Recent developments in the Bitcoin network have led to significant shifts in network metrics, primarily due to the growing interest in ordinals. While some traditional metrics have become less relevant, the introduction of ordinals has injected activity reminiscent of a bull market into the current bearish landscape. OKX, a leading authority in the cryptocurrency space, has recently turned its attention to these new elements on the Bitcoin network.
Surge in Bitcoin-based NFTs
The surge in Bitcoin-based NFTs has been evident, with OKX’s NFT marketplace outperforming others in daily transaction volume on December 18th. The platform’s commitment to expanding in this area is underscored by the addition of Atomicals and Runes to its marketplace and the upcoming support for Doginals on networks like Dogecoin.
OKX’s Web3 wallet is set to integrate support for various token standards, including Atomicals, Stamps, Runes, and Doginals. This move indicates the exchange’s belief in the growing relevance of these Bitcoin-based digital assets.
Debating the Value of Ordinals
While some critics view ordinals as spam due to their role in network congestion and rising transaction fees, proponents like Jason Lau of OKX argue that in open networks such as Bitcoin, where fees are paid and consensus rules are observed, these activities cannot be considered spam. OKX has been a consistent supporter of the Bitcoin ecosystem, advocating for the adoption of ordinals alongside previous upgrades.
The potential of these new standards to unlock novel use cases for NFTs is significant, despite the current lack of widespread demand. Inscriptions, in particular, are seen as promising digital collections that can store data and art on the network, leading to the creation of unique NFT types.
However, the adoption of these standards has not been without challenges. On December 19th, multiple blockchains experienced partial outages due to the increased data space demands of the new standard, though they later resumed normal operations.