It is a new platform to exchange NFTs on the Bitcoin blockchain, without commissions when trading them.
In recent weeks, news regarding NFT Ordinals on the Bitcoin network have taken center stage, which we have reported from NFTexpress as they have been released by their teams or projects.
Background on Ordinals Protocol and Bitcoin NFTs
It all started in early February, with the launch of the Ordinals launch of the Ordinals ProtocolProtocol, which marks the first additions of NFTs to the Bitcoin blockchain.
Subsequently, we communicated the launch of one of the first platforms to create Ordinals NFTs in Bitcoin, called Gamma.io. In this articlewe included a step-by-step guide to create your own NFT Ordinals.
As the days went by, the first wallets to store these Bitcoin NFTs began to emerge. Among them are Xverse and Hiro Wallet. In this sense, the trend continued with the transfer of different NFT collections to this protocol, as were DeGods and 535 NFTs..
And so, one of the latest developments has been the addition of a new marketplace for NFT Ordinals by popular marketplace Magic Edenwhose details can be found in the article we have recently published.
After the emergence of platforms and tools that facilitate the exchange and minting of NFTs that are part of the Ordinals Protocol, a new marketplace has arrived to trade NFTs on the Bitcoin blockchain, with the great benefit of not paying commissions for it.
The relevant feature offered by the platform is that it is a decentralized open source marketplace, based on partially signed Bitcoin transactions(PSBT). Therefore, it allows exchanging NFTs Ordinals with a slightly different procedure than what other platforms offer.
Basically, the operation of OpenOrdex consists in that the seller can create a transaction that is partially signed (PSBT), placing the price of the NFT Ordinal. Then, the buyer proceeds to sign the transaction and transfers it to the network.
On the one hand, the seller commits specific inputs (the sale of his Ordinal NFT), and the buyer commits his (commits BTC for an Ordinal NFT). In this way, PSBTs are first partially signed by the sellers, and then fully signed by the buyers, at which point they are transmitted to the network for execution.
One of the benefits of partially signed transactions (PSBT) is that they allow the creation and sending of the transaction to be separated. This ensures that transactions can be carried out without the need for intermediaries and commissions.
In the last few days, they communicated that the platform supports Hiro Wallet linking. From the Hiro team’s Twitter account, they state that this system guarantees the security of both parties.
Hiro states that they work with OpenOrdex to guarantee the cryptographic keys of sellers and buyers, so that they are always safe in their wallets. Both platforms never have access to these keys, unlike other marketplaces.
Oren Yomtovwho is in charge of the research team at Fireblocks, is one of the main developers of this marketplace. He recently posted a tweet stating that he will be taking a break after months of hard work for both companies.
Written by Luciano Garriga (Tw: luchogarriga) for NFT Express.
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