Bitcoin Ordinals launches nonprofit for development

The team behind the Bitcoin Ordinals protocol has launched a nonprofit called the Open Ordinals Institute based in California. The institute aims to foster the development of non-fungible tokens (NFTs) on Bitcoin by providing funding to core developers, including the project’s lead maintainer, Raph.

The board of the Open Ordinals Institute consists of four team members: Raph, Erin Redwing (a Bitcoin-focused podcast host), an anonymous Ordinals developer known as Ordinally, and Ordinals creator Casey Rodarmor. Casey Rodarmor launched the Ordinals protocol in January, allowing users to inscribe assets on the Bitcoin blockchain, including NFTs and Bitcoin-based cryptocurrencies.

However, on May 28, Rodarmor stepped down as the protocol’s lead maintainer, and Raph succeeded him.

The number of Bitcoin Ordinals inscriptions surpassed 21 million on August 1, reaching a significant milestone for Bitcoin network users. The team also unveiled the organization’s official website, Ordinals.org, which enables users to make donations and stay updated on the project’s development.

According to the official website, once the Institute receives approval from the Internal Revenue Service, it will make donations tax-deductible for United States taxpayers. The IRS approval is expected later this year.