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The Bitcoin network is commonly used to trade Bitcoin (BTC) but recently the trend of minting NFT here has suddenly emerged.
A controversial issue in the Bitcoin community in recent times has been the use of the Bitcoin network. The problem started when Ordinals allowed users to encode an image and then upload the data to the Bitcoin blockchain, essentially turning the image into an NFT like on the Ethereum network. A lot of people tried to NFT their images, leading to BTC’s block size suddenly being pushed to the limit when it had to contain a large amount of image encoding data. The peak was that the Bitcoin network recorded a record 4MB block because… NFT, which is 4 times higher than the usual 1MB limit.
With such characteristics, Ordinals is receiving more and more attention from the community. BitMEX Research has just released a report stating that up to 13,000 NFT Ordinals have been minted since the project launched on December 14, 2022.
Ordinals data as of 07/02/2023:
– More than 13,000 Ordinals transactions (meaning mints);
– More than 526MB of block space used;
– Cost 6.77 BTC (equivalent to 155,000 USD at press time).”
In addition, NFT sold for the highest price to date of 4,178 BTC (equivalent to 96,000 USD).
However, this situation is quite problematic when the opinions from the “conservative” faction say that Ordinals NFT is spam and is having a heavy impact on the network, consuming too much block capacity just to store some data. whether the image is jpeg. This is true as Ordinals NFT accounts for less than 3% of the total transactions on the network but consumes more than 70% of the block capacity.
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