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Leonidas, the pseudonymous founder of Ord.io, an ordinals explorer, has reported one of the biggest sales of inscriptions, the so-called Bitcoin native non-fungible tokens (NFTs), to date. Leonidas stated that…
A Bitcoin Core developer claimed Bitcoin Ordinals exploit a vulnerability allowing inscribers to bypass data size limits, which could soon be fixed.
Inscriptions have been acting more as a "packing filler," stuffed into any remaining space once higher-value monetary transfers are packed into blocks, said the firm.
Metagood CEO Danny Yang attributed the move to the Bitcoin network being seen as a more secure platform for its users, among other reasons.
Bitcoin Ordinals appear to be alive and kicking with nearly 85% of network activity dominated by inscriptions and BRC-20 minting on Aug. 21.
Previously unrecognized Ordinals inscriptions will be indexed by the protocol following the upgrade, which will allow them to be traded.
Galaxy’s estimation was based on the rapid uptick of interest in Bitcoin NFTs, currency market infrastructure, and the potential to take some market-share away from Ethereum.