itcoin ordinals are a kind of unique token called NFT. They represent small pieces of ownership for Bitcoin (BTC) addresses. They let people make and trade special digital things that are backed by the worth and safety of Bitcoin.
Bitcoin ordinals are unlike other NFTs because they're made on the Bitcoin network. This is the oldest, biggest, and safest money network in the world using digital coins called bitcoins. Bitcoin ordinals have features that are similar to Bitcoin, like being decentralized. They also cannot be changed and they too have a limit on how much can exist.
What to Expect in 2024
When Bitcoin Ordinals came out in 2023, it surprised people who use cryptos and made them think more about what can be done on the blockchain that bitcoin goes through. 2024 might be a fun time for Ordinals. They could bring big changes to tech and affect even our wider Bitcoin world. Some of the factors that could influence the price and adoption of Bitcoin ordinals are:
The performance of Bitcoin itself
Bitcoin is likely to stay strong in the market for crypto stuff and get help from big businesses showing interest and making clear rules. As the worth and want for Bitcoin go up, so will the value and desire for Bitcoin ordinals. These are supported by Bitcoin itself. People who want more options might be drawn to Bitcoin ordinals. This way, they can mix things up without giving away or using their bitcoin cash.
The innovation and development of Bitcoin-based platforms and protocols
In 2024, the tools and rules for making NFTs on Bitcoin like Ordinals, Atomicals, Rootstock Stacks 'n RGB are expected to get better. They will work more smoothly and be easier to use. They can also add new things and services like lending or borrowing NFTs, holding auctions for them, using NFT games and entertainment activities. They may even create social media groups around their projects related to NFT ideas.
The shift in NFT activity from Ethereum to Bitcoin ordinals
Ethereum is now the biggest place for NFTs but it has some problems like expensive fees, not much safety and can't handle too many users. These problems might persuade more users and creators to move over to Bitcoin ordinals, as they have lower costs, stronger safety measures and increased capacity for expansion. Bitcoin ordinals might also attract more users who like the first idea and thoughts of Bitcoin, such as spreading power out everywhere, not changing things ever again even if they should be different in some way plus there's only a very limited amount.
The emergence of new use cases and markets for Bitcoin ordinals
Bitcoin ordinals could enable new and innovative use cases and markets for NFTs, such as:
- Web2 analogs: Bitcoin ordinals may let people make and trade NFTs that represent web2 items like domain names, email addresses, social media accounts, and cloud storage. These NFTs could give people more control, ownership, and making money from their online self-image and information.
- Decentralized identity: Bitcoin ordinals might let people make and trade NFTs that stand for their info like passports, licenses, certificates, and club cards. These NFTs could give users better protection for their privacy and safety. They also help in checking identities without needing big bosses or middle-men.
- Physical infrastructure networks: Bitcoin ordinals can let people create and trade NFTs that represent real items like energy power grids, transport systems, or talk networks. These NFTs could give people more use, speed, and eco-friendliness with their stuff like buildings or roads. They don't need to depend on big businesses that run things for them.
Bitcoin ordinals might grow a lot in 2024. Many more people and builders will look into how useful NFTs can be on the Bitcoin network that year. Some things that could affect the cost and use of Bitcoin ordinals are: how well Bitcoin works, new ideas for using it better, changes from Ethereum to Bitcoin's orders methods, and finding further uses of them. Always remember to research before investing in any cryptocurrency.