Phantom Wallet Embraces Bitcoin Ordinals and BRC20 Tokens
In a significant development in the cryptocurrency world, Phantom, the Web3 wallet initially developed for Solana, has broadened its horizons. The platform, which has already expanded to include Ethereum and Polygon, is now introducing support for Bitcoin, Ordinal inscriptions, and BRC20 tokens. This move allows Phantom users to integrate their existing Bitcoin wallets, thereby managing their Bitcoin-centric digital collectables and fungible tokens through the Web3 platform’s interface.
Phantom’s Bold Move
In 2023, Ordinals and BRC20 tokens, developed atop Bitcoin, gained considerable traction, prompting numerous companies to adopt the supporting infrastructure. As of December 21, 2023, the Bitcoin blockchain boasts over 50 million inscriptions, indicating the growing popularity of these digital assets. This surge in inscriptions signifies the growing interest and acceptance of Bitcoin Ordinals as a new form of digital asset. The rise of these digital assets is a testament to the innovative spirit of the crypto community and the continuous evolution of blockchain technology.
Phantom’s Foray into the Bitcoin Realm
On Wednesday, Phantom, which secured $109 million in Series B funding from key investors last year, announced its foray into the Bitcoin realm. Phantom acknowledges Bitcoin’s foundational role, stating that without it, there would be no Solana, Ethereum, or Web3. The company announced, “You can now buy, sell, trade, transfer, and HODL Bitcoin, Ordinals, and BRC20 tokens with your favourite multi-chain wallet.” This statement underscores Phantom’s commitment to embracing the foundational elements of the crypto world and its dedication to providing its users with a comprehensive and versatile platform.
Integration of Ordinals and BRC20s Amid Soaring Demand
Phantom’s integration of Ordinals and BRC20s coincides with a surge in demand for Bitcoin digital collectables and fungible tokens. Recent data from cryptoslam.io reveals that Bitcoin-based NFT sales have exceeded $400 million in the past week, underscoring the growing interest in these digital assets. This trend reflects the increasing acceptance of digital collectables and fungible tokens in the mainstream market and the role of platforms like Phantom in facilitating this growth.
Phantom’s Bitcoin Feature: A Beta Release
Phantom’s Bitcoin feature is currently in beta and available on an opt-in basis. Users can also link with the NFT marketplaces Magic Eden and Unisat, and Phantom indicates that additional “trusted” applications will be introduced shortly. This move signifies Phantom’s commitment to continuous innovation and user-centric design. By offering a beta release, Phantom is inviting its users to be part of the development process, ensuring that the final product is tailored to meet their needs and preferences.
Phantom’s expansion to include Bitcoin, Ordinals, and BRC20 tokens is a significant milestone in the platform’s journey. It reflects the platform’s commitment to staying at the forefront of the rapidly evolving crypto world and its dedication to providing its users with a comprehensive and versatile platform. As the crypto landscape continues to evolve, platforms like Phantom will play a crucial role in shaping the future of digital finance.