Bitcoin Ordinals Team Creates Non-Profit Organisation to Get Funding to Grow Ecosystem: Details

The team behind Bitcoin Ordinals has taken new initiatives to ensure that its NFT ecosystem continues to grow at a consistent pace. To this end, a new non-profit organization called the Open Ordinals Institute has been formed to raise funds for Ordinal NFTs. This development comes after the inscription on Bitcoin serial numbers recently reached the 21 million mark, demonstrating the rising interest in the NFT community.

“The Open Ordinal Institute is a public charity dedicated to cultivating and maintaining a thriving ecosystem that enables free and open source development of the Bitcoin Ordinal protocol. It is committed to supporting developers participating in the protocol, as well as those creating user-friendly Developers of tools to help less technical users create Bitcoin digital artifacts.” Official website Open ordinal.

OpenSorting Academy will be located in California, USA. A total of four Ordinals friendly members have been appointed to the development team. These members include Raph, the anonymous lead maintainer of the project, and Casey Rodarmor, the creator of Ordinals. The other two team members are Bitcoin-focused podcast host Erin Redwing and an anonymous Ordinals developer named Ordinally. CoinTelegraph report explain.

Raph said in a tweet on Wednesday, August 2, that the team will primarily focus on raising funds for the Bitcoin Ordinals team.

When an NFT is recorded on a Satoshi unit of the Bitcoin blockchain, it is classified as an ordinal NFT. Satoshi Nakamoto, named after the anonymous creator of Bitcoin, is the smallest denomination of Bitcoin.

Rodarmor first launched the Ordinals protocol in January this year. In March this year, the digital collectibles category quickly became popular after BAYC parent company Yuga Labs announced the launch of its own Ordinals NFT series called TwelveFold.

In May, Ordinal crossed the 7 million mark and reported revenue of around $173.28 million (approximately Rs. 1,433 crore) in 30 days.

Given the apparent explosive growth of the Ordinals NFT market, its developers are now looking to explore new avenues for growth, prompting it to form a dedicated team to raise funds. This development has sparked excitement among members of the NFT community, some of whom have already pledged funds to the Open Ordinals Institute.

“In addition to developers, our goal is to fund designers, reviewers, researchers, educators, and others who contribute to enhancing and promoting this new technology,” the Open Ordinals website adds.