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 is bitcoin request for comment (brc-20)?

“Bitcoin Request for Comment” (BRC-20) is a new, experimental token standard being used to issue and transfer fungible tokens on the Bitcoin blockchain. BRC-20 was first detailed in March 2023 and uses the Ordinals protocol. The market cap of all BRC-20 tokens stood at ~$750M as of 5/8/2023. That’s up ~44x from ~$17.5M as of 4/24/2023.