1. How does the ordinals creator differentiate their Bitcoin-centric creation from traditional NFTs?
Bitcoin-Centric Creation Can Be Seen as ‘Digital Artifacts’
In recent years, collectable non-fungible tokens (NFTs) have been gaining immense attention in the digital art world. These tokenized items represent virtual collectibles, often embedded in the form of digital art. One artist who has been able to capitalize on the growth of the digital asset class is David Walters, founder of the Ordinals project.
David Walters’ Mission
Walters’ goal is to create an open-source collectible system based on Bitcoin that incentivizes creativity and self-expression. In doing so, he tries to bridge the gap between classical art and digital art. His project, Ordinals, is a unique collection of tokenized art pieces created using Bitcoin-based smart contracts.
Digital Artifacts Over NFTs
When examining his project, Walters notes that his goal is not to simply create NFTs, but rather to create “digital artifacts.” Digital artifacts are digital objects that are created to reflect a moment in time and provide a way of preserving that moment indefinitely. Many of the digital artifacts created by Ordinals consist of pieces of digital art that are forever etched into the Ethereum blockchain.
The Benefits of Digital Artifacts
Digital artifacts have several advantages over traditional NFTs. Firstly, digital artifacts are immutable, meaning that they cannot be changed or tampered with in any way. Secondly, they are extremely secure, as they are stored on the blockchain, meaning that they are protected from most potential hacks or other forms of malicious activity. Finally, many digital artifacts are designed to appreciate in value over time, making them a great investment vehicle.
The Future of Digital Artifacts
Walters hopes that the Ordinals project will continue to grow and expand, offering new and improved ways of creating digital artifacts. He believes that the project will help bridge the gap between the “old world” of classical art and the “new world” of digital art. With his project, Walters is able to create digital artifacts that are sure to stand the test of time.
Despite the current surge in popularity of non-fungible tokens (NFTs), the creator of a newly launched ordinals- based platform has chosen to view his Bitcoin-centric creation more broadly, as “digital artifacts” not just NFTs.
Ordinals, created by John Yoo, allows users to create, own, and trade digital tokens backed by Bitcoin and other digital assets.
While Yoo acknowledges the vast potential in the world of NFTs, he is viewing Ordinals as something bigger than just NFTs. “We see ordinals as a new way to create digital artifacts backed by a variety of digital values,” explained Yoo.
Yoo believes that by enabling both NFTs and ordinals to be launched from the same platform, users can open up a wide range of options such as tokenized artwork, music and sports cards, or even exclusive access to online events and venues.
“We believe ordinals should be a part of the larger discussion on digital collectibles that offer unique utilitarian benefits, not just pure speculation,” said Yoo.
He further extended his view on the difference between NFTs and Ordinals by saying, “NFTs are a way to create digital collectibles, while ordinals are a way to tokenize digital assets..But they both can act as digital artifacts in the digital world.”
Therefore, while NFTs and ordinals share similar features and characteristics, Yoo is focused on using ordinals to create digital artifacts that will rival the scope and versatility currently seen in NFTs.
While it remains to be seen how Ordinals will be accepted in the long-term, the potential for this new system is evident. Yoo’s unique perspective on the capabilities of ordinals puts it at the forefront of tokenization and digital collectible platforms, and it is sure to be an interesting platform to watch.