Bitcoin (BTC) NFTs will have a positive impact on the Bitcoin ecosystem by improving security and incentivizing developers to build on the network, according to independent developer Udi Wertheimer.
The number of newly created Ordinals, also called “inscriptions”, has been spiking in recent weeks, causing an increase in transaction fees and the average block size on the Bitcoin blockchain.
According to Wertheimer, Bitcoin NFT will be beneficial to Bitcoin’s security budget: by driving down transaction costs, creating Ordinal will incentivize miners to secure the network while the income from mining will decrease with each Bitcoin halving.
“Because blockchain space is scarce and because there’s demand for things like inscriptions, there’s a lot of hope that we’ll get enough people willing to pay the fees to keep the Bitcoin network secure,” Wertherimer said in a recent interview with Cointelegraph. .
Also, Wertheimer notes, Ordinals provide new use cases that will make building on Bitcoin commercially viable.
“With all the interest around Ordinal and inscriptions, I expect there will be a huge ecosystem built around it,” he said.
Wertheimer rejects the notion, held by some Bitcoin core developers, that making NFTs is not a suitable use case for Bitcoin. According to him, in recent years Bitcoin core developers “have neglected what real Bitcoin users want.”
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