With regular text sales setting daily records, the controversial but noisy tagalong on the Bitcoin blockchain reached another Thursday. Standard text number eight from the Honey Badger collection was sold on Thursday at Magic Eden for 10.4 BTC, the NFT marketplace said on Twitter.
According to Magic Eden, Honey Badger is a collection of 10K random texts from 8 to 1029518.
The article was purchased by Twitter user “OG General,” Magic Eden tagged the account. Already the number one marketplace for NFTs on the Solana Blockchain, Magic Eden launched the Ordinals NFT Marketplace in March when the buzz around Ordinals' inscriptions picked up.
“We love the energy in the Ordinals ecosystem right now, and seeing large marquee sales like Article #8 go for $460K reinforces the value people see in digital artifacts permanently written on the Bitcoin blockchain,” said the Bitcoin CEO. In Magic Eden, Chris Akhavan, Decrypt said.
The Magic Eden account on Twitter declared OG General a “legend.” OG General has yet to respond to a request for comment, but said late Thursday, “Can't stop queues!” He tweeted.
🪖 Text #8 was written by Almost Nobody Cares About Texts and is on January 15th at 1 Sat/vB. “Can't stop systems!!” Back to work, warming up now. LFG!! Thanks to legends @mfigge and @huuep for giving me an early insight months ago… pic.twitter.com/V6cOmY3sLF
— The OG General (@TheOG_General) December 8, 2023
Magic Eden added support for BRC-20 tokens in June. The BRC-20 protocol allows ordinary enthusiasts to create not only inscriptions on the Bitcoin blockchain, but also meme coins.
Similar to NFTs, digital assets are denominated in satoshi, the smallest denomination of Bitcoin. Thanks to the Taproot update launched on the Bitcoin network in November 2021, media including artwork, text, videos and video games can be expressed in satoshis.
According to a Dune report, more than 46 million ordinals have been created on the Bitcoin blockchain since Casey Rodermore launched the Ordinals project in January.
Image: @dataalways
On Wednesday, renowned auction house Sotheby's announced the first sale of a collection of Ordinals by anonymous artist Shrometoshi titled “Bitcoin Shrooms.” Shrumtoshi called the collection a “pixel recap” of Bitcoin's 13-year history.
According to Dunn, more than $106 million was spent on fees related to standard articles. Similar projects have now emerged on other blockchains, such as Ethscriptions on Ethereum and TON20 on the TON blockchain.
The popularity of the Ordinals, however – coupled with increased network traffic and fees – has led to calls for their removal.
On Tuesday, Bitcoin Core developer Luke Dashjar once again criticized the spam on the Bitcoin network, calling it spam.
“‘Scripts' are exploiting a vulnerability in Bitcoin Core to spam the blockchain,” Dashjr wrote on Twitter, adding that Bitcoin Core allows users to further limit the amount of transaction data. “Scripts circumvent this limitation by disguising their data as program code.”
Bitcoin promoters like Dashjr are clearly not fans of chaos, such as filling space in the classic video game Doom. However, miners are reaping the benefits of increased demand.
Nick Hanson, founder and CEO of Luxor Technologies, told Decrypt that “I'm a fan of block space, and it seems like a great way for you to get regular space usage right now because it's so important to my customers, the miners.”
Edited by Ryan Ozawa.
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