LFGMARKET

What can I do on LFG Market?

At LFG Market, we strive to provide both buyers and sellers with a seamless experience when it comes to buying and selling Ordinal Inscriptions.

As a buyer, you can browse through our extensive collection of up-to-date inscriptions, including a curated selection of Ordinal collections. Whether you're an experienced collector or just starting out, you'll find something that speaks to you within the LFG Market ecosystem.

As a creator, we offer an intuitive platform where you can inscribe and showcase your work, as well as connect with a community of potential buyers. Our user-friendly tools make it easy for you to list your Ordinal Digital Artifacts, set prices, and manage your collections. With our growing community of collectors, you'll have access to a wide audience of potential buyers.

What is the LFG Wallet?

LFG Wallet is the world's first hierarchical-deterministic (HD) wallet that is designed exclusively for the Bitcoin blockchain. Dubbed the "Metamask for Bitcoin", LFG Wallet offers a streamlined way for you to access the Bitcoin network, allowing you to easily manage your Digital Artifacts.

What is Ordinal theory?

Ordinal theory is a protocol for assigning serial numbers to Satoshis, the smallest subdivision of a bitcoin, and tracking those satoshis as they are spent by transactions.

These serial numbers are large numbers, like this 834766973970483. A Satoshi is ¹⁄₁₀₀₀₀₀₀₀₀ (that’s 1 one hundred millionth) of a bitcoin. Each Satoshi has an ordinal number.

Why use ordinal theory?

Ordinal theory assigns identities to individual satoshis which allows them to be individually tracked and traded. Ordinal theory enables inscriptions for attaching arbitrary content to individual satoshis, turning them into bitcoin-native digital artifacts.

How does Ordinal Theory work?

Ordinal theory assigns ordinal numbers to satoshis in the order they are mined. The first satoshi in the first block has ordinal number 0, and the last satoshi of the first block has ordinal number 4,999,999,999. Transactions destroy outputs and create new ones, so an algorithm is used to determine how satoshis move from the inputs to the outputs.

This algorithm is straightforward: satoshis are transferred in first-in-first-out order. The inputs are treated as a list of satoshis, and the outputs are treated as a list of slots waiting to receive satoshis. To assign input satoshis to slots, each satoshi in the inputs is assigned to the first available slot in the outputs.

What are sat inscriptions?

Sat (short for satoshi) inscriptions are digital carvings, etched into the world’s oldest and most secure digital ledger, the Bitcoin blockchain. These inscriptions can range from images, text, video, audio files, and even applications. Each inscription is tied to a single unique Satoshi (sat).

Does Ordinal Theory require a side chain, a separate token, or changes to Bitcoin?

Nope! Ordinal theory works right now, without a need for a side chain, and the only token needed is bitcoin.

Why are sat inscriptions called “digital artifacts” instead of NFTs?

An inscription is an NFT, but the term "digital artifact" is used instead, because it's simple, suggestive, and familiar.

The phrase "digital artifact" is highly suggestive, even to someone who has never heard the term before. In comparison, NFT is an acronym for nonfungible token and doesn't provide any indication of what it means if you haven't heard the term before.

Additionally, "NFT" feels like financial terminology, and the both word "fungible" and the sense of the word "token" as used in "NFT" is uncommon outside of financial contexts.

What are Partially Signed Bitcoin Transactions (PSBTs)?

The Bitcoin standard known as Partially Signed Bitcoin Transaction (PSBT) enables the transferability of unsigned transactions, making it simple for multiple parties to sign the same transaction in a trustless fashion.

By utilizing the PSBT format, which outlines a specific structure for conveying Bitcoin transactions, metadata about a transaction can be included to simplify the process of signing and verifying. Additionally, the standard outlines the procedure for merging and completing transactions, allowing multiple parties to simultaneously sign the same transaction before merging their respective PSBTs to generate a fully signed transaction.

PSBTs are a way for multiple parties to collaborate on creating a Bitcoin transaction without broadcasting it to the network until all parties have approved it. Each party can sign their portion of the transaction and share it with the other parties, who can then sign their portions until the transaction is fully signed. PSBTs can be useful for multi-signature wallets, hardware wallets, and other scenarios where multiple parties are involved in a transaction.

How do sat inscriptions compare to Ethereum (and other) NFTs?

The following are subtle differences between Ethereum NFTs and Ordinal Digital Artifacts:

Inscriptions are always immutable: While some ETH NFTs are immutable, others can be changed or deleted by the contact owner; the creator or owner of an inscription cannot modify it once it’s been created.

Inscriptions are always on-chain: There is no possible way for an inscription to refer to off-chain content while Ethereum NFT content can be stored off-chain on centralized web servers. This eliminates the possibility of stored content being lost, making inscriptions much more durable.

Simplicity: Inscriptions rely upon the Bitcoin blockchain which, when compared to Ethereum, to relatively simple and conservative. Bitcoin does not rely on soft forks rendering it easier to navigate.

Security: Bitcoin's transaction model allows users to see the inscriptions being transferred before signing, making sales possible through partially signed transactions. This eliminates the need for third-party involvement in the transfer process; a risk associated with Ethereum NFTs.

Scarcity: Ethereum NFTs can be minted in virtually unlimited quantities with a single transaction while Inscriptions require bitcoin to mint, transfer, and store. This causes inscriptions to be more scare and in turn, more valuable.

Royalties: Inscriptions steer clear of making untrue commitments about on-chain royalties. As a result, the confusion the Ethereum NFT market faces around royalties is eliminated.

Data models: Inscriptions utilize a content type, or MIME type, and arbitrary byte string content. This data model is similar to that used by the internet, allowing inscription content to evolve in tandem with the web and support any type of content that web browsers can support. As a result, there's no need to modify the underlying protocol.

Take a deeper dive into Ordinal Inscriptions with The Ordinal Theory Handbook