# About Ars longa, vita brevis gm.scribe is a generative art platform built for Bitcoin. We provide an end-to-end service for artists to launch long-form artistic collections on Bitcoin, offering a white glove service which handles everything from strategy, marketing, inscription, to after sale collector services. Built and owned by [gmDAO](https://gmdao.org), who launched the critically acclaimed generative art platform [gm.studio](https://gmscribe.art) on Ethereum in 2022. With a foundation deeply rooted in the principles of community ownership and artist support, gm.scribe seeks to transcend traditional art boundaries. The goal is to not only onboard art of the highest calibre but also to ensure that the presentation of both art and artists is conducted with the utmost sophistication. This includes detailed storytelling of collections and the utilization of novel marketing tactics, aiming to foster a profound collector experience and appreciation of the art showcased. gmDAO's expertise and established track record with gm.studio underscore their commitment to revolutionizing the NFT art sector. Bitcoin represents a natural progression of that vision, promising a platform where art is not just seen but experienced, and where artists receive the recognition and platform they rightfully deserve. # Ordinals 101 Discover all of the core concepts of Bitcoin Ordinals # Ordinals ## Bitcoin Ordinals: NFTs on the Original Blockchain
Imagine Bitcoin's blockchain as a giant public ledger. Every transaction gets recorded on this ledger, and each transaction involves transferring a specific amount of Bitcoin (BTC). But Bitcoin can be further divided into its smallest unit, the satoshi (named after Bitcoin's creator, Satoshi Nakamoto). There are 100 million satoshis in 1 BTC. Traditionally, NFTs (non-fungible tokens) haven't lived directly on the Bitcoin blockchain. They often reside on separate blockchains specifically designed for NFTs, like Ethereum, or on additional layers built on top of Bitcoin. Bitcoin Ordinals change this. With the Taproot upgrade (activated at block 709,632 on Sunday, Nov 14, at 5:15 UTC), Ordinals leverage a technique called "inscription." This allows attaching data directly to individual Satoshis within a Bitcoin block. Think of it like writing a small message on a specific coin in a giant pile of coins. That message could be anything digital: an image, a video snippet, a piece of text, or even a computer program. Here's what makes Ordinals unique: * Directly on Bitcoin: Unlike other NFTs, Ordinals are truly "native" to the Bitcoin blockchain. The data is permanently etched onto the Bitcoin ledger itself, benefiting from Bitcoin's robust security and immutability. * Using Satoshis: By attaching data to individual Satoshis, Ordinals create a unique identifier for each NFT. This "ordinal number" is based on the order in which the Satoshi was inscribed, adding another layer of uniqueness. ## Bitcoin Ordinals vs. Ethereum NFTs: Familiar Ground with a New Twist Both Bitcoin Ordinals and Ethereum NFTs share some core concepts: * Ownership: Both represent unique digital assets with verifiable ownership recorded on a blockchain. You can buy, sell, and trade them just like other digital collectibles. * Scarcity: Both Ordinals and Ethereum NFTs are created in limited quantities, making them scarce and potentially valuable. However, there are some key differences in how they achieve these functionalities: ### Data Storage: * Bitcoin Ordinals: Embrace on-chain storage. The actual data, like the image or video, is directly inscribed onto individual Satoshis within a Bitcoin block. This means the data itself benefits from the same security and immutability as the Bitcoin blockchain itself. * Ethereum NFTs: Typically use off-chain storage. The NFT itself acts as a pointer or "token" that references the actual data stored elsewhere, often on a decentralised storage network like IPFS (InterPlanetary File System). This approach keeps transaction fees lower on Ethereum but introduces a layer of complexity and potential risk if the off-chain data becomes unavailable. ### Standardisation: * Bitcoin Ordinals: Currently lack a dedicated standard like Ethereum's ERC-721. This standard defines common functionalities for NFTs on the Ethereum blockchain, making them more interoperable and easier for wallets and marketplaces to recognize. Ordinals are still