Bitcoin has a new gaming Metaverse in Ordinals

Bitcoin is ushering in a new Ordinals-based gaming metaverse where users can access mini-games, complete quests, craft NFT-based items, and trade virtual land. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.

Bitcoin launches a new metaverse

📍‌Bitcoin native brand BTC Machine announced the launch of an Ordinals-based metaverse where users can play games and trade NFT tokens. Through X (formerly Twitter), the Web3 brand highlighted the creation of The Ordinals Metaverse, as the first real virtual universe within Bitcoin that users can “use and play.” 

According to the release, the new Ordinals metaverse is designed to introduce players to a new Bitcoin gaming experience and provide creators with new opportunities to monetize their creativity. 

According to the developers, within this metaverse, players can access different worlds and complete various game quests. Creators can also directly publish and trade their own custom assets such as NFTs on the marketplace, as well as build on the virtual land, including their own mini-games. 

Trading within this metaverse is done with BTC Machine's BRC20 token, ZBIT. This and other tokens based on the BRC20 standard have increased significantly in value in the last few hours, boosting activity within the network. 

However, this increase in Bitcoin activity is being reflected in miner fees, which have risen exponentially.  

Transaction fees are rising on Bitcoin

📍‌Bitcoin network fees rise amid surge in Ordinals activity. According to data from the mempool, the average fee to confirm a Bitcoin transaction is around 98 sat/vB (satoshis per Byte), which is approximately $5 at the time of writing this article. 

According to analysts, this increase in Bitcoin transaction fees is a reflection of increased network activity, which is being driven by a new frenzy for Ordinals. 

Data from Dune Analytics shows that more than 258.000 ordinal entries were made on the Bitcoin blockchain yesterday, totaling XNUMX. 38,61 million registrations made to date. 

$15 million to fund new Bitcoin projects

📍‌All the interest that Bitcoin and Ordinals have aroused is driving Linekong Interactive to invest in projects based on this blockchain. Linekong Interactive, a China-based film and game production company, has announced a $15 million investment, through a fund called BTC Next, which will be used to incentivize and finance the development of new projects built on the Bitcoin network. 

Wang Fang, founder of Linekong Interactive, highlighted that the new resources will support different types of Bitcoin projects, from token protocols and marketplaces to projects focused on the GameFi and NFT sector, which will encourage the growth and development of the Bitcoin ecosystem. 

Grayscale moves forward “constructively” with the SEC

📍‌Grayscale CEO Michael Sonnenshein told Bloomberg that his company is moving forward with the SEC to launch a Bitcoin ETF. According to Sonnenshein, Grayscale is maintaining a constructive dialogue with the US securities regulator, complying with all the reporting requirements that have been requested of it in its long-standing quest for a Bitcoin ETF listed on the New York Stock Exchange. 

According to Sonnenshein, his team has made all the proper filings, with all the required SEC documents, to move toward potential approval of a Bitcoin spot ETF. 

As reported by Bit2Me News, Grayscale is looking to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF listed on the spot market.

While Sonnenshein spoke positively of his current relationship with the SEC, he said that an approval timeline for his Bitcoin spot ETF application has not yet been discussed, so potential approval of this investment vehicle is unlikely to happen immediately.

Continue reading: The Sandbox will launch a new creator fund to expand your gaming experiences

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