Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About? - Ep. 462

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 3 March 2023

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Muneeb Ali, co-creator of Stacks, discusses the Bitcoin trend that has everyone – or at least, many Bitcoiners – buzzing: Bitcoin ordinals. Ali explains why it is that they’ve taken up block space, pushed Bitcoin fees higher, and caused controversy in the community. Plus, he explains why the phenomenon has generated excitement about Stacks. Show highlights: how Ordinals technology works to enable NFTs in the Bitcoin blockchain the difference between NFTs in smart contracts platforms like Ethereum vs. NFTs in Bitcoin the way in which the Taproot upgrade allowed Ordinals technology to exist what security measures to take in order to protect one’s Bitcoin NFTs why the Bitcoin maxi community reacted negatively to Ordinals why Stacks jumped so much in price after the release of Ordinals what Muneeb thinks is the significance of Yuga Labs launching NFTs on Bitcoin Thank you to our sponsors! Crypto.com Railgun DAO Guest Muneeb Ali, co-creator of Stacks Twitter Previous appearance on Unchained: Blockstack On Getting Independence From Google, Facebook And Amazon Links Unchained: BAYC Creator Yuga Labs to Launch Bitcoin Ordinal NFTs Decrypt: What Are Ordinals? A Beginner's Guide to Bitcoin NFTs Dune: Ordinals - Inscriptions on Bitcoin Episodes about Bitcoin mentioned in the show: Does Maximalism Help or Hurt Bitcoin? Lyn Alden and Udi Wertheimer Debate Eric Wall and Udi Wertheimer on Why Bitcoin Maximalism Is ‘Like a Shitcoin Community’ Is Bitcoin Doomed to Fail? Eric Wall and Justin Bons Face Off Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host,
0:09.3	Laura Shin, author of The Crypto Peans. I started covering crypto seven years ago, and as the
0:14.5	senior editor at Forbes was the first mainstream media reporter to cover cryptocurrency full time.
0:19.2	This is the March 3rd, 2023 episode of Unchained. Branching out from just being a podcast,
0:24.8	Unchained has launched a new website, complete with more breaking crypto news, educational
0:29.2	articles for those just getting started. How to guides and videos. Check it out at Unchained
0:34.0	Crypto.com to find answers to all your crypto questions. With the Crypto.com app, you can buy,
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0:52.4	daily newsletter at unchainedcrypto.substac.com. Again, that's unchainedcrypto.substac.com.
1:00.4	Ever wanted to use DeFi without being tracked? Railgun is a leading DeFi privacy solution
1:05.6	on Ethereum, BSC, Arbitram, and Polygon. Shield your funds and use them privately in your favorite
1:11.7	DeFi apps, while Railgun's cutting edge zero knowledge system encrypts your data from public
1:17.6	view. Yes, that includes dextrating. Visit railgun.org or use the railway app at railway.xyz.
1:24.4	Today's guest is MiniBully, co-creator of stacks. Welcome, Mini.
1:29.3	Great to be here. Nice to have you back. So the last couple months,
1:35.8	NFTs in Bitcoin, aka Bitcoin Ordnals have really taken off. And they're consuming large amounts
1:42.4	of block space, for instance, up to 70% at times. There's been more than a quarter million created,
1:48.5	and they've been the source of $1.4 million in fees on the Bitcoin blockchain. They've even
1:55.0	stirred some controversy. But first, before we dive into all that, let's make sure everybody
2:00.1	listening just is on the same page. What are ordnals and how do they work?
2:06.0	Yes, so I think NFTs on Bitcoin are not something new. Actually, NFTs started on the
	...

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