evolving, and creating or interacting with them might require specialised tools. A recent example of this is the NAT protocol that required Magic Eden to integrate specific coding to enable the display of these ordinals on their marketplace. * Ethereum NFTs: Benefit from established standards like ERC-721. This creates consistency and simplifies the development and interaction with NFTs across different platforms on the Ethereum ecosystem. ### Unique Identifiers: * Bitcoin Ordinals: Utilise ordinal theory for identification. Each Ordinal has a unique identifier based on the order in which the Satoshi is inscribed. This adds another layer of uniqueness compared to simple sequential numbering and bolsters the early inscription narrative that has taken firm hold. * Ethereum NFTs: Primarily rely on token IDs. These are standard sequential numbers assigned during the minting process. Token IDs are correlated to contract addresses and are otherwise independent token IDs of other collections. ## However, there are also some considerations for Ethereum collectors: Technical Learning Curve: As a relatively new technology, Ordinals require specialised tools and knowledge compared to the established ecosystem of Ethereum NFTs. Collectors might need to invest some time in learning the ropes before diving into Ordinals. Part of my aim in putting this series of articles together is to help collectors leapfrog some of these difficulties and avoid some common pitfalls. Potential Scalability Issues: Including large data files within Ordinals can increase Bitcoin transaction fees and potentially impact scalability. This could affect the user experience and overall adoption of Ordinals. The bitcoin halvening is fast approaching In conclusion, Bitcoin Ordinals offer a more "purist" approach, etching the NFT directly onto the Bitcoin blockchain for ultimate security and immutability. Ethereum NFTs prioritise efficiency and leverage existing standards for broader compatibility within its ecosystem. Both approaches have their pros and cons.
# UTXO ## UTXOs: The Building Blocks of Bitcoin Transactions UTXOs are essentially the pieces of bitcoin that you own and can spend. When someone sends you bitcoin, what they are really doing is creating a UTXO that your wallet can spend in the future. Each UTXO represents a chunk of bitcoin that has been sent to a Bitcoin address that you control, and it remains unspent until you use it in a new transaction. When you spend a UTXO, it stops being unspent and becomes an input in a new transaction, creating new UTXOs for the recipients. Transactions in Bitcoin are therefore a matter of using these UTXOs as inputs to create new UTXOs as outputs. The sum of your UTXOs represents your total bitcoin balance. \ (@nonfungible\_jan (Cofounder of Xverse) and @Dr\_DAO (CTO of Taproot Wizards) have a great, in depth look at UTXOs here [Technically Bitcoin: Episode 1 - UTXOs](https://youtu.be/MQzdVF2KzjE?si=FiHn9lo8XSmbri_m)).
### UTXOs and Wallets: Keeping Track of Your Ordinals \ Since Bitcoin uses UTXOs, your wallet plays a crucial role. It doesn't store a single "balance" (as with an account based model like Ethereum) but rather tracks all the UTXOs you own. With Ordinals, your wallet needs to not only manage your UTXOs but also recognize and interact with the inscribed data attached to them. Here's how UTXOs relate to Bitcoin ordinals: 1. **Ordinal Inscription**: An ordinal inscription is a process where additional data (like an image, text, or any digital artifact) is added to a specific Satoshi within a UTXO. This satoshi, identified by its ordinal number, carries this data as long as it exists unspent on the blockchain. 2. **Transferring Ordinals**: When you transfer an ordinal, you are essentially creating a transaction where the UTXO containing the inscribed Satoshi is spent, and a new UTXO is created that inherits the ordinal number (and its inscription). This means the unique property of the Satoshi is preserved and transferred to a new owner. 3. **Ownership and Uniqueness**: Through UTXOs, ordinals maintain their uniqueness and ownership. Since each UTXO can be tracked on the blockchain, the specific Satoshi carrying an inscription can be uniquely owned and transferred, just like traditional bitcoin transactions. 