The Ordinals protocol has taken the Bitcoin world by storm. Quickly amassing over 9,000,000 signups, the new protocol allows arbitrary data to be embedded into the Bitcoin blockchain. In addition to attracting the attention of the NFT industry, ordinals have led to a significant increase in the fees required to send bitcoins, sparking a new debate about how bitcoin should handle high-fee environments.
In a recent interview with Bitcoin Magazine, Farokh, founder of the Rug Radio platform and well-known NFT industry collector, shared his perspective on the world of Bitcoin NFTs and his vision for the future of the Bitcoin listing market. Reflecting on his own Bitcoin and NFT journey, Farokh acknowledged the initial confusion surrounding Bitcoin in 2012, given the lack of development and user-friendly platforms at the time. However, he highlighted the rapid growth and development of NFT platforms in 2021, and how this is now reflected against the backdrop of the sudden rise in popularity of Bitcoin NFTs.
When discussing the benefits of ordinals, Farokh highlighted the security aspect of storing art on the Bitcoin blockchain, saying, “Ordinals now make it possible to store art on the most secure blockchain in the world, without store this data in external databases where it may be vulnerable to manipulation.” He identified this as the biggest advantage of ordinals over NFTs over other less secure blockchains, recognizing the need for censorship-resistant and immutable storage solutions.
Regarding the future of Bitcoin NFTs, Farokh expressed his optimism. He also acknowledged current challenges, such as high costs and the need for infrastructure development, but believed that with the continued growth of the Bitcoin ecosystem, improved solutions would emerge.
Farokh also touched on the entry of luxury brands into the Bitcoin NFT space, mentioning the collaboration between Asprey and Bugatti. He expressed his curiosity about high-end brands embracing ordinals and taking advantage of the security and authenticity provided by the Bitcoin blockchain.
Asked about the reaction to projects moving to Bitcoin NFTs, Farokh noted the generally positive response. He drew parallels to the early days of NFTs, where skepticism was common but ultimately proved wrong. He also pointed to the positive reception of projects such as Yuga Labs’ TwelveFold, indicating that acceptance of Bitcoin NFTs is gradually gaining momentum.
Looking ahead, Farokh envisioned a mature Bitcoin NFT market with user-friendly platforms accessible to retail users. He remarked, “Look how far the (NFT) market has evolved…at first it was complicated to make a wallet. Now we have real markets.” Farokh’s bullish outlook suggests a future where the Bitcoin NFT market becomes more mainstream and user-friendly, ultimately driving further adoption.
Overall, Farokh’s interview shed light on the growing importance of Bitcoin NFTs, their unique benefits, and the changing landscape of the Ordinals protocol.