- The Bitcoin BRC-69 standard by Luminex aims to reduce Bitcoin NFTs costs by 90% using recursive Ordinals.
- BRC-69 allows the creation of new NFTs using existing on-chain data, overcoming Bitcoin’s 4MB block size constraint.
- Will BRC-69 solve challenges with NFTs on Bitcoin, including high transaction fees and network congestion?
The Bitcoin BRC-69 standard by Luminex aims to reduce the cost of Bitcoin non-fungible tokens (NFTs) by 90% using recursive Ordinals. This new standard allows the creation of new NFTs using existing on-chain data, overcoming Bitcoin’s 4MB block size constraint.
This year, Bitcoin Ordinals conquered the market. In the simplest terms, it allows NFTs on the Bitcoin blockchain by inscribing data in the smallest unit of Bitcoin, i.e. Satoshis. But there were certain scalability challenges and transaction fees in Bitcoin NFTs.
Ordinals Launchpad
On Monday, the Bitcoin Ordinals launchpad, Luminex, introduced a new standard, BRC-69, which would allow the creation of recursive Ordinals, which allow the utilization of existing on-chain data in the Bitcoin network for new inscriptions.
“The brilliance of BRC69 lies in its simplicity. “
Luminex
While inscriptions cannot communicate with data from other satellites, recursive inscriptions can request content from other inscriptions and leverage it to generate new NFTs. This feature would allow Bitcoin to overcome its 4MB block size restriction.
Speaking of BRC-69, the project claims that it could reduce the cost of inscriptions for Ordinal collections by over 90% through a four-step process:
- Inscribe traits
- Implement collection
- Compile collection
- Minted assets
Luminex explained: “The brilliance of BRC69 lies in its simplicity. Minters only need to inscribe a single line of text instead of a complete image. This text allows the final image to be rendered across all Ordinals interfaces, using only on-chain resources”.
Will BRC-69 solve challenges with NFTs on Bitcoin, including high transaction fees and network congestion? Only time will tell.
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