rats (Ordinals)

Overview

Rats is an Ordinals-based cryptocurrency on the Bitcoin blockchain that represents a collection of digital art rats inscribed as NFTs. The project launched in 2023 as part of the growing Ordinals ecosystem.

Purpose and Utility

The primary stated purpose is to serve as digital collectible art pieces on Bitcoin through the Ordinals protocol. Each rat represents unique artwork that can be bought, sold, and traded between users. The actual current usage aligns with this intended purpose, with users actively trading the rat inscriptions on various Ordinals marketplaces.

Business Model

The business model revolves around the creation and trading of digital art NFTs on Bitcoin. The project generates value through the uniqueness and scarcity of the rat artwork inscriptions. There is no evidence of involvement in any impermissible activities like gambling, interest-based lending, or adult content.

Adoption and Usage

The rats collection has seen active trading volume on Ordinals marketplaces, indicating genuine user interest and adoption for its intended collectible art purpose. The project maintains an active community on social media platforms where users discuss and trade the rat inscriptions.

Development Activity

As an NFT collection, the primary development was in the initial artwork creation and inscription process. Ongoing development is limited as would be expected for an art collection, though the team maintains the community and marketplace presence.

Token Distribution

The rats were distributed through a fair launch mechanism where users could mint them directly. There is no evidence of concerning token concentration among founders or early investors that would indicate a scheme to enrich creators.