Ordinals project surpasses 11,000 NFT coins in weeks amid criticism from Bitcoin Maxis ⋆ ZyCrypto

• The Ordinals project has recorded 11,000 NFTs mints on the Bitcoin network within weeks of launch.
• Despite criticism from a cross-section of Bitcoin believers, proponents of NFTs on the Bitcoin network have argued that it’s more innovative and can spark the next bull run.
• On the other hand, critics say that it is not suitable for Bitcoin and may expose the network to several hacks this year.

For the past few weeks, the Bitcoin (BTC) community has been divided over last month’s introduction of non-fungible tokens (NFTs) onto the blockchain, with many calling for further innovation on the blockchain.

The Ordinals Projects has recorded 11,000 entries on the Bitcoin blockchain since its launch on Jan. 21, according to new data from Dune. Ordinals is the latest attempt to integrate NFTs into Bitcoin and it has come under fire from core BTC enthusiasts.

Before Ordinals, there was Counterparty, which first introduced NFTs to the Bitcoin ecosystem with its Rare Pepes Collection in 2014 and Stacks in 2017. The main argument regarding Ordinals is that its jpegs and video games are inscribed on satoshis on the BTC blockchain without using sidechains.

Due to its direct inscriptions on the blockchain, several pro-BTC commentators have criticized the project as “one of the biggest risks for Bitcoin in 2023”. Many believe that the introduction of ordinal numbers could expose the blockchain to potential hacks and malware in the coming months.

Aside from security concerns, which are top priorities for BTC believers, concerned BTC users have also shared the view that integrating NFTs will increase transaction fees. Despite all misgivings, the Ordinals project seems to be gaining momentum every day.

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Amid growing concerns about integrating NFTs into Bitcoin, a growing number of BTC users think the project is good for the blockchain. They squashed security concerns under the rug and also stated that given the bear season that is causing many losses among miners, they could win more if there were higher transaction fees.

Lolli CEO Alex Adelman described Ordinals as a homecoming season for BTC, adding that it will attract a new wave of investment to the network.

“The Ordinals project is a milestone for Bitcoin and shows how innovation in the Bitcoin network can lead to a multitude of new applications beyond use as solid money.”

As the Ordinals project hits new milestones and generates more community interest, some of its supporters believe that with the project on Bitcoin, its possibilities are endless and could spark the next bull run.

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