Ordinals Wallet

A non-fungible token (NFT) is a verifiably unique cryptographic asset representing a physical or virtual item that is recorded on a blockchain. Examples would be digital art, virtual collectibles, music, videos, domain names, or in-game items. 

Unlike regular cryptocurrencies, NFTs are non-fungible, which means one NFT is not the same as another. If you trade one mutant monkey NFT for another, for example, you’ll get an entirely different NFT altogether. 

The first NFT can be traced back to 2012. However, it was not until 2021 that NFTs blew up, with high-value crypto collectibles and digital art selling for millions of dollars. Today, NFTs have become a part of Bitcoin culture and have even earned their place in the mainstream.

Yes! Bitcoin has NFTs thanks to the Ordinals project that launched in January 2023. Ordinals have made it possible for NFTs to live directly on the Bitcoin blockchain. 

However, Bitcoin NFTs are referred to as Bitcoin Ordinals or Ordinal inscriptions by the Bitcoin community, whereas the term NFT is typically used for unique digital assets that are not directly stored on the blockchain but rely on centralized platforms for hosting.

Previously, Bitcoin NFTs were only possible on Bitcoin layer-2 chains like Counterparty, Stacks, or the Liquid Network. Rare Pepe NFTs built on Counterparty were one of the first NFTs on Bitcoin. 

Colored Coins on Bitcoin may have been the very first NFTs to exist. They were launched in 2012 and were made up of small bitcoin denominations. Colored Coins would represent a wide range of items like digital collectibles, property, company shares, and access tokens. However, Bitcoin’s blockchain wasn’t built to support the representation and management of real-world assets, thereby explaining why Colored Coins weren’t a success. 

Fast forward to today, the Bitcoin blockchain has undergone several upgrades, extending its capabilities. For instance, the 2021 Taproot upgrade made Bitcoin Ordinals, i.e., Bitcoin NFTs, possible.

The Ordinals protocol allows people to inscribe unique digital assets directly onto the Bitcoin blockchain. That means all data is recorded on-chain. Rodarmor prefers to use the term ‘digital artifacts’ instead of NFTs. Ordinals are also called inscriptions.

The protocol is called Ordinals because it is based on ordinals, a number system for satoshis (the smallest Bitcoin unit) that enables the tracking and transfer of individual satoshis (sats). These numbers are known as ordinal numbers. The protocol leverages the ordinal numbers’ ability to recognize and tag individual sats. 

Therefore, a user can attach content like an image or text to a satoshi and then broadcast it to the Bitcoin blockchain. Inscribed satoshis are special transactions that users can identify and track. You can inscribe an Ordinal digital artifact on an Ordinals marketplace like Gamma using Xverse wallet. 

Ordinals use the segregated witness part of a Bitcoin block and tapscripts, thereby making use of the 2017 SegWit upgrade and the 2021 Taproot soft fork, respectively. Taproot removed the block data cap, which means you could theoretically create a 4 MB digital artifact that would occupy an entire Bitcoin block. The data capacity permits users to store the Ordinal’s data on-chain instead of adding a link to a P2P storage service like IPFS, as is the case with traditional NFTs on other blockchains.

Yes. Bids and asks for Inscriptions are typically set in BTC, which means you could pay for Bitcoin NFTs with BTC.

Xverse is the best place to manage all your Bitcoin NFTs, so you can take them on the go with a mobile device or view them on a desktop with the Chrome extension. We are developing the most user-friendly Bitcoin wallet, built for everyone. That also includes NFT enthusiasts who want to explore the world of crypto collectibles built on Bitcoin.

Xverse is the best non-custodial Bitcoin wallet for your Ordinals. It is designed for Web3 applications and Bitcoin. The wallet is available for iOS, Android, and desktops with the Chrome browser extension, providing a simple and easy way to store our Ordinals. Xverse also allows you to inscribe your Ordinals on the app and has a user-friendly interface to streamline your Ordinals management.

