According to Udi Wertheimer, an independent developer, the NFT tokens of Bitcoin like Ordinals would be impacting the ecosystem quite positively as they keep improving their security whilst incentivizing the developers to keep building the network. This can be verified if one checked the number of Ordinals that had been spiking pretty rapidly over the last few weeks, which caused a massive surge in the average block size, as well as the transaction fees on the Bitcoin blockchain.
According to this developer, the NFTs of Bitcoin could potentially be quite beneficial for the security budget of the cryptocurrency. When they drive up the transaction fees, this creation of NFTs will help in incentivizing the miners to secure the entire network whilst the revenue from mining rewards will be decreasing with every single cryptocurrency token halving.
Ordinals Could Benefit From Bitcoin
In a recent interview with Cointelegraph, Wertheimer went on to explain that since the block space was exceedingly sparse, and since there was a massive demand for stuff like inscriptions, there was a lot of hope that the Ordinals NFT would be securing enough individuals who would want to pay the fees in order for the network of Bitcoin to be secure. The independent developer also noted that Ordinals did provide a completely new use case in rebuilding and ensuring that Bitcoin remained profitable commercially.
Wertheimer concluded his interview by stating that with the ongoing interest in inscriptions and Ordinals, one could see that there was going to be a pretty huge ecosystem that would be built around that. The developer nevertheless has dismissed the notion that the creation of NFTs might not be the best course of action for Bitcoin. According to him, the developers of Bitcoin weren’t in touch with reality over the last couple of years.
