We do the research, you get the alpha!
Bitcoin Ordinals continue to inspire new products to enter the market. The latest entrant is dubbed Bitmap Theory, an innovative–and exciting–way to bridge the gap between Bitcoin and the metaverse.
Much like Ordinals, which allows users to permanently inscribe individual satoshis (the minimal unit of account in a bitcoin), Bitmap offers a way for individuals to claim ownership over Bitcoin blocks. According to its pseudonymous creator, Bitoshi Blockamoto, the open-source standard could integrate any block into a part of the metaverse.
“Bitmap is a revolution. You can now claim ownership of blocks on Bitcoin,” tweeted Blockamoto. “That’s prime real estate on digital gold.”
The idea, Blockamoto said, is that not only can any Bitcoin block be inscribed, but platforms can also parse this data into the 3D realm, allowing for owners to distribute fractionalized transactions to others. This translates into users building on top of Bitcoin blocks, becoming contributors to the metaverse, and ultimately creating a vibrant community-driven space.
Announced June 13, Bitmap Theory has already sparked an inscription frenzy in the Ordinal community over the past week, with some rushing to grab historic blocks, like the first mined by Binance, or a block that contains Silk Road transactions.
“Wow,” tweeted Mark Shaw, known as 3ms.btc on Twitter. He said “66924 bitmap inscriptions now. No sign of an ease off. Folks seem to get it. It’s super low cost, super easy to do, available to all, all you need is an imagination.”
iDclub, a domain service platform for Ordinals, tracks name types and the number of inscriptions made on the Bitcoin blockchain both in total as well as over a seven day period. According to the service, it took six days for .bitmap to go from non-existence on their list to reaching number two today, displacing .btc domains with over 190,000 inscriptions over the past week.
The excitement surrounding Bitmaps has some selling blocks for as much as 0.1 BTC.
Although the Bitmap landscape–pun intended–can be difficult to navigate, Mark Shaw has users covered, with an insightful and in-depth Twitter thread. He includes information about which blocks to inscribe, useful websites, possible use-cases, implications of the new theory, and more.