The Largest Ordinal Inscription, the Runestone, is Up for Auction
The Runestone, which is the largest ordinal inscription by block size, is currently up for auction on the Ord City marketplace. The current highest bid for the Runestone inscription is 0.26 BTC, equivalent to around $17,261.61. NFT historian Leonidas announced the auction and stated that all proceeds from the sale will cover the Bitcoin network fees associated with the upcoming Runestone airdrop and will go to Bitcoin miners.
Leonidas emphasized that the Runestone project does not have any team allocation or pre-sale, and the open-source eligibility algorithm was designed to avoid favoring large investors. The Runestone and its delegate inscriptions are considered collectible pieces of art that serve as badges of honor for those who supported the Ordinal protocol from its early stages.
The auction for the Runestone will run until March 8, 2024, at noon.
The Runestone Airdrop and Inscription Details
The highly anticipated Runestone airdrop was first announced in February, and on Monday, the Runestone ordinal was inscribed on the Bitcoin blockchain. This project took up two entire blocks on the network and is one of only seven Ordinal inscriptions larger than 400 KB. The collaboration involved OrdinalsBot and Marathon Digital Holdings, who mined it in block 832,947, setting a record as the largest block in Bitcoin’s history.
The upcoming Runestone airdrop will distribute Runestone ordinal inscriptions to over 112,000 eligible Bitcoin addresses. However, Leonidas has not revealed the exact date of this event.
Runes Token Airdrop and Protocol Launch
After the halving event occurs, when the Runes protocol goes live on Bitcoin, a Runes token will be airdropped to holders of Runestone inscriptions. The airdrop will be proportional to the number of Runestone inscriptions held by each individual.
Leonidas mentioned that the second airdrop could be costly due to the expected surge in Bitcoin network fees after the halving. Some experts predict sustained fees exceeding 1,000 sats/vB. The Runes protocol is scheduled to launch on Bitcoin L1 at block 840,000, which is anticipated to happen around April 20, 2024.
The Art and Symbolism of the Runestone
The artwork featured on the Runestone inscription was created by artist Léo Caillard. Leonidas expressed gratitude towards Caillard for donating the image to the project under a Creative Commons license.
According to Leonidas, the Runestone symbolizes humanity’s enduring desire to leave lasting marks and communicate with future generations. He described it as a bridge connecting the past, present, and future, highlighting that art aims to capture the ephemeral and make it eternal.
Hot Take: The Runestone Auction and Airdrop
The auction for the largest ordinal inscription, the Runestone, presents an exciting opportunity for crypto enthusiasts. Here are some key takeaways:
– The auction is currently ongoing on the Ord City marketplace.
– The highest bid for the Runestone inscription is 0.26 BTC.
– All proceeds from the auction will cover Bitcoin network fees for the upcoming Runestone airdrop and support Bitcoin miners.
– The Runestone project does not have team allocation or pre-sale, ensuring fair participation.
– The Runes protocol will go live on Bitcoin after the halving event.
– Holders of Runestone inscriptions will receive a proportional airdrop of Runes tokens.
– The artistic symbolism of the Runestone represents humanity’s desire to leave lasting legacies.
Overall, the Runestone auction and airdrop showcase the intersection of art and technology in the crypto space, providing a unique opportunity for collectors and supporters of the Ordinal protocol.
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