The new upgrades will allow the trading of previously "cursed" inscriptions.
Bitcoin Ordinals has launched an upgrade to resolve an issue with over 71,000 "cursed" inscriptions, paving the way for them to be traded.
On June 4th, developers unveiled the launch of the Ordinals protocol upgrade to version 0.6.0. This update signifies the first step towards identifying and enabling these previously unacknowledged inscriptions.
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The latest upgrade provides support for a subset of cursed inscriptions. It achieves this by setting a block activation height, from which certain previously invalid inscriptions will be indexed as normal ones.
"Cursed inscriptions" refers to inscriptions rendered invalid due to incorrect or deliberate opcode misuse during their creation. Such inscriptions become unrecognized and, hence, are untradable.
The amendment proposal was first brought up in late April by Ordinals' creator, Casey Rodarmor, to identify the cursed inscriptions and convert them into tradable or "blessed" ones.
Ordinals influencer LeonidasNFT shared insights on the implications of this update. He stated:
This is important because over 70k existing but invalid inscriptions are now supported which means that once marketplaces upgrade to v0.6.0 you will be able to start trading them.
Bitcoin Ordinals are non-fungible asset artifacts that allow users to inscribe data onto the smallest division of a Bitcoin, called a satoshi.
Comparable to NFTs in terms of rarity and collectability, Ordinals inscriptions represent a unique slice of data permanently etched onto the Bitcoin blockchain. Hence, the converted inscriptions on satoshis may accrue value in the future.
Dune Analytics data reveals that the 10.8 million Ordinal inscriptions since the start of the trend have amassed $45.5 million in transaction fees.
The recent upgrade in Bitcoin Ordinals' protocol marks a noteworthy development in addressing the "cursed inscriptions" issue. It stands to turn a substantial number of these into tradable assets, expanding the market opportunities for users.
