The host of a popular podcast dubbed The Ordinal Show, that consistently talks about Bitcoin Ordinals, has launched an NFT collection called Runestone.
This NFT collection will represent the one year anniversary of the Bitcoin Ordinals that coined the inscriptions mechanism currently being used by NFT developers of The Bitcoin Ecosystem.
Runestone NFT Collection on Bitcoin
Runestone NFT collection is an NFT collection in the shape of a ruby stone that represents the anniversary of The Bitcoin Ordinals.
It was created by Leonidas, a podcast host of The Ordinal Show, which is a podcast and a youtube channel that talks about Bitcoin Ordinals and its update regarding the mechanisms.
The Runestone NFT or Non Fungible Token, takes inspiration from Runes, a token alternative standard to the BRC20 token standard, to launch tokens on the Bitcoin Ecosystem.
Runes is rarely known in the Bitcoin Community, because most of them know only about BRC20, as Runes itself is only an alternative to BRC20.
But all the “OGs” of the Bitcoin Community have known and used this mechanism to try and launch tokens with the help of layer two blockchains on the Bitcoin Ecosystem.
One of those developers is Leonidas who is not only a podcast host but also a developer, familiar with all things related to Bitcoin and Ordinals.
He launched this NFT for the sole purpose of celebration, without giving information that this NFT will have a utility or anything whatsoever.
Free Airdrop
The launch of this NFT will be done by airdropping it to 112,383 addresses on the Bitcoin Ecosystem for free.
Leonidas stated that this airdrop is free but will be done directly in the Bitcoin Blockchain so it will not be used in any other blockchain.
He also stated through his Twitter account that the receivers of these airdrops are only the ones that have been using Ordinals before it became popular.
So, he will track all the addresses of Bitcoin wallets that have been interacting with Ordinals before Bitcoin’s price even goes up as high as it is today.
Thanks to the Bitcoin’ price surge, the transaction volume of the Bitcoin NFT space has risen significantly, even surpassing Ethereum’s NFT transaction briefly.
But, when the price of Bitcoin was stagnant, the Bitcoin Ordinals and Bitcoin NFT transaction did not even reach millions of dollars as it is today, so Leonidas wants to reward the people that have stuck around during those past “dark: days.
Currently the NFT does not have any utility whatsoever as it was the plan of Leonidas to only use it as a collection.
But, in the future, things might change, as more NFTs can be used for certain things in the Bitcoin Ecosystem, such as for collateral, for governance purposes, and even for farming and staking purposes.
The hype of this NFT seems to be huge right now, but due to its lack of utility, many analysts are projecting that the value will go down significantly.
In reality, the hype has not gone down yet even though it's been talked about for weeks now in the Bitcoin Community.
The strong hype around this NFT is due to the fact that they marketed it as the biggest airdrop of the Ordinals Ecosystem, which is probably why people are enthusiastic about it.
Overall, even though the NFT does not currently have a utility, it represents how the Bitcoin Ecosystem has grown since its launch from only being able to be a platform for transactions to now hosting decentralized applications and NFTs.
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