Recursive inscriptions update to unlock games, more generative art on Bitcoin

Recursive inscriptions update to unlock games, more generative art on Bitcoin

Time Stamp: June 12, 2023 9:12 AM
Recursive inscriptions update to unlock games, more generative art on Bitcoin PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Recursive inscriptions, an update that allows Ordinals inscriptions to reference another inscription, is set for deployment later this week. Ordinals is an iteration of non-fungible tokens (NFTs) on the Bitcoin blockchain. 

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Fast facts

  • By allowing inscriptions to request the content of other inscriptions, files, such as unique traits for generative art, can be stored on Bitcoin more efficiently.
  • “Rather than inscribing 10,000 JPEG files for a [profile picture] collection individually which would be quite expensive, you could inscribe the 200 traits from the collection and then make 10,000 more inscriptions that each use a small amount of code to request traits and programmatically render the image,” LeonidasNFT, an NFT collector, pointed out on Twitter. 
  • As of Monday, Ordinals generated 1,702 BTC (US$44.13 million) in fees, totaling 11.6 million inscriptions, according to data from Dune Analytics.
  • The “recursive inscriptions” update follows the introduction of the BRC-721E token standard late last month, a feature that enables the transfer of Ethereum-based NFTs to Bitcoin. 
  • “This means that the 4MB size limit for Bitcoin NFTs is effectively gone. We could see on-chain video games, applications, generative art, and probably Bitcoin’s version of smart contracts. This is quite a big deal, and another milestone in Bitcoin’s roadmap to one day potentially flipping the Ethereum NFT ecosystem,” said Yehudah Petscher, NFT strategist at Forkast Labs.

See related article: SEC FUD can’t stop the fun in NFTs

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