The Ordinals protocol team has announced the launch of a non-profit organization called the Open Ordinals Institute. This California-based public charity aims to support the development of the protocol by collecting donations in Bitcoin. The funds will be used to finance the core group of developers and also focus on creating user-friendly tools for Bitcoin Digital Artifacts.
The Open Ordinals Institute aims to fund not only developers but also designers, reviewers, researchers, educators, and other contributors who play a vital role in improving and promoting the technology. This initiative seeks to support those involved in the protocol and facilitate the creation of Bitcoin Digital Artifacts for less technically proficient users.
Previously, the project was funded by Casey Rodarmor, who introduced inscriptions on Bitcoin’s mainnet for the first time. Now, with the establishment of the Open Ordinals Institute, the project will have a more sustainable and organized approach to funding.
The team behind Open Ordinals consists of four members serving on the board. This includes the project’s pseudonymous lead maintainer Raph, Bitcoin-focused podcast host Erin Redwing, and an anonymous Ordinals developer known as Ordinally. Together, they are committed to supporting developers and promoting the creation of user-friendly tools for Bitcoin Digital Artifacts.
To facilitate donations, the recently launched Ordinals.org site will accept contributions through two Bitcoin wallet addresses. This provides a convenient way for individuals and organizations to support the development of the Ordinals protocol and its associated projects.
The Ordinals protocol has gained significant traction this year, with over 21 million Ordinals inscriptions currently in existence, representing a 40% increase in less than a month. This growth has sparked debates within the Bitcoin community about the viability of the protocol.
In terms of trading volume, Bitcoin Ordinals experienced a staggering 2,834% surge from Q1 to Q2 of 2023, reaching a total of $210.7 million. This demonstrates the increasing interest and adoption of Bitcoin Digital Artifacts.
The launch of the Open Ordinals Institute marks an important milestone in the development and support of the Ordinals protocol. By fostering collaboration and providing financial resources, this non-profit organization aims to drive innovation and accessibility in the world of Bitcoin NFTs.