Key Points
- Bitcoin Ordinals have surged post-U.S. spot BTC ETFs, but opinions about their impact vary.
- Despite criticism, BTC NFTs have crossed $2B in market capitalization.
Bitcoin Ordinals have provided a boost to the main blockchain network, increasing transactions and additional fees.
The total fees spent on Ordinals have seen a significant increase following the introduction of U.S. spot Bitcoin ETFs (Exchange-traded Funds) during a bullish market phase.
Contrarian Opinions on Ordinals
However, not everyone in the core network shares the same positive view on Ordinals. Luke Dash Jr, a core developer of the Bitcoin network, CTO, and Chairman of Ocean Mining, believes that Ordinals are harmful to the network.
In a recent interview, Dash Jr stated that everyone who has adopted Bitcoin has agreed to its monetary use case and financial transactions. However, not everyone has agreed to storing other data, processing altcoin stuff.
According to Dash Jr, the lack of unanimous support for these things means that they are spam. He suggested a possible solution to enable these features without directly spamming the core network – to put these things on a new blockchain tied to Bitcoin.
However, Dash Jr noted that forcing Ordinals on other people directly attacks the Bitcoin network.
BTC NFTs Market Capitalization
Despite the criticism, the space has heated up. At the time of writing, BTC NFTs crossed $2B in market capitalization, according to Coingecko data. Some trending projects include Runestones and Bitcoin Puppets.
