• The Bitcoin blockchain has seen the addition of more than 50,000 Ordinal inscriptions in 2023.
• These inscriptions are fetching high prices through over-the-counter trades.
• Emblem Vault has created vaults for Ordinal inscriptions, allowing them to be added to the Opensea NFT marketplace and sold for ethereum (ETH).
Ordinal Inscriptions Take the NFT World by Storm
The Bitcoin blockchain has seen a surge in popularity as more than 50,000 Ordinal inscriptions have been added in 2023. People are using the blockchain to store text, images, videos, audio and software applications. Popular NFT collections such as Cryptopunks have been cloned with similar values being fetched via over-the-counter (OTC) trades.
High Prices on Over-the-Counter Trades
As of 12:20 p.m ET on Feb 11th 2023 there were 57,179 Ordinal Inscriptions hosted on the Bitcoin Blockchain. Several of these had sold for substantial amounts in recent weeks including a clone of Cryptopunks called Ordinal Punks with Punk #41 selling for 11.5 BTC or $249052. Additionally, OTC transactions allow people to buy and sell these NFTs using rudimentary pricing spreadsheets.
Emblem Vault Provides Infrastructure
In order to provide infrastructure for these new NFTs based on Bitcoin, Emblem Vault has created vaults for Ordinal Inscriptions allowing them to be added to the Opensea NFT Marketplace and sold for Ethereum (ETH). To prevent scams Emblem Vault suggests that users verify any asset before purchasing it from a vaulted source.
Community Tool Verifies Crypto Assets
In order to prevent scams from occurring Emblem Vault suggests that people use a community tool which can verify crypto assets before purchase is completed. This allows users peace of mind when purchasing rare digital assets online as they know that their money is going towards something legitimate and not just a scammer’s wallet address!
Conclusion
It appears that Ordinal Inscriptions are here to stay with their popularity continuing to increase daily! With infrastructure now available via Emblem Vaults it looks like this trend will continue well into 2024 and beyond!