ORDINALS 101: EVERYTHING YOU NEED TO KNOW

Summary from the TLDR Crypto newsletter

Earlier this year, Ordinals, essentially NFTs on Bitcoin, took the space by storm and has since maintained strong momentum. Ordinals, contrary to traditional NFTs which usually point to an IPFS link, are actually directly inscribed on satoshis, the smallest Bitcoin units. Each Satoshi is made unique through ordinals and given content through inscriptions. With this sudden popularity, the change has also sparked debates about what Bitcoin's function should be, with concerns around chain congestion emerging. However, miners haven’t been concerned with this, generating around $38.7M revenue in ordinal-related transactions in November.