The team behind Ordinals said on Tuesday that it has created a nonprofit organization to support the development of its protocol for "inscribing" NFT-like assets to the Bitcoin blockchain—right as the total topped 21 million inscriptions to date. The new direction for Ordinals’ team comes after Rodarmor said he’d be taking a step back in May, explaining he couldn’t give Ordinals the attention it deserved. On Tuesday, the total number of Ordinals inscriptions topped 21 million, according to a Dune Analytics dashboard. The experimental class of tokens, built on top of Bitcoin using Ordinals, takes inspiration from Ethereum ERC-20 tokens. But lately, there’s been a palpable decline in activity and trading volume related to Ordinals inscriptions, Ordinally told Decrypt.

Source: The Nation August 02, 2023 07:09 UTC