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Bitcoin NFT technology, and especially the BRC-20 standard, is definitely generating interest and is likely to become the number one topic in the cryptocurrency markets.

The improvement of Bitcoin NFT market infrastructure creates the basis for the growth of the ecosystem. So Bitcoin NFT registration activity continues to grow, and the launch of new BTC-specific trading platforms could lay the groundwork for the next cycle of hype. The infrastructure to facilitate NFT trading on Bitcoin is taking shape, and this is happening alongside the creation of wallets and marketplaces that support the Ordinals solution.

NFT marketplaces <a href="https://gamma.io/">Gamma</a> and <a href="https://cointelegraph.com/news/magic-eden-launches-marketplace-for-bitcoin-ordinals">Magic Eden</a> have added support for Bitcoin NFT.

Let's understand what Ordinals is - it's a numbering scheme for satoshis on the Bitcoin network that allows you to track and transfer them. All satoshis receive their numbers according to the order in which they appear and move from transactional inputs to outputs.

Using Ordinals' ability to identify and tag individual satoshis, the protocol gives users the ability to attach satoshis to a digital file and transfer it to the Bitcoin blockchain. The solution was found because of the Taproot update activated in 2021. 

The update removed the restriction on adding arbitrary data using Bitcoin's transaction codes (the amount of data is limited solely by the block size). 

In the current implementation of NFT on various blockchains that support smart contracts, the file and the NFT are stored in two different locations. The file can be hosted on a cloud-based minting tool such as OpenSea or on an open file system such as IPFS. Regardless of where the file is stored, a reference to the path to the file can be added to the NFT.

If the cloud storage service deletes the image, crashes, or the file becomes corrupted, the file path will be compromised and the NFT will no longer be able to reference the relevant file. The NFT is a hashed link in the blockchain that leads to a file stored elsewhere. This is exactly where Ordinals differ. Ordinals store text, images, SCG or HTML on the main chain, and can be authorised via a transaction; they can also be bought, stored or gifted. Information added to the blockchain via Ordinals cannot exceed 4 megabytes. That said, they are not links to an image, a pdf of a Bitcoin white paper, or a video. They are direct files - whether a whitepaper or a video - that are an integral part of the Bitcoin blockchain, which means full Bitcoin nodes are obligated to preserve them.

Dune's dashboard shows that Ordinals registration activity remains high, with nearly 580,000 NFTs registered in less than three months.

While daily Ordinals registration activity is high, the trading volume of such NFTs remains low, primarily due to the lack of Bitcoin wallets and supporting marketplaces (Magic Eden and NFT Gamma are exceptions).

Ordinals require a specially designed Bitcoin wallet that recognises content files in distinguishable satoshis, the smallest unit of Bitcoin, and facilitates their transfer. Hiro and Xverse are leading wallet providers in this space and have added support for Bitcoin NFT.

Overall, the Bitcoin blockchain-based NFT phenomenon opens up a new class of NFT assets for us and sets a precedent for their value growth, showing that vectors for technology development within the Bitcoin ecosystem still exist.

Overall, the Bitcoin blockchain-based NFT phenomenon opens up a new class of NFT assets for us and sets a precedent for their value growth, showing that vectors for technology development within the Bitcoin ecosystem still exist.

What are the Bitcoin NFT Ordinals of the BRC-20 standard

Soulbound tokens (SBTs) are a concept introduced by Ethereum founder Vitalik Buterin and his co-authors to further develop a decentralised society and reverse the ownership of our own identities through digitalisation.

Soulbound tokens (SBTs) are unique digital tokens, similar to non-fungible tokens (NFTs), that are created with the aim of digitizing the representation of a person, their characteristics, achievements and more. For example, a Soulbound token could represent a digital degree certificate issued directly by an academic institution on the blockchain. In this example, "Soul" is the academic institution (as the issuer) and "Soulbound token" is the digital certificate (token).

The name "Soulbound" comes from the idea that tokens are "bound" to "souls" by being issued by a specific institution. This linkage creates a necessary level of authority, as the authority issuing the certificate will have a certain level of trust among the public.

Despite the link to the authority, which may not be decentralised, the Soulbound token is owned by the individual and remains in their respective DeSoc wallet - also referred to as a "soul". Full control remains in the hands of the individual, removing any dependence on a centralised authority and thus creating the basis for a strong decentralised community.

What role will soul-bound tokens play in a decentralised society?

Digital certificates already exist, but they are often not accepted on their own and require proof that they come from the issuing authority. In addition, digital certificates are usually issued separately by different centralised platforms and need to be requested or paid for.

In a decentralised society, Soulbound token holders can regain this autonomy by accessing their tokens quickly and easily, while ensuring transparency and reliability through the immutability of the blockchain.

Medical Records: a medical "soul" (a decentralised wallet dedicated to a user's medical information) will store a user's medical records as trusted digital SBTs that can be quickly accessed when needed. As these tokenised assets are issued directly by the medical centre with full transparency on the blockchain,there would be no need for auditing and they would be considered trustworthy. This would eliminate the need to prove your identity every time you need to present a medical card (for insurance purposes, as an example).

Educational Certificates: As with medical cards, an educational "soul" would contain SBTs that were issued directly to the user by the educational institution. These could be college diplomas, grade transcripts, certificates of proficiency, degrees, and more.

Looking to the future, the Web3 reality remains an exciting prospect for this technology, with VR games combining with a decentralised meta-universe, and digital art and currency paving the way for a decentralised economy. However, until now, these decentralised structures have relied on centralised platforms such as cryptocurrency exchanges and NFT trading platforms to provide trust and ease of access.

Soulbound tokens represent the next stage of building a decentralised society (DeSoc) with legitimacy and the right level of trust.

Soulbound tokens (SBTs) are unique digital tokens, similar to non-fungible tokens (NFTs), that are created with the aim of digitizing the representation of a person, their characteristics, achievements and more. 