The Ordinals protocol team announced the launch of a non-profit organization, dubbed ‘Open Ordinals Institute,’ to fund its open-source development. According to the official blog post, the initiative also seeks to fund designers, reviewers, researchers, educators, and other contributors who play a vital role in improving and promoting the technology. Previously, Casey Rodarmor, who is responsible for introducing inscriptions on Bitcoin’s mainnet for the first time, used to fund the project. This year, the Ordinals protocol gained significant traction leaving the Bitcoin community divided over its viability. The trading volume of Bitcoin Ordinals surged by 2,834% from Q1 to Q2 of 2023, hitting $210.7 million.
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