Crypto enthusiasts can now track the project's process and issue donations on a dedicated website.
The creators of the Bitcoin Ordinals protocol have unveiled a California-based nonprofit organization, the Open Ordinals Institute, aimed at nurturing the growth of non-fungible tokens (NFTs) on the Bitcoin network.
The initiative intends to strengthen the Ordinals protocol by financially supporting the development team, thus marking a significant step in promoting Bitcoin-based NFTs and cryptocurrencies.
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The Bitcoin Ordinals protocol has been pivotal in the crypto landscape since its launch in January. It has rapidly gained traction as a popular trend, with enthusiasts eager to inscribe various assets on the Bitcoin blockchain, ranging from NFTs to Bitcoin-focused digital currencies.
The newly launched Open Ordinals Institute will bolster the existing protocol by directing funds to the core developers, including the project's anonymous lead maintainer, Raph.
The formation of nonprofit comprises four principal members on its board, such as the pseudonymous Raph, Bitcoin-centric podcast host Erin Redwing, an anonymous developer known as Ordinally, and the creator of Ordinals, Casey Rodarmor.
In addition to the nonprofit launch, the team has also introduced the official website for the organization, Ordinals.org, enabling users to track project updates and contribute donations.
Notably, the official website has stated, "any donations made to the Institute will be tax-deductible for United States taxpayers following the organization’s approval by the Internal Revenue Service," a decision expected later this year.
The Bitcoin Ordinals inscriptions reached an impressive milestone of over 21 million on August 1st.
It is worth noting that in June, Bitcoin Ordinals resolved an issue with over 71,000 "cursed" inscriptions.
The establishment of the Open Ordinals Institute is a promising development in the ever-evolving crypto space. It not only symbolizes a robust commitment to advancing the Bitcoin Ordinals protocol but also illustrates the growing significance of NFTs within the Bitcoin ecosystem.
