- An artwork from the “Honey Badger” Ordinals collection, known as inscription number eight, was sold for 10.4 BTC (approximately $450,000) on the NFT marketplace Magic Eden.
- This sale sets a daily record and highlights the growing interest and value in Ordinals inscriptions.
The Bitcoin blockchain has witnessed a momentous transaction as a piece from the “Honey Badger” Ordinals collection found a new owner. Inscription number eight from this artwork series was sold for 10.4 BTC, equivalent to approximately $450,000, on the NFT marketplace Magic Eden. This sale not only establishes a daily record but also underscores the growing fascination and worth attributed to Ordinals inscriptions.
The “Honey Badger” collection, which comprises 10,000 Ordinal Inscriptions ranging from number 8 to 1,029,518, represents a significant stride in the realm of digital art on the Bitcoin blockchain. The buyer, a pseudonymous Twitter user known as “OG General,” received accolades as a “legend” from Magic Eden. This acquisition vividly demonstrates the increasing enthusiasm within the Ordinals ecosystem, as highlighted by Chris Akhavan, General Manager of Bitcoin at Magic Eden.
Ordinals inscriptions, akin to NFTs, are digital assets engraved on a satoshi, the smallest unit of Bitcoin. The introduction of the Taproot upgrade in November 2021 enabled the inscription of various forms of media, including artwork, text, videos, and games, onto satoshis. This innovation has led to the creation of over 46 million Ordinals inscriptions since Casey Rodarmor initiated the project in January.
Ripple Effects in the Crypto Sphere
Following the success of Bitcoin Ordinals, similar projects have emerged on other blockchains. These include Ethscriptions on Ethereum and TON20 on the TON blockchain. However, the growing network traffic and associated fees related to these inscriptions have ignited debates within the crypto community.
While miners benefit from the increased demand for block space, Bitcoin Core developer Luke Dashjr has criticized Ordinals, labeling them as spam and an exploitation of a vulnerability in Bitcoin Core. Dashjr’s viewpoint aligns with the broader discussion among Bitcoin purists, who perceive such inscriptions as a deviation from the original blockchain vision.
Despite the controversy, the sale of the “Honey Badger” inscription represents a significant moment in the evolution of digital assets. It also signifies the expanding acceptance and utilization of blockchain technology within the art world and beyond.
