The NFT marketplace Ordinals saw a surge in activity since Thursday, recording a record number of mints on its network in a single day on Friday. However, this growth in popularity has also come with challenges, as the Proof of Work mechanism used by Bitcoin is causing Gas fees to rise.
The high fees strain the NFT market and its users, who face increased transaction costs and mint new tokens. Despite this, the NFT market remains a hot topic. The NFT market is seeing a surge in activity, particularly in the Ordinals NFT marketplace.
According to Decrypt, the platform recorded more than 1,000 NFTs minted in just one day, with over 400 coming on Friday. This number marks a three-fold increase compared to Wednesday’s numbers, and Friday also saw the highest transaction volume since 2022.
However, this increased NFT activity has also led to a rise in gas fees due to the Proof of Work mechanism used by Bitcoin. Despite this, the growing popularity of NFTs and the rise in transaction volumes on the Ordinals platform is a testament to the growing interest in this new, controversial marketplace.
Ordinals’ recent surge in activity stemming from the controversial operation nature of the company raises concerns about the company’s operations. These operations regard the addition of knockoff JPEG games to the Bitcoin blockchain.
This activity raises questions about the authenticity and validity of the NFTs sold on the Ordinals platform. In addition, it has led to calls for greater transparency and regulation in the NFT industry.
Why Gas Prices Are Rising on Bitcoin NFTs
The popularity of NFTs in Ethereum compared to Bitcoin is largely due to the cost associated with using the Bitcoin network. Bitcoin’s proof of work mechanism makes transactions on the network more expensive, as users must pay high gas fees to have their transactions processed.
This intensity has made the network less attractive for NFT activity, which often involves many small transactions. Ethereum, on the other hand, has recently transitioned to a proof of stake mechanism, which is more energy efficient and less costly.
This change has driven the growth of the NFT market on the Ethereum blockchain, as it provides a more affordable and accessible platform for creators, collectors, and buyers. With its lower costs and increased efficiency, Ethereum has become the preferred choice for many NFT enthusiasts, leading to a surge in activity on the network.
Despite these advantages, some critics have raised questions about the security and scalability of the Ethereum network for NFTs. Nevertheless, the popularity of NFTs on the Ethereum network continues to grow, with many artists and collectors seeking new and innovative ways to use the technology.
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