On-chain data shows Bitcoin is emerging from the depths of despair
CryptoSlate's latest market report dives deep into Bitcoin on-chain data suggesting that the bear market might be coming to an end.
A new Ordinal minted on the Bitcoin blockchain network, inscription 2042, consists of a one-second audio clip capturing the sound of a wet fart.
Launched in January by software engineer Casey Rodarmor, Ordinals are essentially a protocol that allows for data to be stored on Bitcoin’s blockchain network. Think NFTs but for Bitcoin.
They’re so new you can’t even buy them via a marketplace like OpenSea. They require special Bitcoin Ordinal wallets to store and trade, but this has not stopped people from uploading strange and uncanny files to the Bitcoin network.
So far, there have been over 100,000 inscriptions via the Ordinal network, everything from encrypted files to digital art.
On Feb. 2, inscription 2042 was uploaded onto the Bitcoin blockchain, a 1-second audio file that captured the sound of someone passing gas.
According to one Reddit user posting in r/CryptoCurrency, inscription 2042 sold for 12.3 Bitcoin, the equivalent of $280,000.
It’s impossible to verify whether the fart actually sold because there is no centralized (or even decentralized) marketplace for Bitcoin Ordinals, with most being sold via OTCs in random discord channels, usually among Bitcoin node operators themselves.
Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, the Art Newspaper, and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes his way through current financial and art news, scandals, and events.
CryptoSlate's latest market report dives deep into Bitcoin on-chain data suggesting that the bear market might be coming to an end.
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