4. **UTXO Management**: For users interested in ordinals, managing UTXOs becomes more nuanced. Users may want to ensure that transactions do not accidentally combine or split UTXOs in a way that disrupts the intended ordinal inscriptions. In summary, the concept of UTXOs in Bitcoin provides the foundational mechanism for the creation, transfer, and ownership of Bitcoin ordinals. By utilizing the inherent features of UTXOs, ordinals can assign and maintain unique properties to individual Satoshis, expanding the utility and functionality of the Bitcoin blockchain beyond simple value transfer. # Inscriptions ### Ordinals and Inscriptions * The Ordinals protocol introduced a method to identify and track individual satoshis on the Bitcoin blockchain. It does this by assigning a sequential number, called an ordinal number, to every satoshi based on its position in the order of all satoshis ever mined. This makes each satoshi uniquely identifiable. * **Inscription Process**: An inscription is created when data is added to a transaction that transfers or mints a satoshi with a specific ordinal number. This data is embedded in the witness part of a transaction output and becomes a permanent part of the blockchain once the transaction is confirmed. The satoshi carrying this data is then considered "inscribed." ### Characteristics of Inscriptions * **Permanence**: Once data is inscribed onto a satoshi, it becomes an immutable part of the Bitcoin blockchain. This ensures the longevity and tamper-proof nature of the inscribed data, similar to any other transaction on the blockchain. * **Uniqueness**: Each inscribed satoshi is unique, thanks to its ordinal number. This allows for the creation and ownership of digital artifacts that can be as unique and valuable as physical collectibles. * **Versatility**: The type of data that can be inscribed is highly versatile. It can range from simple text messages to complex images or even executable code such as generative art. ### Implications and Uses * **Digital Art**: One of the most popular uses of Bitcoin inscriptions is the creation of digital collectibles. These can be anything from digital artwork to unique texts, creating a new form of collectible that leverages the security and immutability of the Bitcoin blockchain. * **Ownership and Transfer**: Just like any other Bitcoin transaction, the ownership of an inscribed satoshi can be transferred from one person to another. This allows for the buying, selling, and trading of digital artifacts. # Rare Sats The concept of "rare sats" (satoshis) within the Bitcoin ecosystem refers to individual satoshis that possess unique characteristics or historical significance, making them more valuable or sought after compared to ordinary satoshis. This notion has gained popularity with the advent of the Bitcoin Ordinals protocol, which allows for the identification and inscription of individual satoshis. Rare sats are often distinguished by their association with famous Bitcoin transactions, blocks, or notable events in the cryptocurrency's history.\
According to [Ordinal Theory,](https://rodarmor.com/blog/ordinal-theory/) the following types of rare sats exist: * `uncommon satoshi`: the first satoshi in each coinbase * `rare satoshi:` the first satoshi in the coinbase of the block created right after difficulty adjustment * `epic satoshi`: the first satoshi in the coinbase of the block created right after halving * `legendary satoshi`: the first satoshi in the coinbase of the block created right after a halving that coincides with a difficulty adjustment event * `mythical`: the first satoshi in existence, locked forever in the first block, and unspendable. Meant only to be glanced at, never to be collected *** Aside from the Ordinal Theory rarity, people have been collecting other interesting satoshis: interesting by virtue of their historical value, aesthetics of their ID, or their involvement in special transactions marking an important event for Bitcoin. Some examples include: * `Block 9`: Satoshis involved in the first transaction (historical value); * `Block 9 450x`: Satoshis taken from the first bitcoin of the 9th block. All sats between 45,000,000,000 and 45,099,999,999 (including) * `Palindrome`: Satoshis which have a palindromic ID (aesthetic value); * `Pizza`: Satoshis involved in the famous pizza transaction (value given by their involvement in historical events); # Glossary Key terms `Bitcoin Ordinals`: A method for creating non-fungible tokens (NFTs) directly on the Bitcoin blockchain. Unlike