The Top 4 BRC-20 Tokens with high upside potential in 2023
Delve into the top 4 BRC-20 tokens shaking up the crypto scene in 2023. From Ordinals to meme-inspired tokens, discover the potential these novel projects hold.
As Bitcoin continues to solidify its presence in the financial world, developers are finding innovative ways to build upon its robust protocol. A new breed of tokens, known as BRC-20, has emerged, bringing a fresh wave of possibilities to Bitcoin's blockchain. In this article, we'll explore four BRC-20 tokens that are gaining traction and offer exciting investment opportunities in 2023.
TL;DR:
- BRC-20 is an experimental fungible token standard on the Bitcoin network. It uses Ordinals protocol to inscribe information to individual satoshis.
- The first wave of BRC-20 tokens includes mostly memecoins and tokens associated with NFTs.
- ORDI by Ordinals was the first inscribed token, shortly followed by MEME, PEPE, PIZA, and others. These currently pose the highest market capitalization.
- The most straightforward way to buy BRC-20 tokens is to create either an Ordinals wallet or UniSat wallet and use their integrated marketplace.
A refresher on Ordinals and BRC-20
Before we delve into the tokens, let's take a brief look back at the fundamentals of Ordinals and the BRC-20 standard. Learn more about Bitcoin's new standard in our BRC-20 post.
Introduced in January 2023, the Ordinals protocol revolutionized the Bitcoin blockchain by assigning unique ordinal numbers to individual satoshis, the smallest units of Bitcoin. This unique identification system allows for inscribing digital content directly onto the blockchain, paving the way for broad use cases, including creating non-fungible tokens (NFTs).
Building upon the functionality offered by Ordinals, the BRC-20 standard emerged in March 2023. Engineered by a pseudonymous programmer named Domo, the BRC-20 standard leverages Ordinals' unique identification system to create, mint, and transfer fungible tokens on the Bitcoin blockchain.
Top projects out right now:
ORDI
Ordinals (ORDI) Coin, the pioneer of BRC-20 tokens, has taken the Bitcoin network by storm. This token allows users to present information such as text and images in the form of NFTs and tokens, leveraging Bitcoin's security and network effects.
Since its inception in early 2023, ORDI has seen its market capitalization surge, reflecting its growing popularity and potential investment viability.
PEPE
Next in line is PEPE, the reincarnation of the popular PEPE memecoin on Ethereum, now on the Bitcoin network. Drawing inspiration from Pepe the Frog, this memecoin aims to outperform dog-themed tokens in the crypto space.
Its mission is to reinvigorate the memecoin landscape with fun, fairness, and transparency. PEPE's market capitalization has been on a notable uptrend, hinting at its growing acceptance and potential profitability.
PIZA
PIZA, an enigmatic memecoin, was created to commemorate the infamous day when 10,000 BTC were traded for a couple of pizzas. As one of the first BRC-20 tokens, PIZA holds a symbolic significance in the Bitcoin community.
Despite its playful nature and lack of intrinsic value, PIZA's story embodies a key moment in cryptocurrency history, and its uniqueness could intrigue potential investors.
MEME
MEME, the second-ever BRC-20 token, was deployed in March 2023. This token not only adds humor to the crypto space but also introduces a burning mechanism to manage its supply.
MEME is associated with a collection of Ordinals NFTs called "Memes on Bitcoin," providing a unique utility and furthering the appeal for potential investors.
How to buy BRC-20 Tokens?
It can be quite a challenging task to navigate in the cluttered information space regarding BRC-20 and Ordinals. Follow the instructions below and find out how to effectively choose, buy/sell and store BRC-20 tokens and NFTs on Bitcoin.
There are two main services right now that are offering BRC-20 wallets and marketplaces:
- Ordinals wallet and marketplace - first you need to generate a new wallet by writing down the seed phrase. Then simply fund your wallet with some BTC. In the Ordinals marketplace, you can find a wide range of both fungible and non-fungible tokens to choose from.
- UniSat wallet and marketplace - acts as a Chrome extension wallet. The UniSat interface enables users to buy and sell buy and sell BRC-20 tokens, as well as to inscribe their own creations. The process of generating a wallet is the same as with Ordinals.
The bottom line
Keep in mind that the BRC-20 standard is an experimental technology in no way suitable for regular workings. This article should not be taken as an investment advice and investing in any of the above tokens comes with a substantial risk of loss.
Always conduct thorough research and exercise caution when entering this new frontier. At this time, it is too early to tell if there will emerge a kind of ecosystem of decentralized applications on Bitcoin similar to Ethereum. Due to the absence of smart contracts on Bitcoin, it is more likely that this kind of advanced service would be created on L2s or sidechains.
