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Bitcoin NFTs can lead to rise in pricey fees

Bitcoin NFTs can lead to rise in pricey fees

The Bitcoin BTC ticker $23,430-native Ordinals protocol is taking up record-breaking space on the blockchain and, as a result, raising network transaction fees.

By inscribing satoshis with content, the divisive newly launched protocol allows for nonfungible token (NFT) assets on the Bitcoin public blockchain.

So far, inscriptions have included images, documents such as the Bitcoin white paper in PDF format, and even a fully playable clone of the video game DOOM.

On Feb. 2, independent developer Udi Wertheimer tweeted that he had completed the “largest transaction in Bitcoin’s history” by inscribing a 3.94-megabyte image of a sunglass-wearing, bald, bearded wizard praising “magic internet JPEGs” using the Ordinals protocol.

The data size of these inscribed transactions is much larger than that of typical blockchain transactions, which has increased the fees associated with processing them.

Ordinals can cost tens of dollars in comparison to typical Bitcoin transactions, which can range from a few cents to a few dollars.

source: cointelegraph.com

Cover Image Source: cnbc.com

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