Ordinals Project Surpasses 11,000 NFT Coins In Weeks Amid Criticism From Bitcoin Maxis ⋆ ZyCrypto

by James · February 9, 2023

The Ordinals project has registered 11,000 NFTs Mints on the Bitcoin Network within weeks of launch.
Despite criticism from a cross-section of Bitcoin faithful, proponents of NFTs on the Bitcoin network have argued that it is more innovative and could ignite the next bull run.
On the other hand, critics say it is not cut out for Bitcoin and could expose the network to more hacks this year.

In recent 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, Ordinals Projects has recorded 11,000 inscriptions on the Bitcoin blockchain since its launch on January 21st. Ordinals is the latest attempt to integrate NFTs into Bitcoin, and it has come under fire from core BTC enthusiasts.

Before Ordinals, it was Counterparty that 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 JPEGs and video games are written into Satoshis on the BTC blockchain without using sidechains .

Based on its direct inscriptions of the blockchain, several pro-BTC commentators have criticized the project as “one of the biggest risks facing Bitcoin in 2023.” Many feel that the introduction of Ordinals could expose the blockchain to potential hacks and malware in the coming months.

Aside from security concerns being a top priority for BTC faithful, concerned BTC users have also shared the view that integration of NFTs will increase transaction fees. Despite all the concerns, the Ordinals project seems to be gaining momentum daily.

Supporters see more opportunities

Amid growing concerns about the integration of NFTs into Bitcoin, a growing number of BTC users feel that the project is good for the blockchain. They pushed the security concerns under the rug and also stated that with the bear season leading to many losses for miners, they can earn more if there are increased transaction fees.

Lolli CEO Alex Adelman described the 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 variety of new applications beyond its use as good money.

As the Ordinals project hits new milestones and increases interest in the community, some backers feel that with the project on Bitcoin, the possibilities are endless and could trigger the next bull run.