The Ordinal NFTs have received mixed reactions in the crypto community. Some feel that this exploration of the Bitcoin network is a step in the right direction that may offer more opportunities in the future.
Others claim that the move goes beyond what Bitcoin stands for. Nevertheless, the floor price for those NFTs has been rising.
The potential impact of having NFTs on the network is perhaps the biggest concern. Will it slow down the network or make it more congested? The Ethereum network has experienced such challenges in the past which have impacted the price of ETH.
In most cases, network congestion is translated as high demand and this may send a positive feedback look for the native cryptocurrency. Is such a scenario plausible for Bitcoin? Let’s look at what we know so far. Bitcoin’s mean transaction size is currently at a 4-year high.
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