Just a month ago, the Ordinals protocol was born on the initiative of Casey Rodarmor via the most secure blockchain in the world, Bitcoin. The concept seems innovative for some, while others see it as an obstacle to the decentralization of the network. To see the latest news, the invasion of NFTs on Bitcoin does not pose a problem for many people.
NFT on Bitcoin: Ordinals, honey or poison?
The proliferation of NFTs on Ordinals has Bitcoin fans worried. Indeed, this could considerably affect the performance of the network in which the block must only contain 1 MB of data (including the number of transactions and hash of the previous block).
But with theAdvent of NFTs on Bitcoin, the size of a block has almost tripled, even quadrupled. In such circumstances, a node will have to double its storage capacity, from 471 GB to 735 GB, if a block were to be filled with gifs, videos or even memes. Add to that the increase in Bitcoin transaction fees.
According to bitcoin.com, Ordinals experienced a significant increase in the number of registrations on February 19: 150,000 in total. 11 days earlier, the number of cumulative registrations on the same protocol was only 15,000.
Bitcoin.com also reported that the average block size stabilized around 2.525MB on February 12. But the massive arrival of NFTs on Bitcoin has changed the situation, to the point of generating blocks at 3 MB, even 4 MB on the blockchain.
A certain stability found?
Strangely enough, the price of a transaction, which had twice reached $50, had fallen to $1.77 in recent weeks.
Blockchair.com also reported that the average block size on Bitcoin stabilized at 2.114MB on February 18.
Nevertheless, the famous blockchain research and analysis engine has acknowledged that blocks around 4 MB have seen strong growth due to NFTs on Bitcoin.
” A long list of blocks of 3.75MB or more was mined. For example, blocks #774,628, #777,302, #776,310, #777,320, and #777,303 are all 3.93MB or larger. All blocks larger than 3.75MB were mined in February ”, reports Bitcoin.com.
In any case, the deployment of NFTs on Bitcoin, instead of Polygon, Solana or Ethereum, allows a new alternative for collectors and creators. Hopefully it propels the queen of cryptocurrencies to historic sums as the pro-Ordinals predict.
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