The Bitcoin Frontier Fund, formerly known as Stacks Ventures, has unveiled the first-ever Bitcoin Ordinals accelerator program. The program aims to support startups operating in the Ordinals space by providing seed funding, access to funding pipelines, and mentorship opportunities.
According to the Bitcoin Frontier Fund’s website, the program offers $100k in investment and a comprehensive program and community to help startups take their businesses to the next level. In return for these resources, participating startups are required to give up 2-3% equity in common shares. However, startups that have already secured funding of $600,000 or more in the past six months only need to give up a 2% equity stake.
While the exact criteria for acceptance into the program are not specified, the website highlights several areas of interest, including infrastructure, proven Web3 use cases, developer tools, and accessibility.
Ordinals are a new phenomenon in the blockchain and cryptocurrency space, first introduced by Bitcoin developer Casey Rodarmor in January 2023. Essentially, Ordinals are inscriptions made on individual units of a digital asset, similar to numbered lithograph prints of a famous artwork. The lowest numbered Ordinals hold more perceived value, despite being identical in nature. Additionally, a Bitcoin Ordinal can store up to four megabytes of data, enabling the inclusion of text and images within it. This functionality gives it a certain resemblance to non-fungible tokens (NFTs).
Despite being a relatively recent innovation, Ordinals have already made a significant impact on the blockchain and cryptocurrency communities. Ethereum creator Vitalik Buterin has expressed support, stating that Ordinals have revived “builder culture” on Bitcoin. However, there is also dissent within the community, with some individuals expressing concerns about the perceived harm Ordinals might cause to the Bitcoin network and its underlying principles. This conflict has been labeled as a “civil war” between different factions within the Bitcoin community.
The Bitcoin Ordinals accelerator program by the Bitcoin Frontier Fund aims to provide the necessary support and resources for startups to thrive in the Ordinals space. By offering seed funding, mentorship, and access to funding pipelines, the program aims to nurture innovations in infrastructure, Web3 use cases, developer tools, and accessibility. Startups accepted into the program will need to exchange a percentage of equity for the resources provided, with the exact percentage varying based on the funding already secured by the startup.
Overall, the Bitcoin Frontier Fund’s Bitcoin Ordinals accelerator program is an initiative that seeks to foster growth and innovation in the Ordinals space by supporting startups with the necessary funding, guidance, and connections to succeed. As Ordinals continue to gain traction and influence within the blockchain and cryptocurrency industry, this program aims to play a pivotal role in shaping the development and adoption of this emerging technology.