Luxor Technologies Acquires Ordinalhub to Provide Tools for Bitcoin-Based NFTs
As bitcoin-based digital collectibles become a popular trend, Luxor Technologies, a comprehensive bitcoin mining services provider, has acquired the Ordinalhub platform, a project that provides tools to buy, sell, and track assets of non-fungible tokens (NFTs) issued by bitcoin. .
Luxor plans to solve problems in the market of serial inscriptions
At the time of writing, there are over 160,000 ordinal records on the Bitcoin blockchain and the trend is showing no signs of slowing down. Luxorbitcoin mining venture, played a role in the growth in demand for ordinal inscriptions after mining the largest block of bitcoins ever (# 774 628) to mint inscription. Block #774628 was approximately 3.96MB in size and the caption advertised a group that supports ordinal records called Masters of Taproot.
After the number of ordinal inscriptions grew to 150,000, Luxor announced its acquisition Ordinalhub, a platform designed to provide tools for buying, selling and tracking non-fungible tokens (NFTs) based on Bitcoin. Luxor noted that in the early stages of ordinal inscriptions, the process of buying, selling, or tracking was cumbersome. The company described how over-the-counter (OTC) transactions took place on Discord. However, these trades relied on “impromptu escrow” and provided “a trading environment that made it difficult to adapt and also resulted in high intermediary fees”.
We have exciting news..
You may notice that today our site has become cleaner. That’s because the team at Luxor just rebuilt it over the weekend. @LuxorTechTeam officially entered the chat and purchased @ordinalhub. pic.twitter.com/EeHUkp8RdJ
— OrdinalHub ◉ (@ordinalhub) February 21, 2023
These deals are no small feat, Luxor said, as he points to several collections of ordinal inscriptions whose digital collectibles are selling for over $10. BTC. Luxor plans to address these issues by providing a central hub for the Ordinal community through the acquisition of Ordinalhub. The bitcoin mining services company believes there is a need for tools that index collections, assist in pricing, and provide escrow services for ordinal transactions. Ordinalhub aims to be the one-stop-shop for the growing ordinal trend on the Bitcoin blockchain.
“Sequence numbers provide a new and unique method for creating NFTs on the bitcoin blockchain, and Luxor is proud to be a central player in this growing movement,” Luxor Technologies CEO Nick Hansen said in a statement. “Ordinals have opened the door to exciting new monetization strategies for bitcoin miners. There is a natural synergy between the Luxor mining pool and OrdinalHub, a synergy that will enable Luxor to create critical infrastructure for the industry to drive growth.”
There are currently approximately 161 831 Ordinal inscriptions on BTC chain at 11:00 AM ET on February 22, 2023. Recently, the technology has also been ported to Litecoin. The trend of minting ordinals on the Litecoin network has also become popular since its inception, and is currently 15 899 Lettering based on Litecoin on LTC net.
What do you think about the acquisition of Luxor Ordinalhub amid the growing trend of ordinal inscriptions? Let us know what you think about it in the comments section below.
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Credit : news.bitcoin.com