As the hype around Bitcoin NFTs continues to grow, one project that resembles the popular CryptoPunks collection is rapidly climbing in value, the “Bitcoin Punks.” camgthompson reports:
as a positive catalyst that will fuel more development on the blockchain.
Sam Callahan, Bitcoin analyst at financial services company Swan Bitcoin, told CoinDesk that while the popularity of Ordinal Punks will drive demand for block space, miner revenue and eventually Taproot adoption, it doesn’t come without risks. “In the long term, if demand for these inscriptions proves to be long lasting, there is a risk that these inscriptions could impact other Bitcoin use cases like payments via the
due to distorting Bitcoin’s fee market away from its use as an open monetary protocol,” said Callahan.
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