With Bitcoin-based digital collectibles becoming a popular trend, the 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. Luxor Plans to Address Challenges in the Market for Ordinal Inscription Trades 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. Luxor, a bitcoin mining venture, played a role in the rising 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 advertised the group that supports Ordinal inscriptions, called Taproot Wizards. After the number of Ordinal inscriptions rose to 150,000, Luxor announced its acquisition of Ordinalhub, a platform aimed at providing 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 “makeshift escrow” and provided a “trading environment that made onboarding difficult and also led to high middleman fees.” We have some exciting news.. You may notice a cleaner look to our site today. That is because the team at Luxor just re-built it over the weekend. @LuxorTechTeam has entered the chat officially and acquired @ordinalhub. pic.twitter.com/EeHUkp8RdJ — OrdinalHub ◉ (@ordinalhub) February 21, 2023 These trades are not small, Luxor says, as it points out several collections of Ordinal inscriptions that 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 its acquisition of Ordinalhub. The Bitcoin mining services company believes there is a need for tools that index collections, help with 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 to mint NFTs on the Bitcoin blockchain, and Luxor is proud to be a central player in this burgeoning movement,” Nick Hansen, the CEO of Luxor Technologies said in a statement. “Ordinals have opened the door for 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 foster growth.”
The trend of Ordinal inscriptions on the Bitcoin blockchain is rapidly growing, with more than 160,000 inscriptions currently on the network. Luxor Technologies, a full-stack bitcoin mining services company, has taken notice and has acquired Ordinalhub, a platform that provides tools to buy, sell, and track Bitcoin-issued non-fungible token (NFT) assets. Luxor believes that the current process of buying, selling, and tracking Ordinal inscriptions is cumbersome, with OTC transactions taking place on Discord and relying on “makeshift escrow” with high middleman fees. The company plans to address these issues by providing a central hub for the Ordinal community through its acquisition of Ordinalhub.
Luxor’s acquisition of Ordinalhub is a response to the rising demand for Ordinal inscriptions. The company mined the largest bitcoin block ever (#774,628) to mint an inscription. This block was approximately 3.96 MB in size and advertised the group that supports Ordinal inscriptions, called Taproot Wizards. Luxor CEO Nick Hansen believes that Ordinals provide a new and unique method to mint NFTs on the Bitcoin blockchain and that there are natural synergies between Luxor’s mining pool and OrdinalHub that will uniquely position Luxor to build critical infrastructure for the industry to foster growth.
The trend of minting Ordinals on the Litecoin chain has also become popular since its introduction, with 15,899 Litecoin-based inscriptions on the LTC network. The technology was ported over to Litecoin, and it has seen success on the network. Luxor’s acquisition of Ordinalhub is a sign that the Ordinal inscription trend is here to stay, and that there is a need for tools to help people buy, sell, and track these assets.
At the time of writing, there are over 161,831 Ordinal inscriptions on the BTC chain, and this number is only expected to grow. Luxor is proud to be a central player in this burgeoning movement, and they believe that Ordinals have opened the door for exciting new monetization strategies for Bitcoin miners. The company plans to use the Ordinalhub platform to provide a one-stop-shop for the growing Ordinal inscription trend on the Bitcoin blockchain.
The tools provided by Ordinalhub will include indexing collections, helping with price discovery, and providing escrow services for Ordinal inscription trades. Luxor has also noted that several collections of Ordinal inscriptions have seen digital collectibles sell for over 10 BTC, showing that these trades are not small.
The trend of Ordinal inscriptions is rapidly growing, and Luxor’s acquisition of Ordinalhub is a sign that the trend is here to stay. Luxor plans to use the Ordinalhub platform to provide a one-stop-shop for the growing Ordinal inscription trend on the Bitcoin blockchain, and the company believes that there is a need for tools that index collections, help with price discovery, and provide escrow services for Ordinal inscription trades. With the tools provided by Ordinalhub, it is likely that the trend of Ordinal inscriptions will continue to grow.
What do you think about Luxor acquiring Ordinalhub amid the growing trend of Ordinal inscriptions? Let us know what you think about this subject in the comments section below. The trend of Ordinal inscriptions is rapidly changing the way people buy, sell, and track Bitcoin-issued non-fungible token (NFT) assets, and Luxor’s acquisition of Ordinalhub is a sign that the trend is here to stay. As the number of Ordinal inscriptions continues to grow, it is likely that the tools provided by Ordinalhub will be essential for people to buy, sell, and track these assets. With the tools provided by Ordinalhub, it is likely that the trend of Ordinal inscriptions will continue to grow and that Luxor will be a central player in this burgeoning movement.
