In recent months, the crypto market has seen the emergence of a new trend in the form of BRC-20 token and ordinal NFTs.
What is BRC token?
BRC-20 token is an experimental fungible token standard using ordinal inscriptions on Bitcoin. The BRC-20 token standard BRC-20 is a token standard created in March
2023 by an anonymous user named “Domo” (@domodata on Twitter), saved on the Bitcoin base chain.
The token standard originated from creating the Ordinals protocol, which allows users to inscribe any file on-chain on Bitcoin. The BRC-20 standard enables the creation of smart contracts and the issuance of tokens
BRC-20 tokens though similar to the more well-known ERC-20 tokens their main difference is The
BRC-20 token standard utilizes the Proof Of Work (PoW) mechanism, while the
ERC-20 uses the Proof Of Stake (PoS) mechanism.
How much is brc20?
According to BRC-20.io, the 24-hour trading volume of the BRC-20 market has exceeded $200million dollars. With over 14,000
BRC-20 tokens minted so far, it’s clear that this standard is attracting many
crypto enthusiasts.
Ordinal NFTs, on the otherhand, are a new type of NFT that allows for the creation of a sequence of NFTs. This means that each NFT in the sequence is unique, but also part of a larger set. This allows for new types of NFTs to be created, such as collectible sets or series of artwork.
The Binance NFT marketplace recently showed interest in listing the ordinals Nft`s . added support for ordinal NFTs, making it easier for creators to launch and sell them. On the
Binance smartchain.
In addition Huobi, another major crypto exchange, has recently announced plans to list BRC-20 tokens in the near future.
Bottom Line
Overall, the emergence of the BRC-20 token, ordinal NFTs, and BRC-20 memecoins has come with a lot of backlash from the crypto community this switch in the Bitcoin blockchain highlights the growing diversity of the crypto market.
As blockchain technology continues to evolve, we can expect to see even more innovative use cases for tokens and NFTs in the future.
