The rise of Bitcoin NFTs is also a symptom of a bear market. With prices low, block space is inexpensive. “In a bull market, it [Ordinals] would be costing people thousands of dollars to do this,” Casa CTO Jameson Lopp told Decrypt.

“I understand that because I've thought all along that NFT art is fairly silly. Personally, I've never found value in tokenized art,” he said. “It's not something that I would pay tens of thousands of dollars for so that I could say that it gives me pleasure that no one else is the owner of this art.”