A new protocol released on Bitcoin is bringing wider NFT capabilities to the world’s largest blockchain and it has the potential to reshape the NFT market and the dynamic between some of the largest blockchains, industry officials tell Forkast.

The protocol, named Ordinals, which was released after a Jan. 21 post by developer Casey Rodarmor, allows users to insert relatively large amounts of data into transactions, which can be used for creating collectible images on the network, similar to many popular NFT projects.

While this capability was previously available on Bitcoin but on a scale too small for workable NFTs, upgrades to the system like 2021’s Taproot and 2017’s SegWit allows the Ordinals protocol to expand this functionality.

(By LACHLAN KELLER)