{"id":269692,"date":"2023-06-21T17:52:27","date_gmt":"2023-06-21T08:52:27","guid":{"rendered":"https:\/\/www.singapore-startup.com\/?p=269692"},"modified":"2023-06-21T17:52:27","modified_gmt":"2023-06-21T08:52:27","slug":"ordinals-and-the-bitcoin-nft-marketplace%ef%bc%81","status":"publish","type":"post","link":"https:\/\/www.singapore-startup.com\/?p=269692&lang=en","title":{"rendered":"Ordinals and the Bitcoin NFT Marketplace\uff01"},"content":{"rendered":"<div class=\"aafe36d7afa19a8010513acdd90193c0\" data-index=\"1\" style=\"float: none; margin:0px 0 0px 0; text-align:center;\">\n<center>Sponsored Link<\/center>\r\n<script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- Article upper_singapore-startup.com -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-8303070969424899\"\r\n     data-ad-slot=\"5656608650\"\r\n     data-ad-format=\"rectangle\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\n<\/div>\n<h2>About Bitcoin NFT Marketplace and Ordinals<\/h2>\n<p>\u3000In this article, we will discuss the new topic of Bitcoin&#8217;s NFT marketplace, Ordinals, a new high-profile concept in Bitcoin that works like an NFT (non-substitutional token).<\/p>\n<p>&nbsp;<\/p>\n<h2>What are Ordinals?<\/h2>\n<p>\u3000Ordinals are enabled by the Taproot upgrade introduced on the Bitcoin network on November 14, 2021. This allows users to fill out digital assets in the smallest unit of Bitcoin (satoshi). This filling process is similar to NFT, but takes place on the Bitcoin blockchain.<\/p>\n<p>\u3000The production of Ordinals begins with the user downloading Bitcoin Core and syncing the nodes to the blockchain. Once synchronization is complete, the user then creates an Ordinals wallet and sends satoshis to that wallet.<\/p>\n<p>&nbsp;<\/p>\n<h2>Background on Ordinals<\/h2>\n<p>\u3000The emergence of Ordinals is the result of upgrades to Bitcoin Core, such as Segregated Witness (SegWit) and Taproot, introduced in 2017. These upgrades enabled more complex transactions on the Bitcoin blockchain, allowing multiple transactions to look like standard transactions by creating new public keys and signatures.<\/p>\n<p>However, the Ordinals process may seem complicated due to the size of the Bitcoin blockchain and the need to use Command Line (Windows) or Terminal (Mac\/Linux).<\/p>\n<p>&nbsp;<\/p>\n<h2>The Future of Ordinals<\/h2>\n<p>\u3000Development of a more seamless way to fill out Bitcoins and a wallet that will allow users to view the Bitcoin NFTs created is underway. This will allow users to use Bitcoin NFT marketplaces such as Gamma that offer paid services for filling out images and text.<\/p>\n<p>Hiro Systems has also rolled out support for Ordinals in its Hiro Wallet, and Xverse, a Bitcoin-based web wallet, has also begun supporting Bitcoin NFTs.<\/p>\n<p>&nbsp;<\/p>\n<h2>Bitcoin NFT Marketplace and Ordinals<\/h2>\n<p>\u3000In order to buy and sell Ordinals, you will need an Ordinals compatible wallet such as Xverse Wallet, Hiro wallet, Ordinals wallet, Sparrow wallet, or Unisat wallet.<\/p>\n<p>If you just want to create and hold Ordinals, you do not necessarily need to interact with the Ordinals marketplace. However, if you wish to sell your tokens or purchase another Ordinal NFT, you are encouraged to visit the Ordinals marketplace.<\/p>\n<p>\u3000Ordinals marketplaces, like NFT marketplaces, are platforms for creators and collectors to search, buy, and sell. These marketplaces have their own Ordinals collections and compatibility with specific wallets.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>\u3000The three most popular Ordinals marketplaces as of June 2023, by volume of transactions and market size, are<\/p>\n<p><strong>1. Unitstat<\/strong><\/p>\n<p><strong>2. Magic Eden<\/strong><\/p>\n<p><strong>3. ordinals wallet<\/strong><\/p>\n<p>&nbsp;<\/p>\n<h2>How to Trade on Ordinals Marketplaces<\/h2>\n<p>\u3000Most Ordinal marketplaces use the Partially Signed Bitcoin Transaction (PSBT) solution to trade Bitcoin NFTs. This solution simplifies and simplifies transactions between multiple participants. Specifically, it works as follows:<\/p>\n<p>&nbsp;<\/p>\n<p><strong>1. creating a transaction:<\/strong> a member of the group creates a PSBT file. This will contain the details of the transaction (which UTXOs are used and where the UTXOs go), but will not contain the required signatures.\u00a0<\/p>\n<p><strong>2. Transaction Signature:<\/strong> The creator of the transaction sends the PSBT to the other group members for their approval and signature.\u00a0<\/p>\n<p><strong>3. transaction finalization:<\/strong> once the PSBT file has all required signatures, it is considered &#8220;final&#8221; and ready to be broadcast to the Bitcoin network. The final signer converts the PSBT into a fully signed transaction that the Bitcoin network can understand.\u00a0<\/p>\n<p><strong>4. broadcast:<\/strong> The fully signed transaction is broadcast to the Bitcoin network, where the transaction is confirmed and the process is completed directly on the Bitcoin blockchain.