Has the metaverse arrived on Bitcoin (BTC), thanks to the Ordinals protocol? Yes, according to the Bitmap Theory project, which aims to create a link between the largest cryptocurrency and virtual worlds. Deciphering
The metaverse on Bitcoin is now possible ?
The Ordinals protocol, which allows data to be written to the Bitcoin blockchain (BTC), has been particularly popular in recent months. It has enabled the creation of equivalents to non-fungible tokens (NFTs) and ERC-20s, to the point of congesting the blockchain and driving up transaction costs.
Bitcoin is now exploring the metaverse, thanks to Ordinals and Bitmap Theory. This protocol allows you to claim ownership of a block of Bitcoin. Created by the anonymous developer Bitoshi Blockamoto, its aim is to integrate a block of Bitcoin into the metaverse. The principle is as follows: the ownership of the block is written to a satoshi using the Ordinals protocol. This data is then analysed by external platforms, which can model it in the metaverse.
This “new paradigm”, as described by the project, opens the door to multiple use cases:
Owners can register transactions as parcels on their own blocks, which effectively allows a block to be split and distributed to a wider community. This means that block owners can become active contributors to the metaverse. “
Registrations are pouring in on Bitcoin
Announced on 13 June this year, the protocol is already experiencing massive take-up. A few hours ago, we learned that 300,000 registrations had been reached. One of the factors behind the increase in registrations since yesterday has been the introduction of a Bitmap map, which shows which blocks have already been registered and which are free:
Introducing the Bitmap Map!
Orange means unavailable / already inscribed
⬛️ Black means availableClick on the black squares to inscribe your very own Bitcoin Block!
Click here to view the map! https://t.co/Yqo1PtHIcX pic.twitter.com/WevMlWm3J0
– Ordinals Wallet (@ordinalswallet) June 19, 2023
The price of blocks has also risen as public interest has increased. Some were sold for 0.1 BTC. Some commentators also believe that registrations could eventually be worth more than one bitcoin, given that they are inherently rarer than the number of bitcoins in existence.
So will Bitmap Theory be the revolution some people have been waiting for? Or just further proof of the excessiveness of the projects that followed the creation of the Ordinals protocol? The crypto community is currently debating this, so it will be one more use case to keep an eye on.
