The creators of the Bitcoin Ordinals protocol have founded a nonprofit organization called the Open Ordinals Institute to foster the growth of nonfungible tokens (NFTs) within the Bitcoin ecosystem. As the Ordinals inscriptions achieved a significant milestone of 21 million, this California-based nonprofit seeks to amplify the protocol’s evolution by providing financial support to its core developers, including the lead maintainer known as Raph.
The newly formed nonprofit comprises four key team members: Raph, Erin Redwing, an Ordinals developer going by the pseudonym Ordinally, and the protocol’s originator, Casey Rodarmor.
The Ordinals protocol, introduced by Rodarmor in January, rapidly gained traction as users eagerly adopted it for inscribing various assets on the Bitcoin blockchain, encompassing NFTs and Bitcoin-backed cryptocurrencies. In May, Rodarmor transitioned the role of lead maintainer to Raph.
By August 1, the number of Bitcoin Ordinals inscriptions had surpassed an impressive 21 million, marking a significant achievement within the Bitcoin network. Additionally, the team introduced the official website of the Open Ordinals Institute, Ordinals.org, which facilitates donations and provides updates on the project’s advancement.
The official website of the nonprofit organization highlights that contributions made to the Institute will qualify for tax deductions for individuals in the United States, pending approval from the Internal Revenue Service, expected later this year. As the Open Ordinals Institute develops, it has the capacity to play a meaningful role in advancing NFTs within the Bitcoin ecosystem. This progress is rooted in the organization’s dedication to pushing technology forward and nurturing innovation.