Since inscriptions hit the Bitcoin network, there has been much excitement regarding on-chain NFTs. It was a matter of time until similar projects appeared on other blockchains. Ordswap intends to bring a Doge Punks collection to the Dogecoin blockchain in the coming weeks.
Ordinals On Dogecoin Seem Possible
Bitcoin inscriptions generate buzz mainly because they take up “valuable block space”. Unlike other networks, Ordinals rely on Bitcoin’s Taproot upgrade to leverage unused “witness data” to inscribe files, including images, video, music, PDFs, etc. Not everything should be stored on-chain, and some files may prove malicious. However, it creates an exciting precedent to highlight Bitcoin’s technology potential.
While focusing on Bitcoin, the concept can apply to other networks. It isn’t fully dependent on Taproot or Segregated Witness, although that is the only viable implementation for Bitcoin today. Those are their best options unless developers and artists want to use a Layer-2 solution. It works fine, and Bitcoin-based NFT collections build momentum.
That momentum has given rise to Ordswap, a trustless Ordinals marketplace. It is an accessible platform to inscribe, buy, and sell Ordinals. In addition, the platform is home to some interesting collections, even if there is a 3% marketplace fee. Supported collections include gmBTC, Based Apes, Punks on Bitcoin, Ordinal Snakes Club, BitBrews, etc. As always, research collections and their potential value before throwing money around blindly.
The Ordswap team now wants to mint a collection on Dogecoin. Some may think that isn’t possible without Taproot or Segregated Witness. Dogecoin doesn’t have either of those upgrades on its network today. However, one could use the OP_RETURN to link/reference NFTs, or store data on-chain like Relysia has done. Their choice of Bitcoin SV is interesting, but the concept holds some merit.
Doge Punks Are Coming via Ordswap
One cannot deny the ongoing success of Dogecoin as the premier meme coin. Although its value and utility are limited, it maintains high market capitalization. IN addition, it remains an accessible cryptocurrency, as any computer can mine it relatively easily. Bringing inscriptions to Dogecoin could be interesting, although its overall success remains undetermined. Ordswap intends to experiment with the Doge Punks collection, spanning 10,000 NFTs.
We are about to inscribe a 10k collection of Doge Punks on $DOGE.
RT, Like, and follow if you want to mint. pic.twitter.com/OPRbgsm8sZ
— Ordswap.io – Trustless Ordinals Market (@ordswap) February 23, 2023
Not much is known about the upcoming Dogecoin-based inscription yet. The Ordswap team has hinted at inscribing it “soon,” but there are some unanswered questions. In addition, it remains to be seen if anyone is interested in this upcoming collection. It appears the inscriptions space is about to get much more exciting, although that doesn’t equate value creation by default.
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