Ordinals inscriptions, also known as “NFTs on Bitcoin,” have become a popular trend in recent weeks. While they are loved by fans and appreciated by miners looking to make a profit, they have also faced criticism from blockchain purists. These inscriptions have experienced a resurgence, driving up Bitcoin transaction fees to an all-time high.

Not only have they gained popularity, but they have also entered the mainstream. Recently, a collection of Ordinals inscriptions called “BitcoinShrooms” sold for a staggering $450,000 at Sotheby’s auction house, far exceeding expectations. This success has led to plans for more sales in the future.

The trend of inscriptions has even spread to other blockchains, causing congestion and delays in networks such as Arbitrum, Avalanche, Cronos, zkSync, The Open Network, and Celestia. The backlog of transactions waiting to be processed on Bitcoin, known as the “mempool,” has become significantly backed up, with a queue stretching across 372 blocks, equivalent to nearly 2.6 days.

As a result, users will need to pay higher fees to have their transactions cleared faster. This increase in fees has become a significant source of revenue for miners, potentially offsetting the impact of the upcoming “halving” event, which will reduce block rewards by 50%.

However, this situation could also lead to a reevaluation or even a revolt among users and businesses who had relied on the expectation of cheap transactions. The future of Ordinals inscriptions and their impact on the cryptocurrency landscape remains uncertain.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	1
People	Greg Cipolaro
Companies	Nydig, FundStrat, Reflexivity Research, Sotheby’s
Currencies	Bitcoin
Securities	None