The first project OrdiBots increased by a thousand times? Read the GBRC721 protocol in one article

Author: Wuhai, PANews

On May 30, according to data from Dune, the total number of minted inscriptions on the Bitcoin NFT protocol Ordinals exceeded 10 million pieces, and the cumulative fee income reached 1578.4611 BTC, worth 44.14 million US dollars. Looking back on the short history of development, since software engineer Casey Rodarmor created the NFT protocol "Ordinals" on January 30 and officially launched it on the Bitcoin mainnet, the number of inscriptions minted on the Bitcoin chain exceeded 1 million in less than two months. Another 10-fold increase. It can be seen that the ecological development based on the Ordinals protocol is fast and the scale is expanding.

**The intuitive impact of the increasing number of inscriptions minted is that the Bitcoin network fee has soared and stabilized at a higher position, and a large number of creators are entering the Bitcoin Ordinals ecosystem, which intensifies the community's interest in the Bitcoin block space. demand. **Based on this, developers continue to introduce new protocols or standards to solve or optimize the current pain points. One of the most eye-catching is GBRC721. This article will give you a detailed explanation of the GBRC721 protocol and its ecological projects.

What is GBRC721?

The full name of the GBRC721 protocol is generative-brc-721. The founder is Jerry (Twitter account @0xJerry543). Jerry is also the initiator of the Bitcoin NFT project DogePunks. According to the GBRC721 protocol document, it can save all chain resources while achieving 50%-90% block space optimization, thereby accommodating more creators and promoting innovation. At the same time, it solves the problem that the project has to choose IPFS off-chain storage, so that the NFT on the Bitcoin chain can be stored on the whole chain. The solution no longer needs to rely on third-party retrieval support.

**With the adoption of more people and access to more platforms, the front-end interface of the GBRC721 protocol displays the actual images produced by the cast inscriptions instead of text data. **Currently this can be done seamlessly by scanning the "gen-brc-721" inscription of the user text inscription. The image can then be regenerated using the on-chain data and subsequently stored within its system infrastructure in much the same way that is popular today.

The deployment and inscription process of this protocol is roughly the same as that of brc20 tokens. The process includes three main operations: 1) Use the deployment operation to create and generate a BRC721 collection. The deployment operation is aimed at a JSON/Text inscription, which contains the general information of the collection and its composition The base64 encoded data of the collection characteristics. It is also possible to create multiple deployment inscriptions for the same collection, each of which will store a different set of traits. 2) Use JSON or text inscriptions to cast an irreplaceable serial number, 3) Transfer non-homogeneous Ordinals to standard serial number inscriptions.

The difference is that each of its collections is unique, but it cannot be checked before the block is confirmed, resulting in a collection that may be burned by many people, causing users to spend costs but get nothing. Based on this, in order to further optimize the community experience and ensure fair distribution, Jerry said that he is considering whitelisting on the chain. This will require adding an optional new key to the deployment inscription, which will point to a separate inscription containing the whitelist details for claiming NFTs. This will provide a more manageable and fair distribution system for the collections on GBRC721, preventing unfairness due to technical and other reasons.

According to dune data, the GBRC721 ecology currently has more than 10,000 transactions, costing a total of 1.68 BTC, and its ecological projects are also emerging one after another. The following will introduce the most typical projects of its ecology.

OrdiBots

OrdiBots was shown to the community by Jerry in the form of a case when he launched the GBRC721 standard, similar to the ordi released by domo when he launched the brc20 protocol. OrdiBots are a very "light" set, thus adding to the combination that can be generated with more complex special flags to make it more efficient.

OrdiBots is a collection of 1,000 images composed of 26 different features. The total size of 1000 OrdiBots pictures is about 663kb. Based on the network fee of about 30sats/vB when burning, the size of burning the entire collection is 0.293BTC (equivalent to about 7900 US dollars). Through the GBRC721 standard, the size of the entire collection is reduced to 294kb (10kb+284kb), so the total block space is reduced by about 55%.

OrdiBots was inscribed on May 22-23, because as the first project under the GBRC721 innovation standard, it enjoyed enough attention and funding in the early stage. At present, the total turnover of the ordinalswallet and Magiceden platforms is 26.8 BTC. The current number of listings on the ordinalswallet platform is 65, and the number of listings on the Magiceden platform is 82, with 350 addresses.

OrdiBots was inscribed at about $3 at the time. With the continuous attention of the market, its floor price rose to a maximum of 0.12 BTC, which is currently equivalent to $3,200, an increase of up to 1,000 times. According to the market data of ordinalswallet, the highest selling price of its golden package is 0.175 BTC. The current market value of OrdiBots is 77.7 BTC, equivalent to $2.1 million. The current leader of NFT collections based on the Ordinals protocol is Bitcoin Frogs, with a market value of $25.6 million. It can be seen that it remains to be seen whether OrdiBots based on the new standard can take the development space to a higher level.

In addition, it is not difficult to find out after going deep into its community that **OrdiBots can achieve such a high multiple increase, in addition to its innovation-based standards, it is inseparable from the strong consensus of its community holders. **It has gained a lot of publicity by auctioning gold equipment every day and distributing the proceeds from the auction to the community. At the same time, community members have spontaneously developed tools such as rarity query and position ranking, and actively interacted with the platform and other projects in the ecosystem. thereby empowering the holders.

OrdiBlocks

OrdiBlocks, launched by DogePunks management @FioYclub, were burned on May 29th, with a total of 666. Because of the increase of OrdiBots, the community is extremely fomo towards OrdiBlocks. According to the search, each collection of OrdiBlocks has been burnt more than 4-5 times.

OrdiBlocks went from costing $3 to $400 after the burn ended, and now it's back down to $90. At present, the total turnover is 60,000 US dollars, the unique holding address is 223, and the number of listings is 105. Its community is currently actively operating and interacting in order to provide more benefits to the holders.

Summarize

GBRC721 has attracted much attention because of its first ecological project, OrdiBots, which has a very high multiple of growth. However, the current ecological infrastructure still needs to be gradually improved. For example, Magic Eden does not yet support the actual image display of inscriptions under the GBRC721 standard. Ecological projects also need to continuously build and expand consensus under the attention of the community with high sentiment, and avoid short-lived waves.

From the perspective of the larger Ordinals agreement, in just four months, the Bitcoin ecology has been seldom paid attention to by the market. I am afraid that I will miss any information, especially the level of fomo people have for the Bitcoin ecological project. As if returning to the summer of DeFi in 2020, developers are constantly introducing new protocols or standards to break through the current dilemma or constraints.

Of course, there are many users in the community who are pessimistic about running application development projects on Bitcoin, and there is also no shortage of onlookers who are prejudiced against the current phenomenon. However, the current Web3 circle or the currency circle is still in the stage of creating concepts and telling stories. **In the past round of market cycles, the market mainly told stories about DeFi, DAO, Gamefi, etc. around the EVM chain ecology. Now that it is almost at the end of the rope, the Ordinals agreement has opened up a new channel for the current market constraints. Switching to a track that has never been tapped in the market before or has not been tapped successfully may achieve the effect of another village. **