Ordinals protocol sparks debate over NFT's place in the Bitcoin ecosystem
The community has been divided as to whether the NFT-like "digital artifacts" are the right fit for the Bitcoin ecosystem. The recent launch of a nonfungible token (NFT) protocol on the Bitcoin mainnet has the crypto community divided over whether it’ll be good for the Bitcoin ecosystem. The protocol, referred to as “Ordinals,” was created by software engineer Casey Rodarmor, who officially launched the program on the Bitcoin mainnet following a Jan. 21 blog post. The protocol essentially allows for the Bitcoin version of NFTs — described as “digital artifacts” on the Bitcoin network. These “digital artificats” can comprise of JPEG-like images, PDFs, video and audio formats. Meme-inspired, NFT-like “digital artifacts” are now being inscripted on the Bitcoin network. Source: Ordinals. The introduction of the protocol has the Bitcoin community divided however, with some arguing that it would offer more financial use cases for Bitcoin, while others say its straying away fro...