NFTs on Bitcoin has been something that has been in the works for quite a long time now and while some other NFT projects like Stacks and Counterparty paved way for the launch of Ordinals, it's great to see a unique way of digitalization with Ordinals being directly inscribed on Satoshis, hence making it the most prominent NFT on Bitcoin right now. There's so much conversations currently ongoing with this project as many Bitcoin purists want Bitcoin to remain pure and free from the NFT saga but then, the Ordinals project is also supported by a large group of the Bitcoin and crypto community and had been regarded as a breakthrough by so many individuals as about 75k ordinals NFTs has been minted as at the time of this post.
So what has happened since Ordinals went live?
Well, miners apparently seem to be making more money with ordinals transactions fees for a single day reaching up to $90k. The community seems divided especially because most people feel Bitcoin isn't ready to take on NFT projects of this magnitude unlike Ethereum or Solana blockchain. Finally, there are more non-zero addresses, thanks to Btc Ordinals.
Last week, an Ordinal NFT sold for 9.5 BTC (over $200k) and it seems alot like the project is overhyped and then some folks think it's still undervalued because of just how well it is integrated to Bitcoin and how big it could go when more NFTs are minted on Bitcoin, and then some think this project is a scam. Well, for one, I don't this is a scam, however, I'm of the opinion that this is just another overhyped project and Bitcoin would eventually struggle with so much blocks created because of NFTs on it. I might be wrong though but before prominent NFTs like ordinals, transactions fees were outrageous and Bitcoin seemed to have some well known flaws, but now, it seems these flaws will be quickly exposed and this could be good or could turn out pretty bad for Bitcoin. Well, let's see how it goes.
