|
Getting your Trinity Audio player ready...
|
Those paying attention to the blockchain space already know that Ordinals NFTs have taken BTC by storm. Now, the protocol is live on the BSV blockchain, and Joshua Henslee has a few thoughts about the matter in his latest video.
Over half a million Ordinals minted so far on BTC
Henslee begins by describing Ordinals as a “globalized, serialized NFT protocol.”
There have already been half a million Ordinals minted on BTC, and the more valuable ones tend to be the earlier ones; Henslee chuckles at this notion, saying it’s reflective of how the BTC community is in general.
“They’re trying to pump the lower numbers,” he says.
Despite this, he notes that the ability to write to and interpret from a global ledger is valuable, and many developers have clearly recognized this. This has dramatically angered BTC Core developers, and Henslee predicts another BTC fork is coming.
Briefly covering what has occurred since Ordinals took off, Henslee says other UTXO chains like Doge and Litecoin have adopted the protocol. While it’s catching on, what can be done on these blockchains will be limited due to their technical limitations.
Ordinals are coming to BSV
Ordinals are coming to BSV next. Why do this? Henslee notes that there are already around 9 token protocols on BSV, but they’ve all failed. Even RUN doesn’t work anymore, Henslee isn’t a big fan of STAS, and Tokenized so far hasn’t been adopted as many had hoped it would. The inability to coalesce around a single token protocol has been a major problem in the BSV ecosystem, he reflects.
“We need to have a single token protocol to standardize with,” Henslee says. He says we also need demand; there’s no point in saying we have the most scalable blockchain if nobody uses it. He says we need somebody, or multiple people, to build something on BSV that is so compelling that it could not have been done before.
Henslee hopes that Ordinals on BSV could bring much-needed unity to the ecosystem. We need more innovation, more creativity, and more people using this coin, and he believes Ordinals could be the thing to trigger all of that. Ultimately, he admits he doesn’t know if it will work out, but getting people on the same page and building on the same standard will help immensely.
“$8 per mint [on BTC] just isn’t going to work. We want as many people as possible to be able to create—that’s the value proposition of the system,” he says.
Speaking about the token price of BSV briefly, Henslee says the only way it will be found out is via a combination of speculation and use in trade. He worries it will all fail if we don’t get more people to use it soon. That said, BSV is the best blockchain by far. It just needs that one use case that brings in a wave of users discovering its power.
Watch: Blockchain for Digital Transformation of Nations
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
