Cake DeFi founder U-Zyn Chua has launched a brand new Bitcoin Ordinals marketplace called Ordzaar.
Its small core team of four crypto natives have over 30 years of experience in blockchain and Bitcoin.
Ordzaar is a fully decentralized marketplace where users can buy, sell, and trade Bitcoin Ordinals. The name is a portmanteau of the words "ordinals" and "bazaar."
Although not every maxi's cup of tea, the rise in popularity of Ordinals has driven Bitcoin daily transactions to peak levels.
Unlike Ethereum-based NFTs, Ordinals allows users to store all the data to a Bitcoin NFT such as full songs, videos and apps up to the full size of a Bitcoin block.
Regular NFTs as we know them can only store a link that then points to a webpage where the image or other digital media is hosted. If this site is pulled down, the asset is gone. By storing the asset directly on the Bitcoin blockchain, Ordinals offers a far superior and more decentralized form of NFTs.
Read more: Bitcoin Ordinals Are Disrupting NFTs But Here's Why Bitcoin Maxis Hate It
In a press release, Ordzaar points towards "the lack of a fully decentralized Ordinals marketplace" which poses a "major challenge" as Bitcoin Ordinal inscriptions continue to surge in popularity.
"There is a growing need for a reliable and secure platform that allows buyers and sellers to transact in a decentralized manner, giving them complete control over their assets," the team said. "This is where Ordzaar comes in."
Ordzaar will be the first Ordinals marketplace project from Asia. The Ordzaar team is currently showcasing at the Bitcoin 2023 conference in Miami, the city which is also hosting the first-ever Bitcoin Ordinals conference, Ordinals 2023.
Speaking to Blockhead, Chua said, "Ordinals have proven that Bitcoin is more than just a peer-to-peer payment system and has demonstrated a new, high-value use case for the longest-running cryptocurrency. As the industry continues to build and innovate, Ordinals has the potential to unlock even more value on the Bitcoin blockchain, and will lift the entire crypto ecosystem as a whole."
"Along with the explosive adoption seen in the traditional ETH NFT market, we expect to see a similar trajectory in the Ordinals space."
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