Ordinals have been a controversial topic within the Bitcoin community, but Grayscale, a cryptocurrency investment firm, cites two primary reasons for optimism.
Grayscale, a company that invests in cryptocurrencies, says that Bitcoin Ordinals, which are also known as Bitcoin NFTs by some, could get developers excited about Bitcoin again and raise mining fees.
In a “Market Byte” blog post from April 27, the company said that Ordinals help the Bitcoin ecosystem grow and improve in two important ways.
The first is a significant increase in fees paid to miners since the introduction of the protocol in January, as reported by Grayscale.
“The advent of ordinals has led to an increase in total fees paid to miners […] which could potentially establish a sustainable baseline level of transaction fees to incentivize miners.”
in less than two months after its launch, more than $600,000 was paid to Bitcoin miners, solely as the result of fees generated by Ordinal inscriptions. As of the time of publication, that figure now exceeds the $6.5 million mark.
The investment firm also thinks that Ordinals and the “velocity of NFT adoption” could attract new Bitcoin users and stimulate additional network development.
“We believe the emergence of ordinals is likely to promote a development-oriented community and culture in support of the Bitcoin network.”
On April 30, Ordinals set a new record for daily subscriptions by surpassing 300,000. At the same time, blockchain data company IntoTheBlock says that the number of Bitcoin transfers was getting close to levels not seen in years.
Ordinals’ rapid growth has been a controversial topic in the Bitcoin community as a whole. Bitcoin maximalists have criticized Ordinals for going against Bitcoin’s original purpose as a peer-to-peer electronic currency and taking up valuable block space.
One such adversary is Blockstream CEO Adam Back, who has called Ordinals “useless” and stated that he is “more into Bitcoin as a currency.”
Content Source: cointelegraph.com