NFTs: Bitcoin Ordinals Launches BRC-69 Standard to Reduce Costs
Bitcoin Ordinals, a method of generating Bitcoin NFTs, has recently introduced the BRC-69 standard to reduce costs by 90%. This launchpad aims to simplify the creation of recursive Ordinals collections, reduce registration costs, and optimize the Bitcoin block space as the number of registrations increases.
The BRC-69 Standard and Recursive Registrations
The new BRC-69 standard introduced by Bitcoin Ordinals Luminex allows for recursive registrations, which overcome Bitcoin’s 4 MB block size limitation of NFTs. Recursive registrations allow registrations to collaborate with each other, enabling them to refer to the content of other records using a special syntax.
Through the BRC-69 standard, Luminex claims to reduce registration costs by more than 90%. This cost reduction is achieved through a four-step process: trait registration, collection distribution, compilation, and resource minting.
On-Chain Resources and Enhanced Efficiency
With BRC-69, Luminex proposes that miners only need to register a single line of text instead of a full image. This text serves as a reference, enabling automatic rendering of the final image through Ordinals frontends using on-chain resources. The result is an impeccably rendered image that can be dragged, dropped, and saved as typical image type Ordinals.
Apart from cost savings, the adoption of the BRC-69 standard paves the way for additional enhancements and features. Luminex plans to launch collections with a fully on-chain pre-reveal process, eliminating the need for off-chain resources. This process includes presenting the collection, final image, and associated traits directly on the blockchain.
The implementation of recursive enrollment enables any front-end to render the images without additional steps, using the Deploy on-chain enrollment directly. This improves the efficiency in the utilization of Bitcoin’s block space, as unique trait images are recorded only once in the Deploy transaction.
Increase in Transactions and Fees on Bitcoin Network
The Ordinals protocol gained notoriety earlier this year, leading to an increase in transactions and fees on the Bitcoin network. Recent data shows a dramatic rebound in the number of active addresses on the Bitcoin network and a significant increase in transactions, exceeding 16 million.
This increase in transactions had a ripple effect on fees, which soared to an average of $16.08 on May 11, the highest level in two years. However, fees subsequently dropped to just over $4, reflecting a decline of more than 70%.
Most of the Ordinal tokens created on the BRC-20 token standard for Bitcoin were memecoins. At one point, the total market value of BRC-20 memecoins exceeded $900 million. However, the market value of these tokens has since declined substantially to about $475 million, demonstrating the fluctuation in value over time.
To sum it up
The introduction of the BRC-69 standard by Bitcoin Ordinals Luminex brings cost-saving advantages to the NFT sector. By simplifying the creation of recursive Ordinals collections and reducing registration costs, this standard optimizes the utilization of the Bitcoin block space. Additionally, the increase in transactions and fees on the Bitcoin network highlights the growing adoption of NFTs and their impact on the cryptocurrency market.