The team behind Bitcoin Ordinals (a new string of non-fungible tokens or NFTs) said in a recent interview they have created a new non-profit organization designed to support further inscriptions and NFT developments on the bitcoin blockchain. Thus far, the team has created roughly 21 million inscriptions.
Bitcoin Ordinals Non-Profit Group is Coming
While NFTs may not be anything new at this stage, the idea of NFTs being on the bitcoin blockchain is. Up to this point, these tokens have largely been created for and atop the Ethereum network. This is ultimately the first time NFTs have been created using the technology behind bitcoin, and it’s a big deal to most analysts and investors.
The new non-profit is being launched by Casey Rodarmor. The goal of Ordinals is to allow individuals to assign data to specific Satoshis (small snippets of bitcoin units). Among the data that can be assigned is art, profile pictures, and even games.
The new organization is called the Open Ordinals Institute, and it’s being led by a pseudonymous developer who prefers to go by the name “Ralph.” In a recent interview, Ralph said:
It’s very great to scale this up and make a long-term effort. Nonprofits… can accept donations and can allocate capital to people contributing in a very neutral way without there being a profit incentive.
He also said that while things haven’t been fully squared away with the Internal Revenue Service (IRS) and relative financial agencies yet, the new non-profit status for the group will enable it to accept crypto donations, all of which can be deducted from providers’ tax returns at the end of each year. He said:
At the moment, it’s very simple. It’s the most minimal structure you can imagine.
He, along with Rodarmor, will serve on the board of directors for the non-profit. They will also be joined by a pseudonymous technical fellow who prefers to go by the name “Ordinally.” In a separate discussion, Ordinally said that many people are saying Ordinals have reached their peak or aren’t likely to have much influence on the crypto space, something he really disagrees with. He said:
Many people are talking about Ordinals being dead, but what I see from talking to people who are creating software companies and building in this space, everybody’s saying this is a very welcome period to just take a breath and start focusing again.
Building Out the Bitcoin Network
He said that Ordinals is a huge extension of the bitcoin atmosphere and commented:
I think digital artifacts built on the scarcity of bitcoin block space will mature over time into something that is quite different than the NFT ecosystems you see today. We have made the few first steps, but there’s so much more to be done.