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The new Bitcoin NFT standard GBRC721 rises, OrdiBots leads the Ordinals inscription craze.
Bitcoin NFT protocol Ordinals inscriptions突破10 million pieces GBRC721 protocol and its ecological project analysis
The total number of inscriptions for the Bitcoin NFT protocol Ordinals has exceeded 10 million, with cumulative fee income reaching 1578.4611 BTC, worth approximately 44.14 million USD. Since its official launch on January 30, the Ordinals ecosystem has developed rapidly and is continuously expanding. The surge in the number of inscriptions has led to a spike in Bitcoin network fees and attracted a large number of creators into the ecosystem.
To address the current issues, developers have introduced new protocols and standards, among which the GBRC721 protocol is particularly noteworthy. This article will provide a detailed introduction to the GBRC721 protocol and its ecosystem projects.
Introduction to GBRC721 Protocol
The full name of the GBRC721 protocol is generative-brc-721, created by Jerry, the founder of the Bitcoin NFT project DogePunks. This protocol aims to optimize blockchain space utilization, achieving a 50%-90% space savings, while supporting full-chain storage without relying on third-party retrieval.
The deployment and inscription process of GBRC721 includes three main steps:
To ensure fair distribution, the developers are considering introducing an on-chain whitelist mechanism to optimize community experience.
GBRC721 Ecological Project
OrdiBots
OrdiBots is the first demonstration project of the GBRC721 standard, with a total of 1000 pieces, composed of 26 different feature combinations. Through the GBRC721 standard, OrdiBots achieves approximately 55% block space savings.
OrdiBots completed its inscription from May 22 to 23, gaining significant attention and funding due to its innovation. The total transaction volume is approximately 26.8 BTC, with 350 holding addresses. From an initial inscription cost of around 3 USD, OrdiBots peaked at 0.12 BTC, a 1000-fold increase. The current market value is approximately 2.1 million USD.
The success of OrdiBots is inseparable from the strong consensus of its community. The community conducts daily auctions of gold armor and distributes profits, while also developing various tools to actively interact with the platform and other projects, empowering the holders.
OrdiBlocks
OrdiBlocks is launched by the management of DogePunks, with a total of 666 pieces. Influenced by OrdiBots, the community shows great enthusiasm for OrdiBlocks, with each collectible being inscribed multiple times.
OrdiBlocks quickly rose from a cost price of 3 dollars to 400 dollars, and has currently fallen back to around 90 dollars. The current total transaction amount is about 60,000 dollars, with a unique holder address count of 223 and a listing count of 105. The community is actively operating to create more value for holders.
Summary
The GBRC721 protocol has gained attention due to the success of OrdiBots, but the ecological infrastructure still needs improvement. From a broader perspective, the Ordinals protocol has brought new vitality and opportunities to the Bitcoin ecosystem.
Although there are still skeptics about application development on Bitcoin, the current Web3 space remains in a concept and story-driven phase. The Ordinals protocol has opened up a new track for the market, which may lead to unexpected developments.