Since the launch of the Ordinals protocol in 22, there have been signs indicating that funds and enthusiasm will spread to the Bitcoin NFT field. With the continuous appreciation of Bitcoin and widespread market recognition, the NFT ecosystem of the Bitcoin network is gradually thriving. The first 10K collection of Bitcoin Punks, which was minted for free using the Ordinals, was sold out in less than a day. This year has also seen a boom in the NFT ecosystem, with the rising enthusiasm in the crypto market, continuous improvement of infrastructure, a constant stream of innovative projects, and a gradual expansion of the user base, the Bitcoin NFT ecosystem is showing vigorous vitality.
Data shows that the on-chain NFT trading volume of Bitcoin ranks first in the past 7 days, followed by Ethereum and Solana, and the prices of Bitcoin NFTs are generally rising. Driven by the Runes protocol, the floor price of Runestone has risen to 0.084 BTC (approximately $5912), with a market value of $660 million, far surpassing BAYC to become the second largest project in the NFT market, despite their different positioning.
About Runestone
The Runestone project is undoubtedly a shining star. It is an experimental project initiated by Leonidas, the founder of @ord_io. With the airdrop completed in mid-March, Runestone has achieved remarkable results. This move aims to incentivize and reward early supporters who have contributed to the Ordinals ecosystem. Runestone contains over 110,000 unique parent-child inscriptions, which not only explores digital art but also reflects many aspects of the thriving NFT ecosystem on the Bitcoin network.
Runestone also significantly differs from traditional NFT methods. Compared to the common NFT projects with a total of 10,000 pieces, its issuance is ten times more. It has already completed a snapshot at block height 826,600, which marks the first anniversary of Ordinals.
On March 9th, Runestone #63140674 was sold for 8 BTC, equivalent to approximately $556,000. Runestone is one of the largest Bitcoin Ordinals inscriptions in history, with a file size of 3,967,899 bytes (3.967 MB). It is one of only seven Bitcoin Ordinals inscriptions that exceed 400,000 bytes (400 KB) and was mined in block 832,947, creating the largest block record in Bitcoin history.
The proceeds from the auction and the Bitcoin raised through Twitter donations will be used to pay for the mining fees of the Runestone airdrop program, making it one of the largest airdrop projects in Ordinals history. This not only demonstrates the community support and commitment to the Runestones project but also adds anticipation to the entire Bitcoin community and the upcoming Runes protocol.
Runes Protocol
Runes is a new protocol launched by Casey, the founder of Ordinals, for issuing fungible tokens FT. It first appeared on Casey's personal blog. It is expected to be launched at the beginning of the Bitcoin halving, i.e., at Bitcoin block height 840,000.
Ordinals has integrated inscriptions into the Bitcoin ecosystem, creating a centralized currency issuance mechanism using BRC-20 in the form of index characters. However, this mechanism has put immense pressure on the Ordinals protocol, originally developed for NFT applications. As a decentralized Ordinals, even the founder Casey cannot make BRC-20 disappear. Casey has expressed dissatisfaction with BRC-20 multiple times, believing that it occupies a large number of inscription numbers and Bitcoin storage space, and does not bring much positive benefits to the ecosystem.
Therefore, Casey proposed a new solution—Runes. The main purpose of the Runes protocol is to define a way to exchange symbolized assets on the Bitcoin network. It uses Rune as the unit of symbolized assets and utilizes UTXOs to represent the balance of Rune. Protocol messages are transmitted through the outputs of transactions and follow specific formats and rules, which can include two types of operations: transfer and issuance.
Many projects related to the Runes protocol have already started to heat up in the market, although the official Runes protocol has not been released yet. Strictly speaking, there are currently no real Runes in existence, but many projects are using the form of Bitcoin NFT for release. Among the recent projects related to the Rune protocol, the most topical one should be the Runestone.
Innovation and Vision of Runestone
The Runestone project demonstrates the innovative spirit of blockchain technology and adheres to the principles of fairness, transparency, and decentralization. Its distribution method provides unique reward mechanisms for participants in the Ordinals protocol, which is a valuable practical example for the entire cryptocurrency community. In this way, Runestone not only establishes a healthy incentive mechanism for the Ordinals protocol ecosystem but also demonstrates how to use blockchain technology to promote fairness, transparency, and decentralization.
Furthermore, the large file size of Runestones enables them to carry richer and more complex content. Compared to traditional NFTs, Runestones can contain more data and information. The characteristic of large file size makes Runestone an ideal carrier for digital art and cultural expression. Leonidas also stated that the goal of Runestone is simple: to create the world's top memecoin on the Bitcoin chain, emphasizing that Runestone should not be mistaken as just an NFT Collection.
Importantly, the goal of Runestone is to redefine the standard NFT framework. By supporting open-source algorithms, community-driven projects, fair airdrops, and rewarding initial supporters, Runestone seeks to break the status quo in the traditional NFT market and establish a more fair and open ecosystem. As part of the Ordinals ecosystem, Runestone is committed to promoting broader participation and innovation.
Runestone adopts an open-source algorithm, which contributes to the validation of the project and further development of the community. An open-source algorithm means that the project's code and technical details are publicly visible, and anyone can view, review, and participate in improvements.
Runestone emphasizes returning control and ownership to the community, ensuring fair participation. Through a community-driven approach, the development and decision-making of the project are no longer controlled by a single entity but are instead participated in and decided upon by community members.
Runestone employs a fair airdrop approach, distributing tokens evenly to provide credit to early supporters and incentivize community participation. Fair airdrops ensure that every Bitcoin holder has the opportunity to receive Runestone tokens, rather than being limited to a few holders.
Each Runestone is associated with significant moments in Bitcoin history, and the larger data capacity allows for more complex multimedia content. By being linked to Bitcoin history, Runestone adds more historical significance and cultural value, attracting a wider user base. At the same time, the larger data capacity also provides artists and creators with more creative space and possibilities, enriching the content and experience of NFTs.
Compared to other public chains such as Ethereum, the Bitcoin network has long been seen as the "old guard" of the crypto network. However, with innovations like the Ordinals protocol, the Bitcoin network is gradually breaking free from this stereotype and reshaping its position in the field of digital asset issuance. As the market value of Runestone continues to rise, speculation arises as to whether it will become the next key to wealth, and whether Bitcoin network NFT assets will become the industry consensus for a new round of asset issuance. We await with anticipation.
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