The Total Amount of Ordinals Commissions Paid Exceeded 6,000 Bitcoins (BTC)
The fees paid for inscriptions minted using the Bitcoin non-fungible tokens (NFTs) Ordinals protocol have surpassed 6,000 BTC, which is equivalent to over $257 million at the current rate, according to Dune.
Over 59 Million Inscriptions with an Average Fee of 0.0001 BTC
With a total of over 59 million inscriptions, the average fee per serial inscription on the Ordinals protocol is 0.0001 BTC, amounting to around $4.37.
Bitcoin’s Ordinal System and NFT Development
The ordinal system of Bitcoin allows for each Satoshi, or 0.00000001 BTC, to be uniquely identified and ordered. This feature enables the development of non-fungible tokens (NFTs) on the Bitcoin network.
Skepticism and Concerns Surrounding Ordinals
Despite its popularity, there are skeptics who express concerns about the technology behind Ordinals. The U.S. National Vulnerability Database (NVD) flagged “inscriptions” created using the Ordinals protocol as a cybersecurity threat to the Bitcoin network. Certain versions of Bitcoin Core and Bitcoin Knots were found to have a vulnerability that allowed BRC-20 tokens to bypass data transfer restrictions by disguising them as code.
Bitcoin developer Luke Dashjr also criticized BRC-20 tokens for overloading the Bitcoin network. As a result, the network is planning updates to eliminate BRC-20 and Bitcoin-based NFTs.
Hot Take: The Impact and Future of Ordinals in the Crypto Space
The success of Ordinals in generating significant commissions and driving the development of NFTs on the Bitcoin network is evident. However, concerns about cybersecurity threats and network congestion highlight the need for ongoing improvements and updates. It remains to be seen how Ordinals will evolve and whether it can overcome these challenges to become a widely adopted solution in the crypto space.
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