With Bitcoin-based digital collectibles becoming a popular trend, the full-stack bitcoin mining services company Luxor Technologies has acquired the platform Ordinalhub, a project that provides tools to buy, sell, and track Bitcoin-issued non-fungible token (NFT) assets.
Luxor Plans to Address Challenges in the Market for Ordinal Inscription Trades
At the time of writing, there are more than 160,000 Ordinal inscriptions on the Bitcoin blockchain, and the trend shows no signs of slowing. Luxor, a bitcoin mining venture, played a role in the rising demand for Ordinal inscriptions after mining the largest bitcoin block ever (#774,628) to mint an inscription. Block #774,628 was approximately 3.96 MB in size, and the inscription advertised the group that supports Ordinal inscriptions, called Taproot Wizards.
After the number of Ordinal inscriptions rose to 150,000, Luxor announced its acquisition of Ordinalhub, a platform aimed at providing tools to buy, sell, and track Bitcoin-based non-fungible tokens (NFTs). Luxor noted that in the early stages of Ordinal inscriptions, the process of buying, selling, or tracking had been cumbersome. The company described how over-the-counter (OTC) transactions had taken place on Discord. However, these trades relied on “makeshift escrow” and provided a “trading environment that made onboarding difficult and also led to high middleman fees.”
We have some exciting news..
You may notice a cleaner look to our site today. That is because the team at Luxor just re-built it over the weekend. @LuxorTechTeam has entered the chat officially and acquired @ordinalhub. pic.twitter.com/EeHUkp8RdJ
— OrdinalHub ◉ (@ordinalhub) February 21, 2023
These trades are not small, Luxor says, as it points out several collections of Ordinal inscriptions that have seen digital collectibles sell for over 10 BTC. Luxor plans to address these issues by providing a central hub for the Ordinal community through its acquisition of Ordinalhub. The Bitcoin mining services company believes there is a need for tools that index collections, help with price discovery, and provide escrow services for Ordinal inscription trades. Ordinalhub aims to be a one-stop-shop for the growing Ordinal inscription trend on the Bitcoin blockchain.
“Ordinals provide a new and unique method to mint NFTs on the Bitcoin blockchain, and Luxor is proud to be a central player in this burgeoning movement,” Nick Hansen, the CEO of Luxor Technologies said in a statement. “Ordinals have opened the door for exciting new monetization strategies for Bitcoin miners. There are natural synergies between Luxor’s mining pool and OrdinalHub, synergies that will uniquely position Luxor to build critical infrastructure for the industry to foster growth.”
Presently, there are approximately 161,831 Ordinal inscriptions on the BTC chain at 11:00 a.m. (ET) on Feb. 22, 2023. Recently, the technology was also ported over to Litecoin. The trend of minting Ordinals on the Litecoin chain has also become popular since its introduction, and currently, there are 15,899 Litecoin-based inscriptions on the LTC network.
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What do you think about Luxor acquiring Ordinalhub amid the growing trend of Ordinal inscriptions? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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