Prior to the airdrop, Bitcoin Ordinals Project Runestone conducts an auction.
The Runestone, the biggest ordinal inscription, is being auctioned off. The amount bid highest is $17,261.61.
Nelson Jason
According to NFT historian Leonidas, the Runestone is the biggest ordinal inscription by block size and is being auctioned off on Wednesday. As of right now, Leonidas reports that the highest price on the Ord City marketplace for the Runestone inscription 63,140,674 is 0.26 BTC, or around $17,261.61.
According to Leonidas, all of the auction’s revenues will go to Bitcoin miners and be used to pay the network costs for the Runestone airdrop.
According to Leonidas, “the open-source eligibility algorithm was designed to not favor whales and there is no pre-sale, team allocation, etc.” “The Runestone and the delegate inscriptions that lead to it are collectible works of art meant to be worn as badges of honor for those who showed up and believed in the Ordinal protocol when nobody else did.” “Runestone is a non-utility project.”
The Runestone is going up for auction!
— Leonidas (@LeonidasNFT) March 6, 2024
It's the largest Ordinal inscription ever, mined in the largest block in Bitcoin history.
100% of proceeds go to covering Bitcoin network fees for the Runestone airdrop initiative.
Lot closes Friday at noon ET
→ https://t.co/AaoaC8ufC5 pic.twitter.com/PrwoGFZ1xL
The Runestone auction will end at noon on March 8, 2024.
In February, the much awaited Runestone airdrop was first shown. The Runestone ordinal was inscribed on the Bitcoin blockchain on Monday. The 3.97 megabyte project occupied two full network blocks.
He remarked, “It was made in partnership with OrdinalsBot and Marathon Digital Holdings, who mined it in block 832,947. It is one of only seven Ordinal inscriptions greater than 400,000 bytes (400 KB). “Which broke the record as the biggest block in the history of Bitcoin (3,991,547 bytes/3.991 MB).”
In the forthcoming Runestone airdrop, more than 112,000 qualified Bitcoin addresses will get a Runestone ordinal inscription, however Leonidas has not yet revealed the event’s date.
The Runestone Auction Update
— Leonidas (@LeonidasNFT) March 6, 2024
Highest Bid: 0.26 BTC ($17,261.61)
Time Remaining: 1 day 18 hours
Collateral requirement increased to 10% or 1 BTC to max bid.
On Friday the winning bidder will have 4 hours to pay the full amount otherwise they will forfeit their collateral… pic.twitter.com/hrdAiTKj8G
Following the halving, Runestone holders will get an airdrop of Runes tokens according to the number of Runestone inscriptions they own, according to Leonidas, once the Runes protocol is live on Bitcoin.
The primary variable is the anticipated increase in Bitcoin network costs after the halving, which might make the latter airdrop quite pricey. According to Leonidas, some are advocating for ongoing payments that exceed 1,000 sats/vB.
Leonidas further said that when the halving is planned for April 20, 2024, The Runes protocol becomes live on Bitcoin L1 at block 840,000.
Artist Léo Caillard produced the artwork on the Runestone inscription, and according to Leonidas, he contributed the picture to the Runestone project under a Creative Commons license.
According to Leonidas, “[Runestone] represents humanity’s eternal desire to leave traces that endure beyond their lifetimes and to communicate with future generations.” This project was more than just a technological success. It serves as a link between the past, present, and future and serves as a constant reminder that all kinds of art aim to immortalize the fleeting.
