Luxor Technologies Acquires Ordinalhub to Provide Tools for Bitcoin-Based NFTs –
There Bitcoin-based digital collectibles is becoming a popular trend, the full-stackBitcoin mining-Services company Luxor Technologies acquired the Ordinalhub platform, a project that will provide tools to buy, sell and track Bitcoin-issued non-fungible tokens (NFT) assets provides .
Luxor plans to meet the challenges in the Ordinal Inscriptions trading market
At the time of writing, there are more than 160,000 ordinal inscriptions on the BitcoinBlockchain, and the trend shows no signs of slowing down. Luxor, a bitcoin mining company, played a role in spurring demand for ordinal inscriptions after it mined the largest-ever block of bitcoin (#774,628) to mint an inscription. Block #774.628 was about 3.96 MB, and the inscription advertised the group that supports ordinal inscriptions, called Taproot Wizard.
After Ordinal enrollments reached 150,000, Luxor announced the acquisition of Ordinalhub, a platform that aims to provide tools to buy, sell and track bitcoin-based non-fungible tokens (NFTs). Luxor noted that in the early stages of the ordinal inscriptions, the process of buying, selling, or tracing was cumbersome. The company described how over-the-counter (OTC) transactions had taken place on Discord. However, these deals relied on “makeshift escrow deals” and provided a “trading environment that made onboarding difficult and also resulted in high intermediary fees.”
We have exciting news..
You may notice a cleaner look to our website today. That’s because the Luxor team just remodeled it over the weekend. @LuxorTechTeam officially entered and purchased the chat @ordinalhub. pic.twitter.com/EeHUkp8RdJ
— OrdinalHub ◉ (@ordinalhub) February 21, 2023
These deals are not small, Luxor says, as it points to several collections of ordinal inscriptions where digital collectibles have sold for over 10 BTC. Luxor plans to address these issues by providing a central hub for the Ordinal community through its acquisition of Ordinalhub. The bitcoin mining services company believes there is a need for tools that index collections, help with pricing, and provide escrow services for trading ordinals. Ordinalhub aims to be a one-stop shop for the growing ordinal labeling trend on the Bitcoin blockchain.
“Ordinals represent a new and unique way to mint NFTs on the Bitcoin blockchain, and Luxor is proud to be a key player in this burgeoning movement,” said Nick Hansen, the CEO of Luxor Technologies, in a statement . “Ordinates have opened the door to exciting new monetization strategies for bitcoin miners. There are natural synergies between Luxor’s mining pool and OrdinalHub, synergies that will put Luxor in a unique position to build critical infrastructure for the industry to fuel growth.”
Currently, as of 11:00 a.m. ET on February 22, 2023, there are approximately 161,831 ordinal enrollments on the BTC chain. Recently, the technology has also come up Litecoin ported. The trend of coining ordinal numbers on the Litecoin chain has also become popular since its inception, and there are currently 15,899 Litecoin-based inscriptions on the LTC network.
Amid the growing trend of ordinal inscriptions, what do you think of Luxor’s acquisition of ordinal hub? Let us know what you think about this topic in the comment section below.
photo credit: Shutterstock, Pixabay, WikiCommons
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Source: Crypto News Deutsch