You can buy Bitcoin Ordinals on Ordinals marketplaces like Gamma, Magic Eden, and Ordinals Market using your Xverse wallet in five simple steps:

1. Download the Xverse wallet and connect it to your chosen marketplace.
2. Top up your Xverse wallet with BTC to cover transaction fees.
3. Explore Bitcoin Ordinal Collections on the marketplace and select the inscription you want to buy.
4. Buy the Ordinal and confirm the transaction with your Xverse wallet. 
5. Your Bitcoin Ordinal will appear in your Xverse wallet after the block containing your transaction has been mined.

You can buy Bitcoin ordinals on a range of specialized Ordinals marketplaces like Ordinals Market, on NFT marketplaces like Magic Eden and Gamma, and on digital asset exchanges that support Ordinals, such as OKX. You can connect your Xverse Ordinals wallet to all of these marketplaces to securely buy and store your purchased Ordinals.

Bitcoin Ordinals offer a new way to store data on Bitcoin, which could potentially transform the network. Their popularity since their launch has made some collections skyrocket in value. However, the inscriptions come with risks, including volatile prices, potential scams, and network congestion. 

Moreover, Bitcoin Ordinals trading can lead to an increase in transaction fees and slow transaction time on the network, which can make on-chain Bitcoin transactions slow and more expensive. 

Developer Casey Rodarmor invented Bitcoin Ordinals to provide added functionality to the Bitcoin network. He launched the Ordinals protocol in January 2023 to give every satoshi individual identities through a numbering system. In a tweet, Casey revealed that part of his motivation for developing Ordinals was to make Bitcoin fun again to increase adoption.

Ordinals are unique digital assets inscribed on the smallest unit of Bitcoin, called a satoshi. The Ordinals protocol makes it possible to attach content images, videos, files, etc, through inscription directly on the Bitcoin blockchain. Bitcoin Ordinals can be tracked and transferred, giving the network added functionality. You can store your Bitcoin Ordinals on Xverse, the market-leading, non-custodial Bitcoin wallet that supports Web3 applications.

You can sell Ordinals on all the top marketplaces using your Xverse wallet. First, pick a marketplace and connect your Xverse wallet. Then, choose an Ordinal you want to list for sale and add the price (in  BTC) at which you would like to sell your Ordinal inscription. Once a buyer purchases your listed Ordinal, they pay using bitcoin, which will be sent to your Xverse Bitcoin wallet. Finally, the Ordinal will be transferred to the buyer to complete the transaction.

There are numerous exciting Bitcoin Ordinals collections you can explore. Some of the most popular collections at the time of writing include Taproot Wizard, Ordinal Maxi Biz (OMB), Bitcoin Punks, Bitcoin Frogs, Bitmap, Goosinals, OCM Dimensions, and OrdiRocks.

Ordinal wallets are specialized crypto wallets compatible with Bitcoin Ordinals. Xverse is the market-leading Bitcoin Ordinals wallet you can use to securely store, send, receive, buy, sell, and inscribe Ordinals. It’s non-custodial and compatible with all major Ordinals marketplaces. You can get Xverse on Android, iOS, and as a Chrome extension.

You can't send BTC to an Ordinals address. Sending bitcoin to an incompatible address can cause irreversible transactions with limited options for recovery. The blockchain will likely reject the transaction as invalid, and in worse-case scenarios, you may permanently lose your BTC. Fortunately, Ordinal wallets like Xverse support Bitcoin, so you have a BTC address and a separate Ordinals address.

You can get a Bitcoin Ordinals wallet by downloading Xverse on Android, iOS, or Chrome. Next, you select ‘Create a new wallet’ and back up your 12-word secret recovery phrase. Finally, you can access your wallet dashboard and click ‘Receive’ to view your Bitcoin Ordinals wallet.

You can fund your Xverse Ordinals wallet by purchasing bitcoin (BTC) directly using the wallet’s in-app fiat on-ramp. You can choose from a range of payment methods, including credit and debit cards, Apple Pay, Samsung Pay, and more. Alternatively, you could also transfer digital currency from another wallet, such as an exchange account, to your Xverse wallet.

Ordinals can be a lucrative investment, but note that they are highly volatile, just like any other digital asset. However, you will have to get in and out at the right time to make a profit, which is much harder than it sounds. So, ensure you conduct extensive research on the Ordinal collections you’re interested in before adding any Ordinals to your collection, and never invest more than you can afford to lose.