- Analysts of the company are confident that the implementation of this solution will benefit the ecosystem
- Ordinals attract new authors and developers
- Bitcoin-NFTs also increase the level of deductions to miners
Last week Grayscale published report about Bitcoin Ordinals and their potential impact on the ecosystem. The company’s analysts believe that the implementation of this solution will benefit the market and will have a favorable effect in the future.
According to Grayscale, the appearance of Bitcoin Ordinals brings two main positive things for the ecosystem – an increase in the commission of miners and the development of the community.
“This (the integration of Ordinals) could result in a sustainable level of base transaction fees to incentivize farmers.” says in the report.
And this is true, judging by this diagram:
At the moment, the volume of commissions paid to miners has already exceeded $6.5 million. Moreover, judging by the trend, this figure will grow as the Ordinals are further adopted.
Also, Grayscale analysts claim that bitcoin-NFTs contribute to the development of the community. The integration of this solution will lead to the emergence of a new layer of developers and authors aimed at stimulating the growth of the ecosystem.
This is also confirmed by statistics. On April 30, the daily issue volume of Ordinals reached a new historical high, breaking the mark of 300,000. At the same time, the number of bitcoin transactions approached the peak value.
But at the same time, which is typical, not all members of the community share this enthusiasm. For example, Blockstream CEO Adam Back thinks Ordinals “useless”:
“They tell me that this (the introduction of Ordinals) cannot be stopped. Well, of course! After all, Bitcoin was designed with a strong resistance to censorship. But that doesn’t stop us from commenting on this empty piece of code.”
Interested in learning more about Bitcoin Ordinals? Here you will find a detailed review from Incrypted.