The team behind the Ordinals protocol, led by rodarmor, is establishing the non-profit Open Ordinals Institute to fund developers bringing NFTs to Bitcoin. camgthompson reports
site to share progress on protocol development, the site will now accept donations to the institute through two bitcoin wallet addresses.
Ordinals core developer, Ordinally, shared in a press release that launching a non-profit was the “cleanest way” to compensate developers without compromising the values and goals of the protocol. Erin Redwin, Open Ordinals Institute board member, told CoinDesk that the non-profit hopes to empower developers to help grow the newly-discovered utility of Bitcoin-based NFTs.
“Companies across Web3 ecosystems – including Ethereum, Solana, Stacks, and others – are quickly building Ordinals infrastructure after previously believing NFT-functionality ‘wasn't possible’ on native Bitcoin,” said Redwin. “Given Ordinals' unprecedented pace of adoption and real-world implications for various crypto-economies, we believe it is crucial to fund a strong team of non-corporate funded developers to ensure the security and neutrality of this open-source protocol.
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