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With Bitcoin-based digital collectibles becoming a popular trend, 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 .
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 down. Luxor, a bitcoin mining venture, played a role in the growing 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 announced the group supporting Ordinal inscriptions, called Taproot Wizards.
After the number of Ordinal subscriptions rose to 150,000, Luxor announced the acquisition of Ordinalhub, a platform that aims to provide 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 “provisional escrow” and provided a “trading environment that made onboarding difficult and also led to high intermediary fees.”
We have some exciting news..
You may notice a cleaner look to our site today. That’s because the team at Luxor just rebuilt it over the weekend. @LuxorTechTeam has entered the chat officially and acquired @ordinalhub. pic.twitter.com/EeHUkp8RdJ
— OrdinalHub ◉ (@ordinalhub) 21 February 2023
These deals are not small, says Luxor, as it points out several collections of Ordinal inscriptions 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 the acquisition of Ordinalhub. The Bitcoin mining services company believes there is a need for tools that index collections, assist in 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 of minting NFTs on the Bitcoin blockchain, and Luxor is proud to be a key player in this burgeoning movement,” said Nick Hansen, CEO of Luxor Technologies in a statement. “Ordinals has opened the door to 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 drive growth.”
Currently, there are approximately 161,831 Ordinal inscriptions on the BTC chain at 11:00 AM (ET) February 22, 2023. Recently, the technology was also transferred 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.
What do you think about Luxor buying Ordinalhub amid the growing trend of Ordinal inscriptions? Let us know what you think about this topic in the comments section below.
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