BRC 20 Ordinals. Ordinals are like NFTS while BRC 20s are like ERC 20s. However both Ordinals and BRC 20 are built on the Bitcoin Network
The BRC 20 ordinals ecosystem has been gaining significant momentum since March 2023. This can be attributed to various speculative factors that have been driving interest and investment to the ecosystem such as;
- Bitcoin block being the block these tokens are built upon, potentially it will be an expensive and valuable ecosystem.
- The narrative of integrating De-FI on Bitcoin network
- The clogging effect of Bitcoin
The concept of this narrative is to “inscribe” onto the bitcoin block through transactions effectively creating ledgers on the bitcoin Ledger.
Its not new that the crypto ecosystem threads on trends and new utility narratives. Keep in mind that BRC 20 Ordinals is still a new ecosystem with new developments surfacing daily. Early adoption of these new developments is really a factor that could position you for potential airdrops. If you’re looking to get involved in the thriving BRC 20 ordinals ecosystem today, let’s take a dive into steps to take to position yourself for these drops
Step 1: Get a taproot wallet (Unisat Wallet)
- It’s a web wallet similar to Metamask, get it from chrome extension webstore.
- Set up your wallet and store your backup phrase.
- Fund your wallet with bitcoin
- see below a tutorial on how to set up your unisat wallet
Step 2: Go to Geniidata or Dune Analytics; An on-chain analytic indexer for BRC20 Ordinals.
- Check the heatmap for hot and trending free mints.
- Check for the transaction frequency and volume of the token.
- Make sure you select a token that has high holder count but have not been fully minted out (above 100%).
- Check out this tutorial for below for step-by-step instructions.
Step 3: Mint the token
- Connect your Unisat wallet
- Input and verify your required minting data for the token you chose
- Proceed to mint the token.
- Approve the transaction in your wallet.
- You can also ollow the tutorial below for a step-by-step guide.
Now that we’ve interacted with Geniidate using our Unisat wallet, let’s interact with other protocols
Step 4: Go to Unisat.io Marketplace, Ordinals wallet Marketplace or MagicEdenonBTC
- List for 10x the cost price of the token.
- Approve the transaction
- Wait to see if the token takes off for profit.
These steps fully positions you for any possible future incentive from these protocols, you can create multiple wallets and repeat the steps on different wallets to maximize your positions.