The First Bitcoin NFT Collection Made Available on the Ethereum Network Showcases the Capabilities of CapsuleNFT’s Composable NFT Protocol
NEW YORK–(BUSINESS WIRE)–In recent days, the crypto world has been buzzing with excitement over the launch of the Ordinal network. This innovative platform brings a new level of functionality to the Bitcoin network by allowing users to number and transfer individual satoshis that can have images, videos, or text assigned to them.
Bitcoin NFTs are a new asset class that can be held and viewed with Ordinal’s wallet software, ord. But, as Bitcoin NFTs are held to the capabilities of the Bitcoin network, they are unable to interact with smart contract blockchain networks, such as Ethereum, BNB Chain, Polygon and Avalanche. This leaves users unable to trade Bitcoin NFTs on modern exchanges such as OpenSea, X2Y2, and Rarible, and instead relegated to sharing Google Drive documents to demonstrate Bids and Trades between addresses.
“Ordinary Oranges,” is a collection of 256 unique satoshi inscriptions on the Bitcoin network. Where they differ from ordinary Bitcoin NFTs is that they are accessible on Ethereum mainnet, where most NFT trading happens to date. At any time, an Ordinal Orange holder can choose to “burn” their NFT on the Ethereum network, which will then release their unique inscription on the Bitcoin network.
Any holder who elects to burn their NFT on Ethereum must have an Ordinal or Sparrow Wallet address (with UTXO control) in order to receive the assets safely on the Bitcoin network.
About Ordinary Oranges
The project is the brainchild of CapsuleNFT, a Web3 composable NFT infrastructure protocol initially conceived by Jeff Garzik in 2020. Garzik was the third most-prolific contributor to the early Bitcoin codebase and one of its greatest community supporters — sponsoring over 15,000 BTC in developer bounties. He is the co-founder and CEO of Bloq, a leading Web3 applications and infrastructure company.
“Capsule’s expansion onto Ordinal empowers users with added choice and flexibility,” said Jeff Garzik, co-founder and CEO of Bloq. “This showcases the composable nature of CapsuleNFT and points to dramatically new possibilities for NFTs on the Bitcoin network.”
CapsuleNFT makes NFTs more composable and useful for artists, gamers, collectors, crypto industry participants, and more. The Capsule Protocol allows for the simple, elegant packaging of digital assets — NFTs, cryptocurrency tokens, etc. — enabling easier transferability and maximum creative freedom. Follow the project on Twitter, participate in the discussions on Discord, review the documentation, or learn more about how to use CapsuleNFT on YouTube.
For More Information
Website – https://ordinaryorangesnft.io/
Code – https://github.com/capsulenft/ordinary-oranges
Inscriptions – https://ordinaryorangesnft.io/inscriptions
Tokenomics – https://ordinaryorangesnft.io/tokenomics