Bitcoin Ordinals NFT pushed network fees to their highest levels since November 2022.
NFTs pushed transaction fees on the Bitcoin network to their highest levels since November 2022, according to online data from IntoTheBlock.
Transaction fees on the Bitcoin network have doubled in the past two weeks, from $0.77 on January 29 to a high of $1.95 on February 10.
The blockchain’s average transaction fee has also increased to $0.73 from $0.25 on Jan. 30. CryptoQuant also noted that NFT transactions increased network activity to May 2021 levels, before when China banned cryptocurrencies.
The increase in Bitcoin network fees coincides with a growing interest in conventional NFTs.
A recent report by BitMEX Research revealed that over 10,000 NFTs were minted between December 14 and February 7.
During this time period, NFTs have taken up 526 megabytes (MB) of block space, with the creators spending 6.77 BTC on related transactions.
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However, not everyone is happy with the growth of NFT on the Bitcoin network. Lightning Network Developer Rene Pickhardt believe Everybody is doing “wasting precious block space by spamming jpegs.”
So @adam3us invented hashcash as a spam prevention mechanism.
Then satoshi utilize this in #bitcoin to solve double spending.
And now folks waste precious blockspace by spamming jpegs?!
Why create the #lightningnetwork in the first place if the base layer allows this shit?! https://t.co/okytBt1uof
— Rene Pickhardt (@renepickhardt) February 8, 2023