According to Grayscale, the controversial Bitcoin Ordinals or NFTs could have two positive effects on the cryptocurrency. First, it could lead to an increase in fees paid to miners, thus ensuring network security throughout the lifetime of the Bitcoin network. Grayscale pointed out that since the launch of the protocol in January, the total fees paid to miners have increased substantially. As of the time of publication, more than $6.5 million has been paid to Bitcoin miners as a result of fees generated by Ordinal inscriptions. Second, Grayscale believes that the emergence of Ordinals and the velocity of NFT adoption could attract new Bitcoin users and spark more development on the Bitcoin network. Grayscale believes that Ordinals are likely to promote a development-oriented community and culture in support of the Bitcoin network.
Despite the meteoric rise of Ordinals, they have been criticized by Bitcoin maximalists for straying from the original purpose of Bitcoin as a peer-to-peer electronic currency and clogging up valuable block space. Blockstream CEO Adam Back is one such critic who has declared Ordinals to be “useless” and claimed to be “more into Bitcoin as a currency.”
