In this episode of BitTalk, hosts Akiba, James van Straten, and Nicholas Gregory discussed the state of NFTs. First, Nicholas brought up the ordinal argument and it became a hot topic in the Bitcoin world. He explained that NFTs have been around for a while, but the introduction of a new protocol called ordinals has caused a buzz. Storing large NFTs in the Ordinals protocol requires a significant amount of block space, bringing back memories of the block size wars.
Bitcoin’s NFTs have sparked debate within the Bitcoin community regarding block size and the potential for malicious data to be stored on the blockchain. Nicholas pointed out that his SegWit release, which adds witness data in 1-megabyte blocks, has increased the potential for storing large JPEGs on the blockchain. He also said that a potential problem with storing NFTs on the blockchain is that the price of blockspace will increase.
Nicholas said,
“I don’t think the entire NFT ecosystem of Ethereum, OpenSea, smart contracts, etc. will suddenly move to the Bitcoin blockchain. and that just won’t scale anyway.“
James also shared his thoughts on the state of Bitcoin and said that the Bitcoin world climate is a bit unpredictable with price fluctuations, but overall it’s been a good few weeks for Bitcoin. For the full insight into James’ Bitcoin Weather segment, watch the full episode above.
The team acknowledged that NFTs and their potential impact on the Bitcoin blockchain have been the subject of much discussion and debate. While there are potential issues with storing his NFTs on the Bitcoin blockchain, the speaker agreed that the system will need to adapt and find solutions to these challenges in the coming weeks. .