traditional NFTs, Ordinals embed data like images, videos, or even code onto individual satoshis, the smallest unit of Bitcoin. `Satoshis`: The smallest denomination of Bitcoin, named after its creator, Satoshi Nakamoto. There are 100 million satoshis in 1 BTC. `UTXO (Unspent Transaction Output)`: A core concept in Bitcoin transactions. It represents the output of a previous transaction that hasn't been spent yet. When sending Bitcoin, you don't deduct from a balance, but rather send specific UTXOs to the recipient. Ordinals leverage UTXOs for inscription. `Inscription`: A technique enabled by the Taproot upgrade that allows attaching data to satoshis within a Bitcoin block. This data becomes the content of an Ordinal NFT. `Ordinal Number`: A unique identifier for each Ordinal. It's based on the order in which the satoshi it's inscribed on was mined. This adds another layer of uniqueness compared to simple sequential numbering. `Taproot Upgrade`: A significant upgrade to the Bitcoin protocol implemented in November 2021. It improved transaction privacy and flexibility, paving the way for Ordinals by enabling inscriptions. `On-chain vs. Off-chain Storage`: * `On-chain Storage:` The data itself (image, video) is directly inscribed onto individual satoshis within a Bitcoin block. This benefits from the same security and immutability as the Bitcoin blockchain itself. * `Off-chain Storage`: The NFT acts as a pointer referencing the actual data stored elsewhere, often on a decentralised storage network like IPFS. This approach keeps transaction fees lower but introduces complexity and potential risk if the off-chain data becomes unavailable. `Mempool`: A temporary pool holding pending Bitcoin transactions waiting to be included in a block. When congested, transaction fees rise as users compete for faster processing. Monitoring the mempool can help with cost-effective Ordinal transactions. `Sat Rarity`: A classification system for Ordinals based on the satoshi used for inscription. Categories include "Legendary" (first satoshi after a halving event) and "Mythic" (first satoshi in the Ordinal genesis block). `Scalability`: The ability of a blockchain to handle an increasing number of transactions. The inclusion of large data within Ordinals can potentially impact Bitcoin's scalability and transaction fees. # Setting Up for Bitcoin Ordinals Getting started with Ordinals ## Choosing a Wallet for Ordinals: \ Not all Bitcoin wallets currently support Ordinals. As this technology is relatively new, you will need a wallet specifically designed to handle Ordinals and their inscribed data. These wallets will allow you to create, send, and receive Ordinals, ensuring a smooth experience. \ The two wallets we recommend for Ordinals are [Xverse](https://www.xverse.app/) and the [Magic Eden Bitcoin wallet](https://wallet.magiceden.io/). Both of these wallets will look and feel familiar to anyone used to Metamask or other EVM wallets. The setup involves the usual download of browser extensions, storing seed phrases securely (make sure to write them down on paper and DO NOT store them electronically) etc. Xverse have a runthrough here: [How to Set Up Xverse Ordinals Wallet](https://youtu.be/bYN7FHnNH0w) In depth best practice is beyond the scope of this article, but Punk6529 lays out a brilliant framework for digital asset best practices with his TAP (Three Address Protocol) here . Xverse also has a comprehensive support website with plenty of guides and articles here: . Some nuance to keep in mind is that both Magic Eden Bitcoin Wallet and Xverse wallet deal with the complexity of managing SPENDING satoshi’s and INSCRIBED satoshi’s (Ordinals) by hosting TWO SEPARATE wallets for each browser ACCOUNT. To clarify, while Metamask nomenclature refers to each single address as a “wallet”, because Bitcoin accounts actually hold **TWO wallet addresses**, they are referred to as ACCOUNTS.

Funding address & Ordinals address shown separately in the Xverse App

\ (An example Xverse account. As you can see here the top BITCOIN (segwit) address starting with 39VU is for transactional bitcoin, the middle ORDINAL (taproot) address starting with bc1 stores Ordinals. (Stax is essentially a software scaling solution, similar in concept to an L2, for Bitcoin). Magic Eden’s bitcoin wallet looks similar, but utilises two separate taproot addresses for transactional bitcoin and ordinals.