<\/p>\n<p>Transactions in the general NFT marketplace and transactions using PSBTs, which allow Ordinals to trade, differ primarily in the way transactions are handled, signed, and confirmed.<\/p>\n<p>&nbsp;<\/p>\n<p>In a typical NFT transaction, the transaction is often facilitated by a smart contract on a blockchain such as Ethereum, where a direct transfer takes place between the buyer and seller. Smart contracts process transactions automatically and handle the exchange of assets without additional authorization.<\/p>\n<p>PSBTs, on the other hand, are usually designed for more complex scenarios on the Bitcoin network. These typically include<\/p>\n<p><strong>\u30fbMultiple participants<\/strong><\/p>\n<p><strong>\u30fbAdditional layers of security<\/strong><\/p>\n<p><strong>\u30fbSituations where multiple participants need to sign before a transaction can be confirmed, e.g., multi-signature wallets.<\/strong><\/p>\n<p>\n\u3000The above information describes the Bitcoin NFT Marketplace and Ordinals as of 2023.<\/p>\n<p>*Reference URL:<span style=\"text-decoration: underline; color: #0000ff;\"><a href=\"https:\/\/decrypt.co\/resources\/what-are-ordinals-a-beginners-guide-to-bitcoin-nfts\" style=\"color: #0000ff; text-decoration: underline;\">What Are Ordinals? A Beginner&#8217;s Guide to Bitcoin NFTs<\/a><\/span><\/p>\n<p>&nbsp;<\/p>\n<h2>Click here for related products and services<\/h2>\n<p style=\"text-align: center;\"><strong>1.GMO Internet Group&#8217;s [GMO Coin].<\/strong><\/p>\n<a href=\"https:\/\/px.a8.net\/svt\/ejp?a8mat=2ZAD2D+33C92Q+3VI8+67RK1\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" width=\"300\" height=\"250\" alt=\"\" src=\"https:\/\/www25.a8.net\/svt\/bgt?aid=180202405187&amp;wid=009&amp;eno=01&amp;mid=s00000018080001044000&amp;mc=1\" class=\"aligncenter\" \/><\/a> <img loading=\"lazy\" decoding=\"async\" border=\"0\" width=\"1\" height=\"1\" src=\"https:\/\/www15.a8.net\/0.gif?a8mat=2ZAD2D+33C92Q+3VI8+67RK1\" alt=\"\" \/>\n<p style=\"text-align: center;\"><strong>2.Ledger cryptocurrency hardware wallet<\/strong><\/p>\n<a href=\"https:\/\/px.a8.net\/svt\/ejp?a8mat=2ZAD2D+33XOOI+3CWI+BZGEP\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" width=\"300\" height=\"250\" alt=\"\" src=\"https:\/\/www20.a8.net\/svt\/bgt?aid=180202405188&amp;wid=009&amp;eno=01&amp;mid=s00000015669002013000&amp;mc=1\" class=\"aligncenter\" \/><\/a> <img loading=\"lazy\" decoding=\"async\" border=\"0\" width=\"1\" height=\"1\" src=\"https:\/\/www19.a8.net\/0.gif?a8mat=2ZAD2D+33XOOI+3CWI+BZGEP\" alt=\"\" \/>\n<p style=\"text-align: center;\"><strong>3.Complete tedious virtual currency profit and loss calculations in an average of 10 seconds.\u3010Cryptact\u3011<\/strong><\/p>\n<a href=\"https:\/\/px.a8.net\/svt\/ejp?a8mat=3T6T17+6EEU7E+4DGW+609HT\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" width=\"300\" height=\"250\" alt=\"\" src=\"https:\/\/www29.a8.net\/svt\/bgt?aid=230424955387&amp;wid=004&amp;eno=01&amp;mid=s00000020408001009000&amp;mc=1\" class=\"aligncenter\" \/><\/a> <img loading=\"lazy\" decoding=\"async\" border=\"0\" width=\"1\" height=\"1\" src=\"https:\/\/www16.a8.net\/0.gif?a8mat=3T6T17+6EEU7E+4DGW+609HT\" alt=\"\" \/>\n<!--CusAds0-->\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>About Bitcoin NFT Marketplace and Ordinals \u3000In this article, we will discuss the new topic of Bitcoin&#8217;s &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[411354],"tags":[411434],"class_list":{"0":"post-269692","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin-nft","8":"tag-bitcoin-nft-marketplace-ordinals-en","9":"article cf"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.singapore-startup.com\/index.php?rest_route=\/wp\/v2\/posts\/269692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.singapore-startup.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.singapore-startup.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.singapore-startup.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.singapore-startup.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=269692"}],"version-history":[{"count":1,"href":"https:\/\/www.singapore-startup.com\/index.php?rest_route=\/wp\/v2\/posts\/269692\/revisions"}],"predecessor-version":[{"id":269693,"href":"https:\/\/www.singapore-startup.com\/index.php?rest_route=\/wp\/v2\/posts\/269692\/revisions\/269693"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.singapore-startup.com\/index.php?rest_route=\/wp\/v2\/posts\/1"}],"wp:attachment":[{"href":"https:\/\/www.singapore-startup.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=269692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.singapore-startup.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=269692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.singapore-startup.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=269692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}