Bitcoin Magazine’s Owner Ventures into NFTs with New Unbroken Chain Fund Investment
Bitcoin Magazine‘s owner is making waves in the crypto sphere by supporting the “Unbroken Chain” fund, aiming to amass $5 million from limited partners. This fund is set to dive deep into the rapidly growing world of Ordinals and inscriptions, marking a significant milestone in the NFT frenzy on the Bitcoin blockchain.
Bitcoin Magazine’s Backed Unbroken Chain Delves into Ordinals
At the heart of the buzz and congestion observed on Bitcoin’s blockchain earlier this year, a new fund backed by Bitcoin Magazine’s owner intends to actively trade in the realm of Ordinals and inscriptions. Christened as the Unbroken Chain fund, Asher Corson of Consolidated Trading will spearhead the initiative.
Key partners accompanying this journey include UXTO Management, an arm of BTC Inc. that owns Bitcoin Magazine, and Isabel Foxen Duke, previously associated with Ordinals’ creator Casey Rodarmor.
The Unbroken Chain fund is proud to brand itself as one of the pioneers in managing and trading assets like Ordinals and inscriptions, especially the BRC-20 tokens. This category amusingly echoes the more renowned ERC-20 tokens based on the Ethereum blockchain. Anonymous BRC-20 token creator, known as “Domo,” is also among the backers of this ambitious fund.
Already off to a proactive start, Unbroken Chain has channeled early investments totaling $1.5 million. Among the assets acquired, a notable one is a Bitcoin Rock from the premier collection of inscribed Ordinals, secured for 3 BTC, equivalent to approximately $85,000.
The essence of Ordinals lies in its capability to host non-fungible tokens (NFTs) directly on the Bitcoin blockchain. This is executed by embedding specific data, termed “inscriptions,” into the smaller Bitcoin transactions.
However, as innovative as Ordinals and BRC-20 tokens might sound, they haven’t been devoid of controversies. Certain developers have expressed concerns about these tokens congesting the network, leading to higher transaction fees.
They argue that such innovations drift away from Satoshi Nakamoto’s original vision of a decentralized money transfer system.
David Bailey, the CEO of Bitcoin Magazine, showcased his enthusiasm about this initiative, stating in a release, “We’re thrilled to be at the forefront of institutional investments directed into Ordinals assets.”