When we think of NFTs, we think of many popular blockchains like Ethereum, Solana, etc. But strangely enough, we barely hear about Bitcoin, despite being one of the top blockchains in the industry. However, all that could be about to change as a new protocol called ‘Ordinals’ has been launched on the Bitcoin mainnet which promises the start of Bitcoin NFTs.
LAST MINUTE: 🚨 NFTs activated #BITCOIN
The ordinals are taking up most of the BLOCKSPACE 😯 pic.twitter.com/Gxwq4vV8MI
— Bitcoin News ⚡ (@BitcoinNewsCom) January 29, 2023
NFT coming to Bitcoin
This protocol is the brainchild of the software engineer. casey rodarmor and officially went live on January 21, 2023. The digital assets to be created through this protocol are called digital artifacts and represent one of the first instances of the blockchain being used for NFTs.
With the potential for all kinds of content from images to video to audio, some see this as a step in the right direction for Bitcoin and believe it broadens its use cases. After all, Bitcoin is almost exclusively known for its native token and this could show another side of its technology. This is a position that has been taken by industry players like Dan Held. At the same time, some believe that the use of NFTs goes against the vision of Satoshi Nakamoto, the anonymous creator of Bitcoin.
As they put it, the idea of Bitcoin was to promote economic equality and access, and the often speculative nature of NFTs defeats this purpose. Since this protocol is still so new, it is likely that we will see more of these discussions in the future.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has been featured on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
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