Bitcoin (BTC) NFTs are predicted to have a positive impact on the Bitcoin ecosystem, boosting security measures and encouraging developers to engage with the network, as per independent developer Udi Wertheimer.
The recent rise in the number of Ordinals, also known as “inscriptions,” has driven an increase in transaction fees and the average block size on the Bitcoin blockchain.
Wertheimer believes that Bitcoin NFTs will enhance Bitcoin’s security budget. The creation of Ordinals raises transaction fees, inspiring miners to secure the network, particularly as mining rewards decrease with each Bitcoin halving.
“Due to the limited block space and the demand for features like inscriptions, there’s a sense of optimism that a sufficient number of individuals will be willing to pay fees to maintain the security of the Bitcoin network,” Wertheimer stated in a recent interview with Cointelegraph.
Moreover, Wertheimer believes that Ordinals offer a fresh use case that can make commercial development on Bitcoin profitable.
“Considering the growing interest in Ordinals and inscriptions, I anticipate the establishment of a large ecosystem around this concept,” he elaborated.
Wertheimer pushes back against some Bitcoin core developers who argue that creating NFTs is an unsuitable application for Bitcoin. He suggests that these developers have neglected the desires of actual Bitcoin users in recent times.
Image Source: NicoElNino / Shutterstock
