- Ordinals project has launched NFTs on Bitcoin, causing a stir in the community.
- Over 11,000 NFTs have been minted using Ordinals and the debate about its merits and impact on Bitcoin network continues.
- While some see Ordinals as a milestone for Bitcoin, others believe it will bring limitations and attract attention to other NFT projects like Stacks.
Sparking Controversy in the Bitcoin Community The launch of the Ordinals project has divided the Bitcoin community, as enthusiasts, developers, and advocates argue over the merits of putting JPEGs on the blockchain. The project aims to bring NFTs into the Bitcoin ecosystem by inscribing assets directly on the satoshis of the Bitcoin blockchain.
Ordinals: “Good for Bitcoin”?
Long-time Bitcoiner Dan Held has tweeted his support of Ordinals, stating it is “good for Bitcoin.” He shared a screenshot from an email by the late Hal Finney, where he wrote about “crypto trading cards.” Hal Finney, who passed away in 2014, is one of the individuals believed to have been the pseudonymous creator of Bitcoin, Satoshi Nakamoto. One Influencer even went so far as to issue a stark warning to users about the code on Ordinals.
The Ordinals block explorer should be browsed with caution, IMO.— Pledditor (@Pledditor) February 7, 2023
It has auto executing, unvetted pieces of JS code executing in your browser that possibly could be malware. Seems like a minefield you should probably avoid.
Hal Finney would like Bitcoin NFTs. pic.twitter.com/z4cO468pcA— Dan Held (@danheld) February 6, 2023
Ordinals: A Homecoming Moment for Bitcoin
According to Alex Adelman, CEO and co-founder of Lolli, Ordinals is a milestone for Bitcoin that demonstrates how innovation on the network can give rise to new applications beyond its use as sound money. He believes Bitcoin NFTs will attract new waves of interest and capital, creating new opportunities for developers to build novel solutions for scalability and efficiency.
Bullish on ordinals increasing the #Bitcoin fee market (even if temporarily). Miners could use a little revenue these days.— Dennis Porter (@Dennis_Porter_) January 30, 2023
Limitations of Ordinals
Opportunities for Other NFT Projects While Ordinal inscriptions have drawn attention from Bitcoin supporters, the project lacks the features associated with NFTs like smart contracts, which are not natively supported by the Bitcoin blockchain. Satoshibles developer Brian Laughlan believes this will bring more attention to projects like Stacks, which is ready to fill the gap of limitations like high main chain fees and lack of smart contracts.
Ordinal inscriptions of random JPEGs is boring— Eric Podwojski 🟠 (@epodrulz) February 7, 2023
Ordinal inscriptions of JPEGs containing text of banned books, the Bible, leaked documents from governments, etc is ALOT more interesting
According to Brian Laughlan, a developer for Satoshibles, the limitations of Ordinal inscriptions will drive more interest towards projects like Stacks. Laughlan believes that as individuals become aware of the limitations of Ordinal inscriptions, such as high main chain fees and a lack of smart contracts, they will seek out alternative solutions. In his view, Stacks is well positioned to fill this gap. Despite some resistance from Bitcoin maximalists, Laughlan sees Ordinal inscriptions as an opportunity for Stacks to gain more recognition. He notes that the current climate of increased attention towards Bitcoin has created a unique moment for projects like Stacks to get their voice heard.
If Ordinals can kill Bitcoin, it was never alive in the first place— Spenny (@CryptoLanroc) February 7, 2023
As the debate surrounding Ordinals continues, it is clear that inscriptions on the Bitcoin blockchain are here to stay. Whether Bitcoin maxis like it or not, the Ordinals project has sparked a new wave of discussion and attention to the world of NFTs.
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