ORDI Listed on Binance – Bitcoin NFTs and BRC-20 as Memecoins

The young cryptocurrency ORDI is now in the spotlight with yesterday’s listing on the world’s leading crypto exchange Binance. The data from CoinGecko confirms this: When ORDI arrived on Binance, the coin’s global trading volume skyrocketed from less than $50 million previously to over $500 million.

The price of ORDI recorded across many crypto exchanges also doubled from around $7 to around $14. Binance lists ORDI in the “Innovations” section and explicitly points out the particularly high risks.

That is because ORDI is actually a cryptocurrency without a team, official website, or presence on social networks. On X (formerly Twitter), CBSpears showed that online presences linked to ORDI have nothing to do with the coin directly. Binance provides information on ORDI with the meager sentence that it is the first token to be created in BRC-20 format.

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It is important to note that Bitcoin NFTs have been making headlines since the beginning of the year

Thanks to a few tricks, resourceful developers succeeded in documenting additional information in tokens in the Bitcoin protocol, which was not actually intended for this purpose. This approach copies the principle of NFTs, albeit at a low level. The format is summarized under BRC-20 tokens and ORDI is an example. There are 21 million ORDIs in circulation and each of the tokens has the ability to contain additional information through the BRC-20 format.

The creation of NFTs in the Bitcoin network via the BRC-20 format is controversial. This is because coins such as ORDI lead (temporarily) to a sharp increase in network activity and therefore tend to lead to a sharp increase in transaction fees for Bitcoin. Critics say that such gimmicks should not clog up the blockchain.

On the other hand, the Bitcoin protocol is autonomous and cannot exclude ORDI and other BRC-20 tokens. In this respect, Binance’s decision to list ORDI can also be read as support for settling the dispute over the meaning and usefulness of BRC-20 through the markets.

Conclusion: ORDI causes a sensation through Binance

The first BRC-20 auction with Bitcoin NFTs from Yuga Labs was documented back in March and listed the pros and cons. Anyone now considering joining the ORDI trend should definitely do their own research.

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(Featured image by Kanchanara via Unsplash)

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