Cryptocurrency investment firm Grayscale suggests that Bitcoin Ordinals, also known as Bitcoin NFTs, could boost development and mining fees in the Bitcoin ecosystem. Grayscale highlights that the introduction of Ordinals led to an increase in total fees paid to miners, potentially establishing a sustainable baseline level of transaction fees to incentivize miners and ensure continued network security throughout the lifetime of the Bitcoin network.

The firm also believes that Ordinals and the velocity of NFT adoption could attract new Bitcoin users and promote a development-oriented community and culture in support of the Bitcoin network. However, the rise of Ordinals has been controversial, with block space being a major concern for Bitcoin maximalists who criticize Ordinals for straying from the original purpose of Bitcoin as a peer-to-peer electronic currency.

Since the launch of the protocol in January, Ordinals have led to an increase in total fees paid to miners, exceeding the $6.5 million mark as of the time of publication.