The Ordinals market has set a new record. Leonidas, pseudonymous founder of Ord.io (an inscriptions browser/explorer), reported that the second inscription on the Bitcoin blockchain changed hands for 24.48 BTC (approximately $1.1 million). This is the largest single inscription sale ever recorded.
Details of the Record Sale
The inscription belongs to the Bitcoin Budgies collection, depicting an animated cartoon budgie moving its head against a black background. It was initially inscribed on December 19, 2022, for 2,479 sats. After slightly over a year, the asset's value skyrocketed to over a million dollars. Leonidas confirmed the transaction occurred on February 28, settled with 24.48 BTC.
Market Outlook and Bold Prediction
Leonidas expressed optimism for the short-term future of the Ordinals protocol amid an impending cryptocurrency bull market. He stated: "1 sat sold for over 1 million dollars for the first time last night. Before this cycle is over I predict 1 sat will sell for over 100 million dollars. Ordinals is just getting started." Earlier, "Genesis Cat" from the Quantum Cats collection fetched $254,000 at a Sotheby's auction in January, surpassing its estimate by 6 times.
Controversy and Debate
Nevertheless, inscriptions remain at the center of a heated debate. Proponents consider them an evolution in Bitcoin block space usage and an enabling technology, while opponents view them as spam that violates Bitcoin network rules. This record-breaking sale is likely to intensify the discourse between both sides.
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