Preface
With the development of Bitcoin technology, the script function expansion, Taproot activation, the theoretical appearance of Ordinals in January 2023, provide the basis for engraving digital assets on Bitcoin UTXO. Subsequently, the Ordinals protocol was implemented, enabling the Bitcoin network to support non-fungible assets. At the same time, the global NFT market has exploded in growth, and the trend of cross-chain NFTs has become prominent. The Bitcoin community is active and developers are actively innovating. Under the combined influence of these factors, the Ordinals wallet project has emerged to meet the NFT management needs in the Bitcoin ecosystem.
Ordinals Wallet is a non-custodial web wallet and epigraphy browser designed specifically for the Ordinals protocol in the Bitcoin ecosystem. Its core focus is to provide users with a secure, convenient, and feature-rich platform to participate in various digital asset activities based on the Ordinals protocol within the Bitcoin ecosystem. On February 16, 2023, Ordinals Wallet was officially launched, quickly attracting widespread attention in the market. Within the first week of its launch, users created over 100,000 wallets, demonstrating strong demand and high recognition for this innovative wallet in the market. In the initial stage, Ordinals Wallet primarily focuses on realizing basic wallet functions, including storage and transfer of Bitcoin and Ordinals NFT, providing users with essential tools to participate in the Bitcoin NFT ecosystem.
With the development of the market and the growth of user demand, Ordinals Wallet has been continuously iterating and optimizing its features. At the end of February 2023, the wallet underwent a major update, airdropping 1563 pixel PFPs with a sad frog theme - ‘Pixel Pepes’ - to early users. This move not only rewarded early users, but also further increased the wallet’s visibility and user stickiness, sparking enthusiastic discussions and attention from the community.
Image Source:https://ordinalswallet.com/
This article will focus on its product features, providing a detailed description of its technical foundation, official functions provided, community and ecological development, etc.
Technical Foundation
The Ordinals protocol is the core technology support of the Ordinals Wallet. It realizes the engraving of digital assets on the Bitcoin blockchain by assigning a unique number to each satoshi. Specifically, the protocol uses the OP_RETURN script of Bitcoin transactions to embed metadata into transactions, giving each satoshi additional information so that it can carry the properties of digital assets, such as NFT images, descriptions, etc. This technological architecture enables the Bitcoin blockchain to have the ability to create and trade digital assets similar to smart contract platforms like Ethereum, while maintaining the security and decentralization features of the Bitcoin blockchain.
The Ordinals Wallet interacts with the Bitcoin blockchain through standard Bitcoin transactions. Every operation performed by users in the wallet, such as creating or trading Ordinals NFTs or transferring BRC-20 tokens, is packaged into a Bitcoin transaction and sent to the Bitcoin network. After miners verify the legitimacy of the transaction, it is recorded on the blockchain. The wallet continuously monitors the transaction data of the Bitcoin blockchain in real time to obtain information about changes in user assets, thereby updating users’ asset balances and transaction history. This interaction mechanism ensures the authenticity and security of user assets, while also allowing the Ordinals Wallet to fully leverage the powerful computing power and extensive node network of the Bitcoin blockchain.
Image source:https://domo-2.gitbook.io/brc-20-experiment
Product Features
The mnemonic of this wallet is generated locally and encrypted and stored in the computer browser, which is highly secure. The Ordinals Wallet is designed with ease of use as the top priority, with a simple and intuitive layout that is easy for both beginners and experienced users to get started. It supports multiple cryptocurrencies, allowing users to manage different digital assets from a single platform, greatly simplifying the user experience.