Magic Eden bitcoin wallet has the added advantage of enabling swaps between Solana, ETH, Matic and Bitcoin, making the process of acquiring bitcoin much simpler. As with Metamask, browser wallets make it very simple to connect to Dapps, marketplaces, minting sites etc. It is also worth noting that both Xverse and Magic Eden wallet support cold storage (Ledger). ### Getting funds onto your Bitcoin wallet: Magic Eden Wallet swap: The simplest method is going to be using the Magic Eden Wallet swap feature. It really is as simple as wrapping ETH in Metamask. Simply send over your ETH, SOL or Matic, hit the swap button, input the amount, approve and wait somewhere in the region of 20 minutes for the swap to complete in the wallet. 20 minutes!! We hear some of you exclaim? Bitcoin is slow and this is how long it can take transactions to complete. (Blocks can take anywhere from 10 minutes to an hour to confirm). Centralised Exchange (CEX): Another option is to route your funds through a CEX of your choice. This option needs little explaining. Just be sure to send to the correct transactional address to avoid having to take measures to recover transactional BTC later. Decentralised Exchange (DEX): Decentralised exchanges, such as @SimpleSwap\_io and @ChangeNOW\_io offer non KYC options to exchange tokens and move Bitcoin to your wallet. As with the above, be sure to use the correct TRANSACTIONAL Bitcoin address.

## # Buying and Selling Ordinals ### Ordinal Marketplaces: Dedicated Ordinal Marketplaces: These platforms function similarly to traditional NFT marketplaces. You can browse Ordinal collections, view details, and participate in auctions or fixed-price listings. [**Magic Eden**](https://magiceden.io/), a popular NFT marketplace, is arguably the leading ordinals marketplace, allowing users to connect their wallets and trade Ordinals directly. You can buy, sell and make offers on ordinals, as you can on many other NFT marketplaces. Some nuance to consider include the following: * Making and cancelling offers and listing items/cancelling listings do not incur any gas costs. Remember, there are no smart contracts on Bitcoin so not contract interactions that incur fees. * If a seller re-prices an item, current offers are cancelled automatically. If you are particularly keen on an item it is worth keeping this in mind and taking the extra time to monitor activity. * If you purchase an item with low gas the seller can technically move the item to another wallet (voiding the sale) with higher gas. It could take days but your buy transaction will eventually be dropped as the sale can not be completed. Other marketplaces include [**Gamma**](https://www.gamma.io), [**OKX**](https://www.okx.com/web3/marketplace/nft) and [**Ordinalswallet**](https://ordinalswallet.com/). Volume and listings on these alternatives platforms rarely compete with Magic Eden, but worth keeping in mind if things like marketplace downtime and price discrepancies become an issue. Peer-to-Peer (P2P) Trading: This approach involves direct negotiations between buyers and sellers, often conducted through online forums or communities dedicated to Bitcoin Ordinals. While offering more flexibility, P2P trading requires extra caution as there's no intermediary to ensure a smooth transaction. This would NOT be our recommended choice for trading. ### The Evolving Landscape and Potential Risks The broader Ordinals marketplace is still young and evolving rapidly. New platforms, protocols and functionalities are emerging constantly. It's crucial to stay updated on reputable marketplaces and exercise caution when venturing into unfamiliar territory. As always, remain wary of scams and phishing attempts that might target Ordinal enthusiasts. ### Fees and Transaction Costs: A Bitcoin Reality Bitcoin transaction fees depend on the size of the data being transferred. Since Ordinals involve inscribing data onto satoshis, the size of the image, video, or other content can significantly impact the transaction cost. Here's where the mempool comes in: This temporary pool holds pending transactions waiting to be included in a Bitcoin block. When the mempool is congested, transaction fees rise as users compete to have their transactions processed faster. Monitoring the mempool activity can help you choose the most suitable time for cost-effective Ordinal transactions. Monitoring the mempool can also give you valuable insight into when your transactions might clear, if any issues arise and a deeper