Bitcoin Ordinals Team Launches Non-Profit to Support Bitcoin NFT Developers

The team behind the Ordinals protocol has established a non-profit organization called the 'Open Ordinals Institute' to support the development of Bitcoin NFTs. The institute is a registered public charity based in California (501(c)(3)) and will primarily focus on funding the open-source development of the Ordinals protocol.

The main goal of the Open Ordinals Institute is to provide financial support for the core group of developers working on the Ordinals protocol. Additionally, the institute aims to create user-friendly tools that make it easier for individuals with varying technical expertise to create Bitcoin Digital Artifacts using the Ordinals protocol.

Casey Rodarmor, one of the creators of the Ordinals protocol, will be among the four board members leading the initiative. The team intends to fund not only developers but also designers, reviewers, researchers, educators, and other contributors who contribute to the advancement and promotion of the technology.

The Ordinals protocol has gained attention and traction within the Bitcoin community, and it allows users to add inscriptions to the Bitcoin blockchain. Despite initial debates over its viability, the protocol has seen significant growth, with over 21 million Ordinals inscriptions created, representing a 40% increase in less than a month.

The Ordinals protocol's trading volume has also surged, experiencing a substantial 2,834% increase from the first quarter to the second quarter of 2023, totaling $210.7 million. The establishment of the Open Ordinals Institute further underscores the growing interest and support for Bitcoin-based NFT development and highlights the commitment to expanding user-friendly tools and technology in this domain.

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