New software called Ordinals has facilitated the arrival of NFTs and meme tokens on the Bitcoin blockchain, with the Bitcoin NFT ecosystem predicted to be worth $4.5bn by 2025. This has led to a surge in transactions and fees for miners, who have been aided by the Ordinals protocol's seismic shift in the Bitcoin mining landscape.
However, some Bitcoin purists argue that it clogs the network and interferes with its store-of-value and payments functions. While the sudden craze for NFTs and speculative tokens remains to be seen, Ordinals has opened up new pathways for using the Bitcoin network.
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