The launch of Bitcoin Ordinals back in January caused a stir in the crypto community due to their place in the Bitcoin (BTC) ecosystem. Users are debating whether they are proposing new use cases for Bitcoin or if this is reversing the original vision of the BTC peer-to-peer cash system.
Regardless of the community’s sentiment on the Bitcoin NFT issue, this has not stopped mining company Luxor Mining from acquiring OrdinalHub, the main Bitcoin NFT platform.
announcement came on February 20, stating that 150,000 inscriptions had already been made, which was 15,000% more than at the beginning of the month.
Luxor highlighted the fact that the current state of bitcoin ordinals being minted and “deposited” through various Discord servers makes it difficult for collectors and creators to keep track of all projects. He claims that OrdinalHub will address this issue as a “central hub” for the community.
Nick Hansen, CEO of Luxor, praised Ordinals’ innovative qualities and how they can create “synergy between the firm’s mining pool and OrdinalHub.
“Ordinals have opened the door to exciting new monetization strategies for bitcoin miners.”
According to reports, Bitcoin miners have already earned about $600k from NFT Ordinals transactions. Moreover, bitcoin-based NFT records currently occupy over 50% of the bitcoin block space.
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Luxor Mining announced its new acquisition on Twitter on February 22, to which users generally responded positively to the development.
I am very glad to see a first-class team in @LuxorTechTeam really lean into space with this movement. I had a lot of fun helping to assemble the parts @ordinalhub behind the scenes. See you on the newly launched OrdinalHub discord. https://t.co/paMwrM1DT9
— cbspears ⛏⚙️ (@cbspears) February 21, 2023
However, some users remain skeptical of both the acquisition and the Ordinal hype in general, saying “the hype may be over.”
The ordinal sex of punks continues to plummet. Perhaps the most recognizable ordinals. The hype phase with serial numbers can end, and reality sets in. Just another PND of 2023.
— Doc Crypto (@doccrypto777) February 22, 2023
Standard NFTs went through cycles of hype that was at a low point by the end of 2022. However, according to a recent DappRadar reportthey are slowly making a comeback after a 37% increase in transactions from December 2022 to January 2023.
Credit : cointelegraph.com
