First Ordinals Fund Secures Backing from Bitcoin Magazine Owner for $85K Rock Purchase

The "Eternal Imprint" fund, a pioneer in the realm of Ordinals and engravings, is on a mission to secure a substantial funding of $5 million from its exclusive group of limited partners. This fund, dedicated to Ordinals trading, encompasses various facets, including the management of BRC-20 tokens, which occasionally make appearances as NFTs on the Bitcoin platform. Recently, the consortium made waves by acquiring an intriguing piece—an image of a rock—for an approximate sum of $85,000.

Data by Ordiscan 
With strong backing from the proprietor of Bitcoin Magazine, a newly launched fund is making waves as it endeavors to raise $5 million for active Ordinals and inscriptions trading. These elements constitute the nucleus of the recent NFT fervor on the Bitcoin platform, igniting both enthusiasm and congestion on the venerable and expansive blockchain network.

At the helm of the Unbroken Chain fund is Asher Corson, the accomplished portfolio manager at Consolidated Trading, a role underscored in an official press release. Notable partners include UXTO Management the fund division of BTC Inc., the owner of Bitcoin Magazine and Isabel Foxen Duke, the former communications director for the visionary creator of Ordinals, Casey Rodarmor.

The Unbroken Chain fund proudly presents itself as the first managed fund specializing in the dynamic realm of Ordinals and inscriptions, encompassing the intriguing category of BRC-20 tokens. This nomenclature pays homage to the omnipresent ERC-20 tokens on the Ethereum network. The enigmatic creator of BRC-20, known by the moniker "Domo," is also lending their endorsement to the Unbroken Chain fund.

The Unbroken Chain fund wasted no time in allocating initial contributions, amassing an impressive $1.5 million. Among its initial acquisitions is a remarkable piece—a Bitcoin Rock—procured on September 20 for 3 BTC, equivalent to approximately $85,000, as indicated in the official statement.

At the heart of this endeavor lies the Ordinals protocol, a groundbreaking system facilitating the storage of non-fungible tokens (NFTs) on the Bitcoin blockchain. This is achieved through the seamless integration of data, referred to as "inscriptions," into smaller BTC transactions.

While Ordinals and BRC-20 tokens hold the potential to enhance Bitcoin's functionality, they have sparked impassioned debates among certain developers. This faction contends that they contribute to network congestion and elevated fees. Additionally, they argue that these elements introduce extraneous data into the blockchain, potentially diverging from Satoshi Nakamoto's initial vision of a peer-to-peer monetary transfer system.

David Bailey, an investor at UXTO Management and the CEO of Bitcoin Magazine, expressed enthusiasm, stating:

"We are thrilled to be at the forefront of institutional investment directly into Ordinals assets,"

as announced in the press release. This venture into Ordinals marks an exciting new frontier in the world of NFT trading.

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