Luxor Technologies Acquires Ordinalhub to Provide Tools for Bitcoin-Based NFTs

As of the writing of this article, there were more than 160,000 Ordinal Inscriptions on the Bitcoin blockchain. The trend is not slowing down. Luxor was a bitcoin mining company that played a part in the growing demand for Ordinal Inscriptions. This happened after mining reached the largest ever bitcoin block . Inscription was created. Block #774,628 had a size of 3.96MB. The inscription promoted the group Taproot Wizards, which supports Ordinal Inscriptions.

After 150,000 Ordinal Inscriptions were created, Luxor announced the acquisition of Ordinalhub. This platform provides tools for buying, selling, tracking, and trading Bitcoin-based non-fungible tokens. Luxor pointed out that the initial stages of Ordinal Inscriptions were difficult to track, buy, sell, or track. Luxor described how Discord had allowed for over-the-counter transactions. These trades were based on a “makeshift escrow” and created a trading environment that made it difficult for new employees to be onboarded and led to high fees from middlemen.

We have exciting news.

Our site has a cleaner appearance today. Luxor’s team just rebuilt it this weekend. @LuxorTechTeam entered the chat and purchased @ordinalhub. pic.twitter.com/EeHUkp8RdJ

– OrdinalHub * @ordinalhub February 21, 2023

Luxor points out that these trades are not insignificant. It points out many collectionsof Ordinal inscriptions, which have seen digital collectibles go for more than 10 BTC. Luxor intends to solve these problems by acquiring Ordinalhub. According to the Bitcoin mining services company, tools are needed that can index prices, assist with price discovery and provide escrow services for Ordinal Inscription trades. Ordinalhub is a one-stop shop for the ever-growing Ordinal Inscription trend on Bitcoin blockchain.

“Ordinals offer a unique and new method to mint NFTs using the Bitcoin blockchain,” Nick Hansen, CEO of Luxor Technologies, stated in a statement.

“Ordinals have opened up new avenues for Bitcoin miners to monetize their assets. There are synergies between Luxor’s mining pool, and OrdinalHub. These synergies will allow Luxor to create critical infrastructure to support growth.

At 11:00 AM (ET) on February 22, 2023, there are currently approximately 161,831 Oral Inscriptions on the Bitcoin chain. The technology was also ported to Litecoin. Since its introduction, the trend of minting Ordinals on Litecoin chains has been very popular. Currently, there are 15,899 Litecoin based inscriptions on LTC.