Bitcoin Community Discusses NFTs

The Bitcoin community has started to discuss the place of NFTs in the ecosystem. The launch of an NFT protocol on the Bitcoin mainnet last week was the event that fueled the debate. The community is split on whether the development in question is good for the Bitcoin ecosystem.

Created by Casey Rodarmor, the ‘Ordinals’ protocol officially launched on the Bitcoin mainnet on January 21. The protocol allows the creation of Bitcoin versions of NFTs. While some of the Bitcoin community is positive about the new development, a substantial number of people are also against it. Proponents of the protocol are behind the idea that it will create more financial uses for Bitcoin. It is stated that with the development, more block demand will occur and fees may increase.

Opponents think that Nakamoto’s vision of Bitcoin as a peer-to-peer cash system is being moved away from. In addition, it is argued that NFT-like structures will increase the block load with the protocol. Blockstream CEO Adam Back, who is among these people, stated that the meme culture should not be brought to Bitcoin. It was stated in the technical documents of Ordinals that cryptographically represented satoshis can be secured and sent to other Bitcoin addresses. Only 277 digital works have been written in Ordinals so far.