- Ordinals project has recorded 11,000 NFTs Mints on the Bitcoin Network within weeks of launch.
- Despite criticisms of a cross-section of Bitcoin faithful, supporters of NFTs on the Bitcoin network have argued that it is more innovative and can ignite the next bull run.
- On the other hand, critics say it is not cut out for Bitcoin and can expose the network to several hacks this year.
For the past few weeks, the Bitcoin (BTC) community has been divided over the introduction of non-fungible tokens (NFTs) to the blockchain last month, with many calling for more innovations on the blockchain.
According to new data from Dune, the Ordinals Projects has recorded 11,000 inscriptions on the Bitcoin blockchain since its launch on Jan 21. Ordinals is the latest attempt to integrate NFTs into Bitcoin, and it has come under fire from core BTC enthusiasts.
Before Ordinals, there was Counterparty which first introduced NFTs to the Bitcoin ecosystem with its Rare Pepes Collection in 2014 and Stacks in 2017. The main argument around Ordinals is that its JPEGs and video games are inscribed on Satoshis on the BTC blockchain without using side chains.
Based on its direct inscriptions of the blockchain, several pro-BTC commentators have criticized the project as “one of the biggest risks Bitcoin faces in 2023.” Many feel that the introduction of Ordinals could expose the blockchain to potential hacks and malware in the coming months.
Apart from security concerns which are a top priority for BTC faithful, concerned BTC users have also shared the view that the integration of NFTs will hike transaction fees. Despite all the concerns, it seems that the Ordinals project is gaining momentum daily.
Supporters see more possibilities
Amid growing concerns over the integration of NFTs into Bitcoin, a growing number of BTC users feel the project is good for the blockchain. Pushing the security concerns under the carpet, they also stated that with the bear season leading to many losses by miners, they could gain more if there are increased transaction fees.
Lolli’s CEO Alex Adelman described Ordinals as a homecoming season for BTC, adding that it will attract a new wave of investment to the network.
“The Ordinals project is a milestone for Bitcoin, demonstrating how innovation on the Bitcoin network can give rise to a breadth of new applications beyond its use as sound money.”
As the Ordinals project hits new milestones and raises more interest in the community, a section of its supporters feel that with the project on Bitcoin, its possibilities are endless and could spark the next bull run.