Bitcoin mining company Luxor has acquired OrdinalHub, a bitcoin-based NFT trading platform that has recently become hugely popular. The company said it wants to be a "significant part" of a "growing trend", adding that the still-developing market lacks " reliable corporate-level services for collection indexing, transaction support and valuation".
The production and trading of all these collections takes place off-exchange in separate Discord channels, making it difficult for collectors and makers to keep up with developments in this rapidly evolving field, the company noted in its announcement. OrdinalHub will solve these problems by creating a one-stop centre for the Ordinal society.
Luxor does not intend to make any additional acquisitions other than OrdinalHub, according to Ethan Vera, chief operating officer of the unit. Both organisations will continue to operate as separate brands.
Those who disapprove of Ordinal say it is not the right choice for blockchain technology, and some question how long the enthusiasm will last. Information from Dune Analytics shows that spending on Ordinal peaked on 15 February ($170,579) and has been declining since then.
"It is difficult to predict what might happen with NFTs in the future," said Ethan Vera. "So far, NFT has been used mainly in the arts, but this application could expand."
Luxor recently withdrew the largest block of bitcoin, 3.96MB in size, which contained NFT emanating from its source, "magic internet money", and was worth around $209 per transaction.
Expressing his excitement about this, CEO Nick Hansen commented that it opens up new monetisation opportunities for miners. He stated that the combination of the Luxor mining pool and OrdinalHub is a great combination that will help create the necessary infrastructure to progress in the sector.
The organisation is continually expanding its range of bitcoin mining solutions: an auction platform for mining equipment was released this month, and a derivative product based on bitcoin revenue was released in October.
