With the latest non-fungible token (NFT) trend on the Bitcoin blockchain, known as Bitcoin Stamps, users have issued more than 18,000 digital collectibles on the network. While this figure falls short of the number of Ordinal inscriptions, stamp creators are exploring new ways to leverage this technology.
Number of Bitcoin Stamps Rises Above 18,000
A mere 17 days ago, Bitcoin.com News reported on the trend of Bitcoin Stamps, as more than 8,000 stamps had been minted on the Bitcoin blockchain. Since then, the tally has grown to 18,443 stamps. The trend of creating stamps began following the craze of Ordinal inscriptions, and proponents of stamp technology argue that it enhances permanence, as stamps cannot be pruned like witness or signature data.
Stamp creation comes with a higher price tag than Ordinal inscriptions, and the creators suggest using “24×24 pixel, 8-color-depth PNG or GIF” files for encoding stamps. However, creators have managed to develop high-resolution artwork using scalable vector graphics (SVGs). Recently, a user managed to attach an MP3 to a stamp, and the classic game of Snake was also appended to a stamp.
Screenshot from the web portal rarestamp.xyz.
Though still in its early stages, stamps are sold over-the-counter (OTC) and through Emblem Vault sales. The wallet Hiro, which supports Ordinal inscriptions, expressed interest in adding support for Stamps in the future, and welcomed Hiro Wallet pull requests on the team’s Github page. In addition, the Rare Stamp platform is a web portal that parses Bitcoin-based stamps, displaying prices and collections.
Collections include Stampunks, Bitcoin Flocks, Broken JPGS, Stamp Pepes, Stamp Pepes Not, Stamp Wizards, Pixel Gods, Classic Arcade, Depepes, and more. Stamp #791 from the Stampunks collection has a floor value of 0.05 BTC or $1,365. While the number of stamps approaches the 20,000 mark, the number of Ordinal inscriptions has surpassed 1.3 million inscriptions as of April 22, 2023. On the same day, the number of Ordinal inscriptions on the Litecoin blockchain was 224,059.
What do you think the future holds for the Bitcoin Stamps trend, and how might stamp creators continue to push the boundaries of this innovative technology? Share your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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Author: Jamie Redman