What is a brc-20 token?

While BRC-20 tokens function like ordinary crypto tokens, they are powered by an almost different back-end technology and are created in a completely different way. BRC-20 tokens are minted by the Bitcoin community, where each ordinal wallet can freely mint BRC-20 tokens once they are deployed.

Do you need a bitcoin ordinal wallet to mint brc-20 tokens?

A Bitcoin ordinal wallet is required to mint BRC-20 tokens, and there is a limit for each mint. The BRC-20 token standard has seen a rise to prominence with the market capitalization reaching over $600 million and thousands of BRC-20 tokens minted already. Notable BRC-20 tokens include the Ordinal token ( ORDI) and OXBT.

What are ordinal NFTS & brc-20 tokens?

Since then, Bitcoin developers have been exploring use cases of this new ability, giving rise to ordinals NFTs and BRC-20 tokens. Ordinal NFTs are non-fungible and are created by attaching a digital asset file such as images to a satoshi. BRC-20 tokens are fungible and are created in a different way.

What are fungible token standards?

The emergence of fungible token standards like BRC-20 plays a vital role in the advancement of the Bitcoin blockchain. These standards open up avenues for tokenization and the creation of digital assets, expanding the range of possibilities beyond Bitcoin's role as a digital currency.