What is a brc-20 token?

While BRC-20 tokens function like ordinary crypto tokens, they are powered by an almost different back-end technology and are created in a completely different way. BRC-20 tokens are minted by the Bitcoin community, where each ordinal wallet can freely mint BRC-20 tokens once they are deployed.

Do you need a bitcoin ordinal wallet to mint brc-20 tokens?

A Bitcoin ordinal wallet is required to mint BRC-20 tokens, and there is a limit for each mint. The BRC-20 token standard has seen a rise to prominence with the market capitalization reaching over $600 million and thousands of BRC-20 tokens minted already. Notable BRC-20 tokens include the Ordinal token ( ORDI) and OXBT.

What are ordinal NFTS & brc-20 tokens?

Since then, Bitcoin developers have been exploring use cases of this new ability, giving rise to ordinals NFTs and BRC-20 tokens. Ordinal NFTs are non-fungible and are created by attaching a digital asset file such as images to a satoshi. BRC-20 tokens are fungible and are created in a different way.

What is a bitcoin NFT (brc-20)?

The process involved padding the Sats or Satoshis with extra data, making them unique — kickstarting a new era of Bitcoin NFTs. However, on March 8, 2023, Domo — an individual holder of the Bitcoin NFT project Ordinals Face — launched an experimental token standard or BRC-20 for Bitcoin.