On December 7, a user named OG General purchased one of the early ‘Inscriptions’ (Inscriptions) in the Bitcoin blockchain from the Honey Badger collection for 10.4 BTC (about $450,000 at the time of the deal). NFT marketplace Magic Eden reported the sale.
We just witnessed the highest Ordinal sale of all time…
Inscription #8
?? 10.4 BITCOIN SALE ??@TheOG_General you are a LEGEND pic.twitter.com/c4uf0R4p0U
— Magic Eden on Bitcoin ? (@MEonBTC) December 7, 2023
The Honey Badger collection, launched in January, consists of 10,000 ordinal ‘Inscriptions’ ranging from #8 to #1,029,518.
Magic Eden representatives said in a comment to Decrypt that such purchases “strengthen the value of digital artifacts forever inscribed on the Bitcoin blockchain”. They also called OG General “a legend”.
The owner of the inscription himself also commented on the deal:
“Ordinals cannot be stopped!”.
? Inscription #8 was inscribed when almost no one cared about inscriptions, on Jan 15 at 1 sat/vB. ” Ordinals Cannot be stopped !! ” Back to work , I am just warming up. LFG !! Thanks to the legends @mfigge and @huuep for providing an early insight to me months ago about… pic.twitter.com/V6cOmY3sLF
— OG General (@TheOG_General) December 8, 2023
The Ordinals protocol, launched in January, allows enthusiasts to store in the Bitcoin blockchain various ‘digital artifacts’, including images, audio, video, text and even full applications such as a simplified version of the Doom game.
According to Dune, more than 46.5 million inscriptions have been created since the project’s launch. At the same time, more than $148 million has been spent on related fees.
Earlier this week, Bitcoin Core developer Luke Dash Jr. said that the protocol fuels spam in the network and predicted its imminent end.
Earlier ForkLog reported that The Open Network’s throughput slowed to one transaction per second due to a failure after the Tonano launch — an analogue of Ordinals.