Written by: NFT Research
Since the launch of the Ordinals protocol in 2022, there have been signs that funds and enthusiasm will spread to the field of Bitcoin NFT. With the continuous appreciation of Bitcoin and the wide recognition of the market, the NFT ecosystem of the Bitcoin network has gradually flourished. Among them, the first 10K collection Bitcoin Punks minted for free using Ordinals was even sold out in less than a day. This year has ushered in a major explosion in the NFT ecosystem. With the rise of enthusiasm in the crypto market, from the continuous improvement of infrastructure, to the endless emergence of innovative projects, to the gradual expansion of the user base, the Bitcoin NFT ecosystem is showing great vitality.
Data shows that the transaction volume of NFT on the Bitcoin chain ranked first in the past 7 days, followed by Ethereum and Solana, and the price of Bitcoin NFT also generally rose. Driven by the Runes protocol, the floor price of Runestone rose to 0.093 BTC (about 5,750 US dollars), and the market value reached 720 million US dollars, far exceeding BAYC to become the second largest project in the NFT market, although their positioning is different.
About Runestone
The Runestone project is undoubtedly a shining star. It is an experimental project initiated by Leonidas, the founder of @ord_io. With the airdrop completed in mid-March, Runestone has achieved amazing results. This initiative is aimed at incentivizing and giving back to early supporters who have contributed to the Ordinals ecosystem. Runestone features more than 110,000 unique father-son inscriptions. Behind it is not only the exploration of digital art, but also reflects many aspects of the booming NFT ecosystem on the Bitcoin network.
Runestone is also significantly different from traditional NFT methods. Compared with the total of 10,000 common NFT projects, its issuance volume is ten times that of the common NFT projects. The snapshot has been completed at block height 826,600, which is the first anniversary of the birth of Ordinals.
On March 9, Runestone #63140674 was traded for 8 BTC , or about $556,000. The Runestone is one of the largest Bitcoin Ordinals ever, with a file size of 3,967,899 bytes (3.967 MB). It is one of only seven Bitcoin Ordinals with a size of more than 400,000 bytes (400 KB) and was mined in block 832,947, setting a record for the largest block in Bitcoin history.
The proceeds from the auction and the bitcoins previously raised through Twitter will be used to pay for the mining fees of the Runestone airdrop program, which can be regarded as one of the largest Ordinals airdrop projects in history. This move not only demonstrates the community support and commitment of the Runestones project, but also adds expectations for the entire Bitcoin community and the upcoming Runes protocol.
Runes Protocol
Runes is a new protocol launched by Casey, the founder of Ordinals, for issuing homogeneous tokens FT. It first appeared on Casey's personal blog. It is expected to be launched at the beginning of the Bitcoin halving time, that is, Bitcoin block height 840,000.
Ordinals brought inscriptions into the Bitcoin ecosystem, and BRC-20 created a centralized currency issuance mechanism in the form of indexed characters. However, this mechanism put tremendous pressure on the Ordinals protocol, which was originally developed for NFT applications. But as a decentralized Ordinals, even the founder Casey can't make BRC-20 disappear. Casey, the founder of Ordinals, has repeatedly expressed his dissatisfaction with BRC-20, believing that it takes up a lot of inscription numbers and Bitcoin storage space, and does not bring much positive benefits to the ecosystem.
Therefore, Casey proposed a new solution - Runes. The main purpose of the Runes protocol is to define a way to exchange tokenized assets on the Bitcoin network. It uses Rune as the unit of tokenized assets and uses UTXOs to represent the balance of Rune. Protocol messages are passed through the output of transactions and follow specific formats and rules, which can include two types of operations: transfer and issuance.
There are many Runes protocol projects in the market that have started to warm up, although the official Runes protocol has not yet been released. Strictly speaking, there are no real Runes runes, but many projects use Bitcoin NFT to release them. Among the recent Rune protocol related projects, the most talked-about one should be Runestone.
Runestone's innovation path and vision
The Runestone project demonstrates the innovative spirit of blockchain technology and adheres to the principles of fairness, transparency and decentralization. The distribution method it adopts provides a unique reward mechanism for participants in the Ordinals protocol, which is a valuable practical example for the entire cryptocurrency community. In this way, Runestone not only establishes a healthy incentive mechanism for the Ordinals protocol ecosystem, but also demonstrates how blockchain technology can be used to promote fairness, transparency and decentralization.
Secondly, the large file size of Runestones allows them to carry richer and more complex content. Compared to traditional NFTs, Runestones can contain more data and information, and the large file size makes Runestone an ideal carrier for digital art and cultural expression. Leonidas also said that the goal of Runestone is simple, that is, to create the world's top memecoin on the Bitcoin chain, emphasizing that everyone mistakenly regards Runestone as just an NFT Collection.
Importantly, Runestone aims to redefine the standard NFT framework. By supporting open source algorithms, community-driven projects, fair airdrops, and rewards for initial supporters, Runestone attempts to disrupt the traditional NFT market and build a more fair and open ecosystem. At the same time, as part of the Ordinals ecosystem, it is committed to promoting broader participation and innovation.
- Runestone adopts an open source algorithm approach, which helps the verification of the project and the further development of the community. The open source algorithm means that the code and technical details of the project are publicly visible, and anyone can view, review and participate in improvements.
- Runestone emphasizes returning control and ownership to the community to ensure fair participation. Through a community-driven approach, the development and decision-making of the project is no longer controlled by a single entity, but by community members participating and making decisions together.
- Runestone uses a fair airdrop approach, where tokens are evenly distributed to Bitcoin holders, providing credit to early supporters and incentivizing community participation. Fair airdrops ensure that every Bitcoin holder has the opportunity to receive Runestone tokens, rather than just a few holders.
- Each Runestone is linked to an important moment in Bitcoin history , and the larger data capacity allows for more complex multimedia content. By being associated with Bitcoin history, Runestone is endowed with more historical significance and cultural value, attracting a wider user base. At the same time, the larger data capacity also provides more creative space and possibilities for artists and creators, enriching the content and experience of NFT.
Compared with other public chains such as Ethereum, the Bitcoin network has long been regarded as an "old-fashioned" crypto network. However, with the emergence of innovations such as the Ordinals protocol, the Bitcoin network has gradually gotten rid of this stereotype and reshaped its position in the field of digital asset issuance. The market value of Runestone continues to rise, sparking speculation about whether it will become the next password to get rich. Whether the Bitcoin network NFT assets will become the industry consensus for a new round of asset issuance remains to be seen.
