The Ordinals protocol has taken the Bitcoin world by storm. Quickly accumulating over 9,000,000 entries, the new protocol allows arbitrary data to be embedded in the Bitcoin blockchain. In addition to attracting attention from the NFT industry, Ordinals led to a significant increase in the fees required to send bitcoins, sparking a new debate on how to deal with Bitcoin’s high fees. environments.
In a recent interview with Bitcoin Magazine, Farokh, founder of the Rug Radio platform and a well-known collector within the NFT industry, shared insights into the world of Bitcoin NFTs and his vision for the Bitcoin inscription market in the future. Reflecting on his own Bitcoin and NFT journey, Farokh acknowledged the initial confusion surrounding Bitcoin in 2012, due to the lack of development and user-friendly platforms at the time. However, he highlighted the rapid growth and development of NFT platforms in 2021, and how this is currently reflected in the context of the sudden rise in popularity of Bitcoin NFTs.
When discussing the advantages of Ordinals, Farokh highlighted the security aspect of storing art on the Bitcoin blockchain, saying, “Ordinals now enable art to be stored on the world’s most secure blockchain, without storing it data in external databases where possible. vulnerable to manipulation.” He identified this as Ordinal’s greatest advantage over NFTs over other, less secure blockchains, recognizing the need for immutable censorship and immutable storage solutions.
Regarding the future of Bitcoin NFTs, Farokh expressed his optimism. He also acknowledges the current challenges, such as high costs and the need for infrastructure development, but believes that with the continued development of the Bitcoin ecosystem, better solutions will emerge.
Farokh also discussed the entry of luxury brands into the Bitcoin NFT space, mentioning the collaboration between Aspire and Bugatti. He expressed his curiosity about high-end brands embracing ordinals and using the security and reliability provided by the Bitcoin blockchain.
When asked about the reaction to projects that switch to Bitcoin NFTs, Farokh noted a generally positive response. He draws parallels to the early days of NFTs, where skepticism was common but ultimately proved wrong. He also highlighted the positive reception of projects such as Yuga Labs’ TwelveFold, which shows that the acceptance of Bitcoin NFTs is gradually gaining momentum.
Looking ahead, Farokh envisions a mature Bitcoin NFT market with user-friendly platforms accessible to retail users. He said, “Look how many there are [NFT] marketplace evolves … at first, creating a wallet was complicated. Now we have the right markets.” Farokh’s optimistic outlook suggests a future where the Bitcoin NFT market becomes more mainstream and user-friendly, ultimately driving more adoption.
Overall, Farokh’s interview sheds light on the growing importance of Bitcoin NFTs, their unique advantages and the evolving landscape of the Ordinals protocol.