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The new BRC69 Ordinals standard by Luminex, a web3 launchpad, might revolutionize Bitcoin Ordinals for creators and traders.
TL;DR
Luminex introduces the BRC69 standard for Bitcoin Ordinals, offering a cost-effective solution for content creators to develop Recursive Ordinals collections.
The BRC69 standard simplifies customization with on-chain features, including on-chain pre-reveals and drag-and-drop functions.
Bitcoin Ordinals collections skyrocketed in popularity with successful drops such as the Ordinal Punks.
BRC69 is a new Bitcoin Ordinals standard just revealed by the web3 launchpad Luminex.
How Does the Luminex BRC69 Ordinals Standard Work?
This week, the web3 platform Luminex revealed a new Bitcoin Standard that might change the game for Bitcoin Ordinals: BRC69. Accordingly, this standard will allow users to create a Recursive Ordinals collection with much lower costs.
This announcement comes as content creators have struggled with the Bitcoin Ordinals’ high demand. The growing number of inscribed collections meant lower Bitcoin block spaces for new creators and developers.
Luminex’s new BRC69 standard can solve these issues in four simple steps:
Inscribe the digital traits of your collection;
Deploy the collection on-chain via JSON code, offering vital information about its traits and sources;
Compile the collection using JavaScript to inscribe the digital assets;
Mint BRC69 assets using an HTML inscription that stores the information in a single code line.
Luminex gave its users an insight into the BRC69 standard via social media on July 3rd. Credit: Twitter
How Is BRC69 Different From Bitcoin Ordinals?
To begin with, web3 creators can customize their collections much easier thanks to the simple code lines and on-chain features. For example, users can launch entire collections with on-chain pre-reveals. Moreover, you could use functions like drag-and-drop to generate your Recursive Ordinals.
Interestingly enough, Luminex revealed that the first Bitcoin Ordinals standards inspired their innovative idea.
“The brilliance of BRC69 lies in its simplicity. Minters only need to inscribe a single line of text instead of a full image. This text allows the final image to be automatically rendered on all ordinals-frontends, using solely on-chain resources, thanks to recursive inscriptions,” the team said in a statement.
What Are Bitcoin Ordinals?
For those new to the trend, Bitcoin Ordinals is a revolutionary protocol on the Bitcoin blockchain. In essence, this method allows users to inscribe data on the smallest units of a Bitcoin (known as Satoshi). These inscriptions, called Ordinals, help creators generate collections similar to the well-known Ethereum ones.
Last month, Bitcoin NFT transactions declined by 42.36% while Ethereum increased. Nevertheless, this market has evolved impressively since the Ordinals standard launched in Januar, so it’s worth watching.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
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