Ordinals airdrop raises money to pay commissions… caused by Ordinals

The Runestone project is auctioning a non-fungible token (NFT) on Ordinals, and bids are already reaching $40,000. One of the organizers reported that the proceeds from the auction will be used to cover the commissions of the airdrop (free distribution of tokens) that will be sent to certain selected users.

As describe collector Leonidas, strong defender of the Ordinals protocol and creator of Runestone, the inscription 63,140,674 that is auctioned is the largest ever created. It is called The Runestone and its total weight is 3,967,899 bytes (3.967 MB).

And not only was it a milestone within Ordinals, it was also a milestone for Bitcoin. As reported in CriptoNoticias, The NFT represented the heaviest transaction (measured in raw bytes, not final weight) in the history of the network. To include it in block 832947, Marathon Digital Holdings’ Slipstream service was used, which formed a block with only two transactions, but with commissions exceeding USD 70,000.

With that record, the NFT The Runestone is auctioned in the Ord City marketplace until Friday, March 8. It is described as part of a decentralized initiative to carry out a airdrop of 112,383 registrations to members of the Ordinals community, on the first anniversary of the protocol, which enables data registration for the creation of native tokens in Bitcoin.

Runestone NFT.
The minimum bid for The Runestone at the close of this note is 0.825 BTC. Source: ord.city.

A curiosity about the auction is that The money raised will be used to cover the commissions for the transactions necessary to execute the airdrop. Given the characteristics (especially the weight) of the tokens in Ordinals, these fees can be high.

That is to say, The Runestone auction seeks, in a certain way, to address a situation that the Ordinals protocol itself generates. However, the creators of the project prefer to focus on the benefit this brings to Bitcoin miners and, consequently, to the security of the Bitcoin network.

The Runestone airdrop, a prize for Ordinals users

112,383 addresses that were active during the first year of Ordinals will be eligible for the Runestone airdrop. «Each of these inscriptions will point to The Runestone on-chain archive using a new feature of the Ordinals protocol called delegation. “This makes The Runestone the rarest inscription in an otherwise non-rarity collection of 112,384 pieces,” the auction detail reads.

Another relevant fact about the airdrop is that Tokens will not be distributed to Runestone team members, nor will there be a pre-sale phase.. “Runestone is a non-utilitarian project and The Runestone, along with its delegated inscriptions pointing to it, are collectible pieces of art intended to be badges of honor for those who were present and believed in the Ordinals protocol when no one else did,” reads the description of the NFT.

The creator of The Runestone is a digital artist named Léo Caillard. The digital element shows a black gemstone in 3D format with the Runestone logo carved into one of its edges.

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