The sale of a Bitcoin NFT (Non-Fungible Token) Ordinal Initial Edition for IDR 6.9 billion suggests a strong market demand for unique digital assets. NFTs represent ownership or proof of authenticity of a digital item on the blockchain, often associated with art, collectibles, or other digital content.
This sale highlights the growing interest in NFTs within the cryptocurrency community, where individuals are willing to pay significant amounts for limited or unique editions of digital assets. The value of NFTs can be influenced by factors such as the rarity of the item, the reputation of the creator, and overall market trends.
It’s important for investors and collectors to conduct thorough research and due diligence when participating in the NFT market, as it can be dynamic and subject to shifts in trends and valuations. Additionally, ensuring the authenticity and provenance of the NFT is crucial.
Ordinal inscriptions or known as Bitcoin NFTs have been successfully sold for billions of rupiah. The NFT with the number eight is an early edition of the Honey Badger collection’s ordinal NFT.
The NFT was sold on Magic Eden for 10.4 Bitcoin or US$450,000, equivalent to IDR 6.9 billion. The inscription was purchased by user X under the pseudonym OG General.
“We love the energy across the Ordinals ecosystem right now, and seeing a big sale like Inscription #8 reach nearly US$460K really reinforces the value people see in digital artifacts that are permanently inscribed on the Bitcoin blockchain,” Bitcoin General Manager at Magic Eden , Chris Akhavan, told Decrypt.
The Magic Eden account on Twitter declared OG General a “legend”. OG General has not responded to a request for comment, but tweeted Thursday evening, “Ordinal is unstoppable!”
Magic Eden added support for BRC-20 tokens in June. The protocol allows Ordinals fans to not only create inscriptions on the Bitcoin blockchain but also meme coins.
Meanwhile, on Wednesday, the famous auction house Sotheby’s announced the first sale of the Ordinals collection called “Bitcoin Shrooms” by the artist under the pseudonym Shroomtoshi. Shroomtoshi called the collection a “pixel recap” of Bitcoin’s 13-year journey.
46 Million Ordinal Bitcoin NFTs Have Been Launched
According to a Dune report, more than 46 million Ordinal inscriptions have been created on the Bitcoin blockchain since Casey Rodarmor launched the Ordinals project in January.
Dune also noted that more than US$106 million had been spent on costs related to the Ordinal inscription. Similar projects have now appeared on other blockchains, such as Ethscriptions on Ethereum and TON20 on the TON blockchain.
According to a Dune report, more than 46 million Ordinal inscriptions have been created on the Bitcoin blockchain since Casey Rodarmor launched the Ordinals project in January.
Dune also noted that more than US$106 million had been spent on costs related to the Ordinal inscription. Similar projects have now appeared on other blockchains, such as Ethscriptions on Ethereum and TON20 on the TON blockchain.
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