Last Updated on July 4, 2023 by COINBUZZFEED
Luminex, the leading launchpad platform, has unveiled its latest creation: the BRC-69 ordinal collection standard. This revolutionary advancement aims to drastically reduce the costs associated with inscriptions for Ordinals collections by over 90%. Furthermore, Luminex promises to streamline the launch process by introducing an entirely on-chain pre-reveal mechanism. With this innovative approach, Luminex seeks to disrupt the traditional landscape and provide a more accessible and cost-effective solution for Ordinals enthusiasts.
Luminex’s announcement on Twitter (@luminexio) has caused a stir within the cryptocurrency community, as industry experts and enthusiasts eagerly anticipate the transformative potential of the BRC-69 standard. By leveraging the power of blockchain technology, Luminex aims to address the existing challenges faced by Ordinals collections, such as high costs and lack of transparency.
Ordinals collections have gained significant popularity in recent years, with digital assets being uniquely represented through non-fungible tokens (NFTs) on the blockchain. However, the cost associated with minting and inscribing these NFTs has remained a significant barrier for many collectors and artists. Luminex’s BRC-69 standard aims to overcome this hurdle by implementing a cost reduction strategy that could revolutionize the industry.
By utilizing the BRC-69 standard, collectors and artists can expect substantial savings on inscription costs. This reduction is made possible through the optimization of smart contracts and the elimination of intermediaries, resulting in a streamlined and cost-effective process. Luminex’s on-chain pre-reveal mechanism further enhances the transparency and efficiency of Ordinals collections, ensuring a fair and accessible experience for all participants.
