10 🚀 #OrdinalNFTs are the latest hype in the #crypto space! Unlike classic #NFTs which rely on #token standards like #ERC721, ordinal NFTs are #minted directly on the #Bitcoin #blockchain. This offers greater permanence and immutability on the distributed #ledger.

2/10 🎨 With #ordinalNFTs, users can inscribe digital art, profile pictures, videos, audios, and images directly onto #satoshis (the smallest unit of #Bitcoin). This means no need for additional #sidechains, L2 solutions, or #tokens! #cryptoart

3/10 🔒 #OrdinalNFTs are also considered "digital artefacts" due to their permanence and immutability on the #Bitcoin #blockchain. Unlike traditional #NFTs, which can be altered by #smartcontract developers, ordinal NFTs are more secure and transparent. #BitcoinNFTs

4/10 💰 The merging of #NFTs and the #Bitcoin network offers greater security, transparency, and traceability, opening up more use cases and reigniting interest around NFTs. Just last week, the number of newly #minted #ordinalNFTs on the Bitcoin #blockchain surpassed 100,000!

5/10 🤝 #BitcoinNFTs are not a new concept and have been developed by #protocols like #Counterparty and #Stacks. The recent hype around #ordinalNFTs has brought attention back to these original #protocols as the #StacksNetwork's #STX #token rallied 50% in the past 24 hours.

6/10 ⛓️ #Stacks is a platform that offers #smartcontract compatibility and rolls up all its transactions on its network before settling them on the main #Bitcoinblockchain as part of its Proof-of-Transfer #consensus mechanism. This leverages #Bitcoin's high level of security.

7/10 🤖 #Stacks considers itself a 'Layer 1.5' solution as it can leverage the security of a Layer 1 while simultaneously allowing #smartcontract functionality to run #dApps like #Layer2 #protocols. It also supports their own unique smart contract language, Clarity.

8/10 🛍️ A #BitcoinNFT #marketplace on #Stacks, #Gamma, has started offering paid services that allow users with a #BTC address to inscribe #ordinalNFTs without needing to code. These developments have helped Gamma's daily trading volume increase by over 1000% in the past month!

9/10 💸 The #StacksNetwork also offers users the ability to take part in 'stacking' (staking equivalently) where they can lock up their #STX tokens to earn rewards of up to 10% #APY paid in #Bitcoin. #DeFi

10/10 🔮 With its ability to leverage the #Bitcoin #blockchain's security for settlement of transactions, #Stacks is well-positioned to develop Bitcoin #DeFi. As the full potential of the #StacksNetwork is recognized, it may fuel the #STX #token #rally even further. #crypto

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