(1) Bitcoin NFT storage and trading
Ordinals Wallet provides a secure and reliable storage environment for Bitcoin NFTs. Users can store their own Bitcoin NFTs in the wallet and conveniently view detailed information about the NFTs, including images, descriptions, and numbers, through the wallet’s interface. In terms of transactions, the wallet’s built-in marketplace allows users to freely buy and sell Bitcoin NFTs. For example, users can search for desired NFTs in the marketplace, trade with sellers, and the transaction process is verified through the Bitcoin blockchain, ensuring the fairness and security of the transactions. Taking Pixel Pepes as an example, many users collect and trade them through Ordinals Wallet, attracted by its unique artistic style and scarcity.
Image Source:https://ordinalswallet.com/collection/pixel-pepes
(2) BRC-20 Token Management
For BRC-20 tokens, Ordinals Wallet provides comprehensive management functions. Users can create and manage their own BRC-20 token accounts within the wallet, view token balances and transaction history. The wallet supports the transfer and trading of BRC-20 tokens, and users only need to enter the recipient’s wallet address and transfer amount to complete the token transfer. In addition, the wallet also provides the minting function for BRC-20 tokens, allowing users to create new token projects according to their needs. In practical applications, some project parties use Ordinals Wallet to issue and manage BRC-20 tokens, realizing project financing and development.
(3) Other Functions
In addition to Bitcoin NFTs and BRC-20 tokens, Ordinals Wallet has many potential use cases. For example, it can be used for in-game item trading in the Bitcoin ecosystem, where players can obtain Bitcoin-based digital items in games and store and trade them through Ordinals Wallet; it can also be applied to the collection and trading of digital artworks, where artists can release their works in the form of Bitcoin NFTs and sell and showcase them through Ordinals Wallet. Furthermore, as the Bitcoin ecosystem continues to evolve, Ordinals Wallet is expected to play an important role in more fields.
Image source:https://ordinalswallet.com/inscribe
Community and Ecosystem Development
Ordinals Wallet has an active community with members from all over the world. Users in the community actively participate in discussions, share usage experiences, and technical insights. On social media platforms, topics about Ordinals Wallet continue to be hot, and users will share interesting NFTs and BRC-20 token projects they have discovered in the wallet. At the same time, the community also organizes various online and offline activities, such as technical seminars, NFT exhibitions, etc., attracting many users to participate, further enhancing their sense of identity and belonging to the wallet.
The Twitter community is very active, constantly posting, and has accumulated more than 120,000 fans.
Image Source:https://x.com/ordinalswallet
The Ordinals Wallet community governance adopts a decentralized model, and community members participate in decision-making through voting and other means. The project team will regularly release development plans, and openly communicate the development direction and goals of the project to the community members.
In addition to a strong community, Ordinals Wallet has also established partnerships with multiple projects to jointly promote the development of the Bitcoin ecosystem. For example, it collaborates with some Bitcoin NFT projects to provide them with technical support and trading platforms, and works with blockchain data service providers to offer users more accurate market data and analysis reports. Additionally, there are also derivative projects developed based on Ordinals Wallet, such as NFT market aggregators, BRC-20 token data analysis tools, etc. These projects enrich the ecosystem of Ordinals Wallet and provide users with more services and choices.
Ordinals Wallet also conducted an NFT airdrop called Pixel Pepes on May 10, 2023, with a total of 1563 pieces. After the airdrop, the floor price of Pixel Pepes NFT is temporarily quoted at 0.35 BTC, with a 24-hour trading volume of 28.57 BTC, causing some attention and response in the market, enhancing the visibility and influence of Ordinals Wallet in the Bitcoin NFT field, and attracting more attention to the NFT project Pixel Pepes.
Summary
The Ordinals wallet allows users to easily hold, store, view, and manage their Ordinals inscriptions directly from the wallet interface. It supports a range of functions, including transfer, send, inscriptions, purchase, and sale of Ordinals. Its core goal is to achieve efficient management and circulation of Ordinals assets on the Bitcoin network, meeting the diverse operational needs of users for digital assets. Through this wallet, users can not only securely store their digital assets but also freely trade in its built-in marketplace, greatly expanding the application scenarios of the Bitcoin ecosystem.
