- Native Bitcoin NFTs have seen a 25% increase in network fees.
- Bitcoin mining revenues have increased sharply, thanks to an increase in transactions.
The new Ordinals NFT platform is live bitcoin [BTC] note an exponential growth since mid-January, data From the Messari cryptanalysis company. Daily ordinal NFTs have risen 300 times over the same time period.
1/ If we told you # Bitcoin NFT is making waves in the sector can you believe us?
the new # Finals The Bitcoin NFT project seeks to challenge the long-standing argument that blockchain should be used primarily for simple financial transactions. 🧵 pic.twitter.com/2O0jHjzRLZ
– Messari (MessariCrypto) February 9, 2023
Additional data from Messari’s Twitter thread indicated a 25% increase in network fees and an increase in the share of available block space.
While Ordinals presented an exciting new use case, it also sparked discussions about the ultimate goal of the Bitcoin chain.
Read Bitcoin price prediction 2023-2024
How does NFT work on bitcoin?
In simple terms, Ordinal values are NFTs that can be minted directly on the Bitcoin blockchain, unlike NFTs on Bitcoin Ethereum [ETH] which refer to off-string data and depend on symbolic criteria such as ERC 721 to create a pool of tokens. Since Ordinals are minted on the blockchain, all stored content is permanent and immutable while Ethereum NFTs can be changed using metadata.
ordinal focus on BTCThe smallest units of satoshi. according to NFTNowThe protocol allows users to enter each satoshi of data. This data can include smart contracts which are then used to activate NFTs.
Another potential advantage of Bitcoin NFTs compared to Ethereum NFTs could be the lower transaction fees payable Taproot upgrade Which was supposed to make bitcoin transactions more efficient.
However, The Ordinals has divided opinion in the crypto community with naysayers who object to uneconomic use cases that would overload the network and increase on-chain transaction fees.
The activity in the series is gaining momentum
Santiment data shows that the growth of the Ordinals platform has led to increased network activity on Bitcoin.
Deal volumes have increased in the past week, increasing by more than four times. The velocity indicator also revealed a sharp peak, indicating that BTC is moving frequently between wallets.
While BTC adherents may be horrified at the thought of increasing congestion on the network, miners have an opportunity to rejoice. According to data from Glassnode, miners’ earnings have shown significant growth after prolonged periods of decline.
As the rewards for their efforts increase, bitcoin mining may become even more profitable as it emerges from the bear market lows in 2022.
What is the value of 1,10,100 BTC today?
With BTC withering under the pressure of increasing SEC regulations in the crypto market, Bitcoin’s native NFTs could give it a much needed boost in the short term.
With a new target audience, it could put the chain in direct competition with market leaders in NFT trading such as Ethereum [ETH] and Solana [SOL].