Since the launch of the Ordinals protocol in 22 years, there have been signs indicating that funds and enthusiasm will spread to the Bitcoin NFT field. With Bitcoin’s continued appreciation and widespread market acceptance, the NFT ecosystem on the Bitcoin network is gradually thriving. The first collection of 10K Bitcoin Punks, which was minted for free using Ordinals, was even sold out in less than a day. This year has seen a boom in the NFT ecosystem, with the rising frenzy of the crypto market, from the continuous improvement of infrastructure to the constant emergence of innovative projects, and the gradual expansion of user communities, the Bitcoin NFT ecosystem is showing strong vitality.
Data shows that Bitcoin’s on-chain NFT transaction volume ranks first in the past 7 days, followed by Ethereum and Solana, and the prices of Bitcoin NFTs are generally rising. Driven by the Runes protocol, the floor price of Runestone has risen to 0.084 BTC (approximately $5912), with a market value of $660 million, surpassing BAYC to become the second largest project in the NFT market, despite their different positioning.
The Runestone project is undoubtedly a shining star. It is an experimental project initiated by Leonidas, the founder of @ord_io. With the airdrop completed in mid-March, Runestone has achieved amazing results. This initiative aims to incentivize and reward early supporters who have contributed to the Ordinals ecosystem. With over 110,000 unique parent-child inscriptions, Runestone not only explores digital art but also reflects various aspects of the flourishing NFT ecosystem on the Bitcoin network.
Runestone also has significant differences from traditional NFT methods. Compared to the common total supply of 10,000 in NFT projects, its issuance is ten times more. The snapshot for the Runestone project was taken at block height 826,600, which marks the first anniversary of the birth of the Ordinals.
On March 9th, Runestone#63140674 was sold for 8 BTC, approximately equivalent to $556,000. Runestone is one of the largest Bitcoin Ordinals inscriptions ever, with a file size of 3,967,899 bytes (3.967 MB). It is one of only seven Bitcoin Ordinals inscriptions exceeding 400,000 bytes (400 KB), and it was mined in block 832,947, creating the largest block record in Bitcoin history.
The proceeds from the auction, along with the previously raised Bitcoin donations through Twitter, will be used to pay for the mining fees of the Runestone airdrop plan, making it one of the largest Ordinals airdrop projects in history. This initiative not only showcases the community support and commitment to the Runestones project but also adds anticipation for the entire Bitcoin community and the upcoming launch of the Runes protocol.
Runes is a new protocol launched by Ordinals founder Casey for issuing fungible tokens. It first appeared on Casey’s blog and is expected to launch at the beginning of the Bitcoin halving, at a Bitcoin block height of 840,000.
Ordinals have incorporated runes into the Bitcoin ecosystem, creating a centralized currency issuance mechanism through BRC-20 in the form of indexed characters. However, this mechanism has put immense pressure on the Ordinals protocol originally developed for NFT applications. Despite being decentralized, even founder Casey cannot make BRC-20 disappear. Casey has expressed dissatisfaction with BRC-20 multiple times, stating that it occupies a large number of rune numbers and Bitcoin storage space without bringing much positive value to the ecosystem.
As a solution, Casey has proposed a new protocol called Runes. The main purpose of the Runes protocol is to define a way to exchange symbolized assets on the Bitcoin network. It uses Rune as the unit of symbolized assets, utilizes UTXOs to represent Rune balances, and transmits protocol messages through transaction outputs following specific formats and rules, including transfer and issuance operations.
Many projects related to the Runes protocol have started to heat up in the market, even though the official Runes protocol has not been released yet. Strictly speaking, there are currently no real Runes runes in existence, but many projects are utilizing the form of Bitcoin NFT for release. Among the recent projects related to the Rune protocol, the most talked-about is probably the Runestone project.
The Runestone project showcases 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, serving as a valuable example for the entire cryptocurrency community. Through this approach, Runestone not only establishes a healthy incentive system for the ecosystem of the Ordinals protocol, but also demonstrates how blockchain technology can promote fairness, transparency, and decentralization.
Furthermore, the large file size of Runestones allows them to carry more rich and complex content. Compared to traditional NFTs, Runestones can contain more data and information, making Runestones an ideal medium for digital art and cultural expression. Leonidas also emphasized that Runestone’s goal is simple: to create the world’s top memecoin on the Bitcoin chain, pointing out that many mistakenly view Runestone solely as an NFT collection.
It is important to note that the goal of Runestone is 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 adopts open-source algorithms to facilitate project validation and further community development. Open-source algorithms mean that the project’s code and technical details are publicly visible, allowing anyone to view, review, and contribute to improvements.
Runestone emphasizes returning control and ownership to the community, ensuring fair participation. Through community-driven approaches, project development and decision-making are no longer controlled by a single entity but by community members who actively participate and make decisions.
Runestone employs fair airdrops, ensuring equal distribution of tokens to provide credit to early supporters and incentivize community participation. Fair airdrops ensure that every Bitcoin holder has the opportunity to receive Runestone tokens, rather than being restricted to a few holders.
Each Runestone is linked to a significant moment in Bitcoin’s history, with greater data capacity allowing for more complex multimedia content. By associating with Bitcoin’s history, Runestone adds more historical significance and cultural value, attracting a wider range of users. Additionally, the larger data capacity provides artists and creators with more space and possibilities for creation, enriching the content and experience of NFTs.
Compared to other public chains like Ethereum, the Bitcoin network has long been seen as the “old guard” of crypto networks. However, with innovations such as the Ordinals protocol emerging, the Bitcoin network is gradually shedding this stereotype and reshaping its position in the digital asset issuance space. The growing market value of Runestone raises speculation as to whether it will become the next secret to wealth, and whether Bitcoin network NFT assets will become the new industry consensus for asset issuance. Only time will tell.
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