understanding of the ebb and flow of transactions on the chain in general. Clicking transactions within your wallet of choice will usually link you directly to mempool.space where you will see a live representation of where it is in the mempool queue and when it confirms. This is a brilliant, in depth, look at the topic of the mempool with associated visualisations [Introduction To The Mempool (Bitcoin)](https://www.youtube.com/watch?v=DOQvqrfBTGY) ### Security Considerations: Keeping Your Ordinals Safe As with any cryptocurrency or NFT, security is paramount when dealing with Ordinals. Here are some reminders: * Secure Wallet: Use a reputable wallet specifically designed for Ordinals, like Xverse. This ensures proper storage and interaction with your Ordinals and the inscribed data. * Private Key Protection: Never share your private key with anyone. This grants complete access to your Ordinals and Bitcoin holdings. * Research Marketplaces: Before using any platform, research its reputation and user reviews. Be cautious of unfamiliar marketplaces, especially those lacking user feedback. Remember, the world of Ordinals is exciting but also new. By understanding the marketplaces, fees, and security considerations, you can approach Ordinal collecting with more confidence.
## # Memento Mori FAQ [Memento Mori](https://www.gmscribe.art/collections/memento-mori) is a collection of 206 AI-generated artworks by renowned artist [Richard Nadler](https://twitter.com/RichardNadler1), created exclusively for inscription on the Bitcoin blockchain. Each piece depicts skeletons and flora, symbolising the paradox of life and death, and serves as a reminder to celebrate the fleeting nature of existence. The inspiration for the collection stems from Nadler's personal experience of losing his father at a young age, discovering a collection of monkey skulls in his family home, and recognising their symbolic significance. In a ground-breaking technical feat, each artwork has been meticulously optimised and compressed to enable inscription on the Bitcoin blockchain, with each piece inscribed on rare satoshis from the historic Block 9, mined by Satoshi Nakamoto in 2009. Memento Mori represents Nadler's homage to Bitcoin and his attempt to create the finest artwork to grace the blockchain, celebrating the revolutionary potential of decentralised finance while reminding us of the impermanence of life. With its vibrant colours, lush backdrops, and thought-provoking themes, Memento Mori aims to inspire viewers to appreciate the present moment and the wonders of the natural world, even in the face of mortality. Memento Mori holds a special significance not only for its artistic merit but also for the rarities used in its inscription. The collection is inscribed on sats from Block 9 450x, one of the earliest blocks mined by Satoshi Nakamoto himself. Block 9 holds a unique distinction in Bitcoin's history, as the sats contained within it are the oldest in circulation and the only sats from Nakamoto currently available. This fusion of Nadler's visionary artwork with the historic beginnings of Bitcoin creates a truly unique and valuable collection. ## The Auction: The Memento Mori collection by Richard Nadler will be launched through a unique auction format known as a ranked auction with rebate or "bucket" auction. Out of the total 206 pieces, 190 will be made available to the public through this process. In a ranked auction with rebate, the price is determined by the lowest successful bid, referred to as the "clearing price." Any bid ranked within the top 190 is considered successful. This means that the 190th highest bid will define the clearing price that all successful bidders pay. However, a key aspect is that any successful bidder who placed a bid higher than the clearing price will have the excess amount refunded back to them. For example, if the clearing price is set at 0.02 BTC by the 190th bid, a bidder who placed a 0.03 BTC bid and ranked 150th would be refunded 0.01 BTC (their 0.03 bid minus the 0.02 clearing price). The 24-hour auction has provisions for extensions if last-minute bids are placed, allowing a maximum 2-hour extension period. Bidders are limited to one piece per wallet but can create multiple wallets to bid on more pieces. The minimum bid is set at 0.002 BTC, and refunds will be processed within a week for any bid above this minimum, minus transaction fees. Successful bidders will receive their inscribed artworks within 24 hours after the auction closes.