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Bitcoin Ordinals Startup OrdinalsBot Surpasses $3M Funding Goal
OrdinalsBot, the startup behind the largest-ever Bitcoin block and the collaboration with Wu-Tang rapper Ghostface Killah on Ordinals, announced that it has exceeded its funding target with a $3 million seed round led by DACM. This successful funding round has brought the total funding for OrdinalsBot to over $4.5 million.
Background
OrdinalsBot was launched in February of the previous year following the release of the Ordinals protocol by Casey Rodarmor. The protocol aimed to enable the placement of NFT-like media assets on the Bitcoin blockchain. Initially, the process of inscribing an Ordinal was complex, requiring the download of the entire Bitcoin blockchain history, commonly known as a full node.
OrdinalsBot was developed to simplify the minting process for Ordinal collectors and artists by streamlining the inscription process.
Seed Funding Round and Investors
The $3 million seed funding round, led by DACM, attracted a group of prominent investors such as Eden Block, Nural Capital, WWVentures, Lightning Ventures, and others. The funds raised will be allocated towards expanding its infrastructure, including team expansion and the launch of an Ordinals inscription marketplace.
Co-founder of OrdinalsBot, Toby Lewis, expressed his excitement about the strong reception from investors and the overwhelming interest in Ordinals. Lewis highlighted the rapid growth and adoption of Ordinals, positioning it as a leading builder group in the space.
Expansion and Capabilities
OrdinalsBot not only supports digital art but also enables on-chain blogging and text uploads through Scribe on the Bitcoin network. The platform also offers support for BRC-20 tokens, parent-child inscription hierarchies, and provides analytics and management tools via its API.
According to co-founder Brian Laughlin, OrdinalsBot was designed to address the inherent need for a seamless process in creating Ordinals inscriptions. The platform quickly gained popularity and achieved product-market fit at a pivotal time during the minting of Bitcoin Punks.
Recent Achievements
Most notably, in partnership with Marathon Digital, OrdinalsBot successfully minted the largest Inscription on the Bitcoin blockchain, known as the Runestone. This project, which occupied a significant portion of the network, paved the way for a monumental airdrop to over 112,000 eligible wallets.
The Runestone, valued at 8 BTC, was sent to a wallet believed to be owned by Bitcoin creator Satoshi Nakamoto, marking a symbolic moment in the project’s timeline. The act of sending the parent inscription served to secure the collection on-chain, ensuring its integrity and immutability.
Future Roadmap
Looking ahead, OrdinalsBot plans to launch its inscription marketplace in the coming months and capitalize on the anticipated interest surrounding the upcoming Runes protocol. Runes, a new protocol for minting fungible tokens on Bitcoin, is expected to enhance the existing capabilities of Ordinals.
Despite criticisms from some quarters about the utilization of the Bitcoin network for Ordinals, co-founder Brian Laughlin defended the project, asserting that Ordinals operate within the parameters of the protocol and contribute to the innovation and creativity within the Bitcoin ecosystem.
Ordinals have significantly reshaped the landscape of the Bitcoin blockchain, enabling the inscription of various digital assets and experiences, including music-themed collections in collaboration with industry pioneers like Ghostface Killah.
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